Financial Aid adjusts to new electronic system

By Holland Alday
News Staff

Many changes have been made recently in the way in which the Financial Aid Office handles student loans.

These changes, according to Jerry McTier, Director of Student Financial Planning and Services, have modernized the system and improved response time.

These changes have resulted in the introduction of an electronic system to handle student loans. Under the old system, the Financial Aid Office was forced to fill out every student loan request that they processed manually.

However, the new electronic system eliminated the need to fill things out manually by simply accessing students' relative information, like their addresses and phone numbers, and printing this out onto the appropriate forms. The new system has saved the office a great deal of time.

In addition, the financial aid office has also begun transferring funds electronically between creditors that are capable of electronic transfer and a student's central account in the bursar's office. Prior to this type of transfer, paper checks from creditors came in through the mail. These checks then had to be distributed to each student.

McTier noted that, "although the system had a few difficulties getting up and running, it is working fine now."

Almost all of the loan applications are printed electronically, and 80% of the checks are being transferred electronically.

The main problems that the office has experienced have come as the result of students using creditors that do not have electronic transfer capabilities.

Some of the other problems that the financial aid office run into can be cleared up, but only if the Financial Aid Office has enough time to deal with the problem.

McTier emphasized that it is important for students to get their paperwork in on time.

"If I could say anything to any student, it would be to start early—April or May,"said McTier.

Students will be able to file their federal and Georgia Tech applications for financial aid electronically next year. With the introduction of electronic filing, Tech will be one of three schools nation-wide to use an integrated electronic system in processing financial aid.

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