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Tip of the Week

October 24, 2018

myMoney - Financial Aid's NextGen Financial Services

There will probably be robots involved. Well, maybe not actual robots but some form of artificial intelligence.

That's my guess about a new pilot program announced last week by the Department of Education. The Department invited companies to apply to participate in a pilot of a payment vehicle program in an October 17 Federal Register. This payment vehicle will create a new myMoney tab on the new myStudentAid mobile app and provide a way for students to manage financial aid refunds.

Companies interested in participating in the program don't have a lot of time to decide. The Department set a November 7, 2018, deadline for applications with presentations and discussions scheduled for late November. The Department is expected to announce the winning participants on December 5, 2018.

Postsecondary institutions will be invited to participate in the pilot later. According to the notice in the Federal Register, schools will be selected by the Office of Federal Student Aid in consultation with the companies participating in the pilot.

Whether or not your institution participates in the pilot, this announcement may signal some changes for your office. Hopefully, those changes will mean the robots are doing the grunt work, allowing financial aid professionals more time to help students with the college tuition and financial aid process.

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