PowerFAIDS 25.3 Supports Informed Borrower Consent
The College Board is pleased to announce the availability of PowerFAIDS 25.3, the latest release of the leading financial aid management software system.
PowerFAIDS 25.3 supports the new and optional Informed Borrower Consent process for schools, including the student-facing Annual Student Loan Acknowledgement (ASLA). PowerFAIDS streamlines associated tasks such as managing the new CRIB message class files, viewing the student and/or parent confirmation information, and reporting on this data. The Informed Borrower Consent process won’t be mandatory until the 2021-22 award year.
PowerFAIDS 25.3 also features a College Financing Plan view within each student’s PowerFAIDS record, so financial aid staff can easily see this important information when advising students and families. As with the Informed Borrower Consent information, PowerFAIDS users can build queries and reports using this information.
“Having access to track the Informed Borrower Consent information in PowerFAIDS will allow us to stay ahead of the game and make this new process seamless for our students and our staff,” said Lisa Green, Assistant Director of Student Financial Services at Indiana Tech. “Being able to see in PowerFAIDS exactly what our students see on their College Financial Plan is giving us one more way to provide better customer service. By looking at the same information laid out in the same way helps to prevent miscommunication.”
PowerFAIDS® is a comprehensive software solution that automates your financial aid processes, reduces the administrative burden of federal compliance, and improves data accuracy with built-in customizable tools. It manages student eligibility, verification, Title IV aid, award packaging, loan origination, and reporting. PowerFAIDS saves you time so you can spend less time on paperwork and more time helping students and families. For more information, visit www.powerfaids.org.
The College Board is a pioneer in the financial aid field. We stand ready to assist the community as you respond to the impacts of COVID-19 and deliver aid in new and different ways. Please continue to check out our website for free resources like our professional judgment tip sheets developed in partnership with aid practitioners are available online to help.