Increase in Student Retention
Having a Pell Grant lowered in the middle of a semester causes a lot of problems. If a college could retain even 1% more of its students by providing them the correct Pell payments it would have a significant impact. For a school of 10,000 FTE that means 100 more students are retained per year.
Increase in Revenue
Based on the increased retention and revenue as reported by the use of micro-grants, if the institution can retain just 100 more students per year, they would retain the cost of tuition or about $10,000 per student on the average. That is $1,000,000 per year.
Decrease in Recruiting Costs
The institution would also save the average recruiting cost of $5,000 each to replace those 100 students or $500,0000 per year.
Replacing the traditional ‘stare and compare’ method of looking for errors and checking for accuracy saves valuable staff time. These team members can then spend more time to better serve students.
Ability to Shift Micro-Grant Funds to Other Needs
PellCheck gets students the Pell Grant awards they had already qualified for, allowing micro-grant funds to be redirected to help other students in need.
Immediate Return on Investment
PellCheck does not require you to replace the ERP. Once installed, PellCheck ROI begins immediately, no need to wait months or years for results.
Better Program Compliance
Improved accuracy quickly reduces the risk of penalties, and may even improve student satisfaction. Let’s face it, no one wants or should have to wait in line to investigate a problem which should never have happened in first place.