Blog

Choosing the Right Funding Source: Tips for Successful Student Enrollment

Choosing the Right Funding Source: Tips for Successful Student Enrollment

Navigating through various funding options when enrolling a student can be overwhelming. However, it’s crucial to select the correct funding source a student is using because it provides valuable insights. We can work together to look at student trends, which can influence long-term growth and development.

An accurate record of the funding source a student is using—whether it’s military assistance, grants, loans, or employer sponsorship—offers insights into where your students are coming from. This is especially important when evaluating the growth or decline of specific funding sources over time. It helps ed2go Partners understand the effectiveness of their outreach and the evolving financial needs of their student population.

Keep reading below to see the top funding sources students use when enrolling in an ed2go course, and what this means for your institution moving forward to achieve your enrollment goals.

Available Funding Categories:

  1. Military : A student who is Active Duty, Reserve, Veteran, or a spouse of a military member might decide to enroll using their appropriate funding source. If more students are using military funding like MyCAA, Vocational Rehabilitation, or Army CA, it signals a strong military community presence within the student body. You can then invest in military-friendly initiatives or partnerships with veteran organizations.
  2. Grant: If a rising number of students are using federal or state grants to fund their education, looking into further opportunities for collaboration with governmental agencies or find ways to guide students toward additional scholarships. If a student is paying for their course using a Federal, State, Tribal, or other grant form, choosing this option would be best.
  3. Government Workforce: Frame a clear view of how federal and state resources are being used to support career development and reskilling of your community. If you see a steady increase in this category (WIOA, AmericCorps, Sallie Mae, etc.), it may be time to strengthen partnerships with local workforce agencies, host job fairs, or increase course offerings in high-demand fields like healthcare, technology, or skilled trades.
  4. Employer: Upskilling your current employee base through online courses is a great way to enhance your business. Many employers offer funding and tuition reimbursement for their employees to gain skills that are invaluable to their business. An uptick in employer tuition reimbursement may show a growing number of working professionals
  5. Student: This category will be what you select if the student is using cash, check, credit card, money order, or utilizing Affirm. If students are increasingly turning to financing options like Affirm or private loans, it may indicate a need for additional financing partnerships to help students manage their educational costs effectively.
  6. Other: Choosing this funding source should be used sparingly. Ideally, your enrollments should all align under one of the options above. Staying aligned to those sources helps us to find new opportunities to support your future growth efforts. If we can categorize the student into a more accurate category based on their utilized funding source, it will also be helpful to determine the student population.

Why Choosing the Right Funding Source Matters

  1. Tailored Marketing Strategies: Knowing the funding source helps institutions develop targeted marketing strategies. For example, if a significant portion of students are funded through 3PF, marketing efforts can highlight partnerships with employers and the benefits of such programs. Conversely, if most students rely on scholarships, marketing can focus on the availability of financial aid and the institution’s success in securing grants for its students.
  2. Informed Decision-Making: Accurate information about funding sources enables institutions to make informed decisions about resource allocation. For instance, if a student is simply categorized as “OTHER” instead of 3PF, the institution might miss out on opportunities to collaborate with funding organizations or provide specific support services tailored to 3PF students.
  3. Enhanced Student Support: Different funding sources come with different expectations and requirements. By accurately identifying the funding source, better support can be given to students, ensuring they meet the conditions of their funding and succeed in their academic endeavors. This could include academic advising, financial planning workshops, or career services.
  4. Optimized Enrollment Processes: Streamlining the enrollment process by accurately categorizing funding sources can reduce administrative burdens and improve the overall efficiency of the institution. This ensures that students receive timely information and support, enhancing their enrollment experience.

Next Steps

Choosing the right funding source when enrolling a student is not just a matter of financial logistics; it is a strategic decision that impacts marketing, resource allocation, and student support. By understanding and accurately categorizing funding sources, Partners can develop more effective marketing strategies, make informed decisions, and provide tailored support to their students. This holistic approach ultimately leads to higher enrollment rates, better student outcomes, and a stronger institutional reputation.

By focusing on the importance of funding sources, you can better position yourself to attract and support students, ensuring a successful and fulfilling educational experience for all.