FAME Launches SaaS Model for Financial Aid Services

By CIOReview | Monday, July 28, 2014

FREMONT, CA: FAME, a provider of processing and management support of Federal financial aid, student loan servicing, and school administrative software, announces the roll out of our new Web-based financial aid services to our financial aid processing clients, within the 2014-2015 Award Year. This new application, Advantage FinAid, replaces the existing DOS-based ESP software and eliminates the need to have the software housed on the client’s server altogether.

The new Web-based service, features a dashboard design providing users with clear, up-to-the-minute details on their students’ funding from anywhere they have access to the Internet. The highly secure site provides immediate access to automated packaging, awarding and tracking of all your Title IV funding at any time. This modern technology, combined with FAME’s cash management services and fiscal component, provides our clients with a cloud- based solution that expedites and simplifies the financial aid processing and funding for your students.

Among the automated features are built-in budget calculations, an instant estimate of awards, automated packaging, real-time processing and instant validation. We’ve built in user- friendly controls and customized views of the dashboard based on your defined roles in the financial aid office. Built-in business logic and disbursement rules will automatically identify students who are ready to be paid, further expediting funding. The hosted environment eliminates down time which was previously created due to the need for installations of updates. FAME will provide all updates and enhancements to the Web application during off-hours so that it won’t impact your busy schedule. This will also minimize your hardware costs and reduce administrative costs to maintain systems.

Advantage FinAid is the engine provided with our comprehensive Financial Aid Service and can stand on its own or will interface with FAME’s Advantage SIS application to manage your business process and the entire student lifecycle including admissions, student accounts, financial aid, academic tracking, attendance and placement.

“We know you will be as excited as we are to have this new technology and increased automation. We will be contacting clients in groups to implement the new Web service this year and to schedule training. In the upcoming months we will also be unveiling additional system features such as a Student App that will provide access for your students to submit financial aid forms online, print award letters and view the progress of their funding,” said Steven Pabom, Product Manager, FAME.

“FAME is dedicated to meeting the needs of Higher Education and providing the knowledge and service that will enable our clients to better serve their students,” Pabom added.