Introducing Regent SNAP: Online Financial Aid Prequalification Solution Provides Accurate Answers for Students in 15 Minutes…Or Less
Regent SNAP eliminates tedious prequalification processes that took days or weeks—replacing them with actionable results available to students in minutes—instantly removing a key barrier to enrollment.
Frederick, Maryland (September 29,
2010) – Regent Education, the leading provider of financial
aid management Software-as-a-Service (SaaS) solutions for for-profit and
private higher education institutions is pleased to announce the release
of Regent SNAP™ (Student Need
Analysis Profile)—an online solution for colleges seeking an
easy to use, highly accurate and incredibly fast financial aid
prequalification application that almost immediately answers the most
important question on a prospective student’s mind: “Can I afford to go to this
college?”
Traditionally, the answer to this question—which hinges largely on
an institution’s response regarding available financial
aid—has taken days or even weeks to
reach a prospective student.
“With Regent SNAP, colleges and schools can provide an accurate
answer to that question via their website,” says Regent CEO Randy
Jones. “And they can get that
answer in about 15 minutes or less.”
“Regent
SNAP accomplishes in minutes what some institutions are waiting a week or
more to accomplish,” says Jones. “It’s a truly amazing
and game-changing innovation that benefits both schools and
students.”
According to statistics researched by Regent,
approximately 40% of students select an institution based on the financial
aid they expect to receive and 90% on the quality of support they
experience during the financial aid application process. Nearly a million
students who are eligible for federal grants fail to complete
applications—and, consequently, many lose interest in pursuing a
particular school.
By providing quick, accurate estimates of
awards and out-of-pocket expenses, SNAP enables colleges to become the
first to demonstrate affordability—often weeks ahead of competing
institutions.
“Little or no support is required from the school’s internal IT departments,” says Shaun Poulton, Regent’s CTO. “We provide high availability, fast application response times, and strong security safeguards.”
Regent also makes sure estimates are always based on the very latest
state and federal regulations. Colleges get an essential new capability
and the highest level of support, while freeing dedicated IT staff to
focus on other needs.
The Higher Education Opportunity Act of
2009 (HEOA) requires all colleges and universities that participate in
Title IV student aid programs to post a net price calculator on their
institutional Web site by October 2011. Regent SNAP more than meets that
requirement—it provides even greater value as a fully customizable
and flexible data gathering application that can be used to support
enrollment and admissions teams as well.
“Unlike simple
cost calculator widgets, data entered into SNAP is retained—and can
be reused by colleges to streamline workflow, eliminate redundancy and
improve overall student self-service efficiency,” says Lori Shaffer,
SVP for Strategy and Corporate Development at Regent. “The product is
exceptionally robust, flexible and scalable.”
Quick Facts
- Regent SNAP provides an actionable award assessment in minutes—in real-time.
- Delivering real-time aid prequalification provides institutions
with a tremendous first-mover competitive advantage for enrollment.
- SNAP retains student information, and can be easily customized and
extended to support and streamline financial aid, admissions, enrollment
and marketing operations.
- This is the first closed-loop management solution to enable an
institution to optimize conversion yield from application to
enrollment.
- SNAP provides an institution with a financially qualified
lead—to optimize conversion yield—and empowers students to
make an early decision about a particular school.
- SNAP greatly reduces time-to-close as a result of a one-touch system, instead of traditional disparate and inefficient processes.
- SNAP is designed so colleges can get up and running very quickly and with low startup costs, using a software-as-a-service (SaaS) hosting model that makes SNAP exceptionally easy to implement.
About Regent
Within the for-profit and private education market, Regent
offers solutions specifically designed to address the unique needs of that
industry—including automated awards for academic programs with
monthly or frequent starts, clock-hour, even non-term, borrower-based
award years (BBAY)—quickly and effectively. Processes that took
weeks now take minutes. Outsourced services can now be cost-effectively
managed in-house.
Since 2005, Regent has been an industry
leader in financial aid software and recognized for results-driven
enrollment optimization and financial aid management
solutions—solutions that are web-based, easy-to-use, and
interoperate with any existing student information system. We offer
software-as-a-service solutions that help for-profit and private education
institutions increase enrollment, improve retention, speed student
processing, mitigate compliance risks and deliver bottom-line
results.
For more information, about Regent SNAP or to request
a demonstration, please visit www.regentSNAP.com, or
call 800-639-0927.