College Analytics: Financial Aid
When I was a kid I wanted to become a university professor, I loved learning. However, that never happened and I ended up working in Analytics and Financial Services. Financial Services is the part of the college that makes sure everything is accounted for, however, it's the department with the most turnover and quickest burnout.
“Who owns college analytics,” according to the report, got me wondering. Like “big data” and “data science,” predictive analytics has been a buzzword. However, using analysis and modeling to derive insights from historical data is nothing new.
What’s different is that we now have access to ever-increasing volumes of data and ever-more-powerful tools for evaluating that data. This has opened up the possibility of incorporating analytics into everything we do, including financial aid administration. Consider how predictive analytics may improve access to financial aid, minimize borrowing, and reduce administrative expenses. However, for analytics to be beneficial for financial assistance, front-line administrators must be more active in determining the relevant questions to ask.
What Is Predictive Analytics and How Does It Work?
Institutional research departments that trended categorized, and grouped data have always existed (in general). The purpose of predictive analytics is to utilize data to determine the likelihood of future events occurring and to put those probabilities in the hands of those who can act on them. Making data actionable necessitates quick, simple to comprehend, and simple to obtain.
Why Is Analytics Ownership Shifting?
Business users who aren’t IT-based are increasingly being approached to lead analytics projects. It’s a sensible move: people closest to the action — those on the front lines — are best positioned to assess how useful every piece of data is to the company. Data extraction, qualification, and validation may be significantly aided by an IT staff. However, the business unit must be involved in using that data to determine future possibilities and decide if the data collected is meaningful or simply noise.
What Is the Role of FinAid Offices?
FinAid workers are exceptionally prepared to leverage analytics — and apply predictive analytics to create institutional success. Excellent student results necessitate the availability of financial help to students in need. FinAid offices work with a lot of data and mountains of it.