_________________
Read more about our successful projects here.
Financial Aid Optimization Review for a Quebec University
Case Study
Overview
Duklas Cornerstone Consulting Inc. (DCC Inc.) was contracted by Quebec-based university to review and provide an overall assessment of the role that various financial aid components (scholarships, awards, bursaries) play in student recruitment and retention. The consulting team was tasked to make specific recommendations for changes in the distribution of institutional aid by the Registrar’s Office, as well as the financial aid package offering, that would strategically maximize institutional award programming and desired enrolment outcomes across various student populations, including out-of-province students, CEGEP students, and Quebec high school students, among others.
Method
The recommendation was based on a comprehensive review of the university’s strategic goals, its student profile using trend analysis of historical student enrolments and external statistical indicators of population shifts, interviews with leadership and staff involved in the adjudication and fundraising process and findings from previous consulting studies. It also consisted of an environmental scan and research benchmarking against other institutions, a survey conducted by the consulting team and administered to registrarial and financial aid leadership across Canada to identify recommendations for scholarship administration best practices, and consultation with leadership involved in enrolment management and scholarship adjudication from across Canada.
Recommendations
The final report included recommendations based on best practices for awarding student financial aid monies (e.g., nature of the package, allocation timing, etc.) and recommendations for the desired level of monies to raise to ensure a sustainable model. A Financial Aid Optimization Model was also produced, composed of enrolment projection models that could be manipulated into various scenarios, based upon different levels of and/or strategies of investment to attain the desired enrolment outcomes for the institution. The team further provided guidance on the implementation and future use of the Financial Aid Optimization Model.