AUSTIN, Texas — The University of Texas at Austin is using software by Oracle for its financial aid.
The University of Texas at Austin selected Oracle Student Financial Planning (SFP), which is part of Oracle Student Cloud, according to the company last month.
The implementation is intended to automate financial aid activities and make it easier for students to apply for and receive financial aid.
Oracle Student Financial Planning will automate about 90% of financial aid processes, including determining eligibility and packaging and awarding aid, from disbursements to reporting.
UT Austin expects the software will “free” up administrators from manual tasks and give them more time for individualized student support.
With the software, financial aid applicants can navigate the process with step-by-step guidance and get a personalized view of their funding options. It also gives administrators real-time eligibility insights to guide students and improve application completion rates.
UT Austin has about 50,000 students, with 32,000 being financial aid recipients.
UT Austin currently uses a “homegrown” financial aid system to process and disburse student aid.
The university wanted new software to streamline the financial aid experience for students and administrators.
“Financial aid is integral to attracting and retaining students and equipping them with the resources necessary to realize their personal, professional, and academic goals,” said Vivian Wong, group VP of higher education development, Oracle.
Brian Dixon, vice provost of enrollment management at UT Austin, said the university is “deeply committed to making higher education accessible to all students who are academically qualified, regardless of their financial means to support social mobility.”
“Working alongside Oracle, we are committed to delivering an exceptional financial aid experience to our students and prospects throughout their academic journey,” Dixon said.
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