Use Case - Emergency Funds And Needs-Based Support
Emergency funds are limited, and student demand is higher than the institution can support. Due diligence to validate student needs can be time-consuming and cumbersome. Prioritizing and deciding students can often take several weeks.
Lastly, institutions are often hesitant to share that they have an emergency fund in fear for “opening up the floodgates” but the lack of awareness often results in missing out on supporting students who can benefit.
How to implement:
- Use Arbol to assess financial fit of emergency grant applicants
- Make financial coaching required to prevent recurrence
- Triage larger needs outside of the scope of the emergency fund to financial aid
- Leverage success data to show stewardship and raise more funds
- Financial Health Assessment
- Financial Coaching Sessions
- Reduce Staff Time
Who is involved:
- Student Accounts
- Student Affairs
SUNY Buffalo State used Arbol to assess student’s fit and eligibility for their needs-based grants that were made available for students with good academic standing and moderate to low financial need.
Students with large needs were referred to financially, while students with smaller amounts were prioritized. With access to better data due diligence time was reduced and access to funds was not limited to referrals by faculty and staff.
SUNY Erie, Canisius University have launched this initiative this Fall 2023