Some students rely on financial aid from well-wishers and other stakeholders who fund the students until they complete their studies. The students can’t fun their education, and even the parents lack the funds to send their students in school. As part of customer service, the school pays schools for the bright students that face financial challenges by helping them with the financial aid that helps them complete their studies. Many schools offer financial assistance to bright students as a reward for their hard work. The financial aid comes in the form of either scholarship where the student expenses at school are all catered for including being given money to spend on personal effects that one needs to give a healthy learning time without having to worry about their survival. Bethune-Cookman University is among the universities that offer financial help to needy students in the United States.
There are educational institutions that have come up with a financial plan where students are allowed to get financial aid from in the form of student loans to finance their education and other financial needs while learning. The students pay the loans later after they complete their education (Dovey, Ludgate, & Tutak, 2017). In such situations, only students from the institution can get loans, and some of the money such as tuition fees are paid directly to the university. Many students have benefitted from the program of getting financial aid from the university.
Students used to face challenges in getting financial help especially students that don’t come from well up families hence don’t have the finances (Dovey, Ludgate, & Tutak, 2017). More universities are embracing the students funding policy to help the needy students after they have discovered that many students drop out of schools because they lack the finances to pay for their education. The financial help policy needs to be embraced by other educational institutions in order to help students who face financial challenges.
Among the challenges faced in customer service financial include students refusing to repay their loans when they complete their education. When the students fail to repay the loans the school lacks the finances to continue giving loans to students who might be needing the loans (Jacobs, 2017). The schools have budgeted a certain amount of money to be used on the program; hence when the finances finish the programs face challenges. The solution of the challenge is coming up with a follow-up policy with the help of the government to make the students repay the loan.
The other challenge is lack of finances by the education institutions and other well-wishers that support the students (Jacobs, 2017). The stakeholders are willing to help, but they don’t have the capacity to do so. The solution of the challenge is by requesting for financial help from financial institutions such as banks to help in financing the programs offered by learning institutions. The two stakeholders can partner in offering the institution.
The other challenge is determining the students that are in need of the financial support from those who can able to support themselves (Jacobs, 2017). Selection needs to be done and priority done to the students who are in need of financial help because the schools that offer the financial help have limited financial resources that they can use to help fund the students. The financial help idea needs to continue being supported to help needy students.
Dovey, T., Ludgate, A., & Tutak, J. (2017). Success by design. Retrieved from https://www2.deloitte.com/insights/us/en/industry/public-sector/improving-student-success-in-higher-education.html
Jacobs, S. (2017). Student Financial Services (Bursar). Retrieved from https://www.evergreen.edu/financialservices