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A pillar of the NYC education foundation for over 100 years, Swedish Institute is a Manhattan-based College of Health Sciences. Swedish Institute offers certificate and degree-granting programs in allied health, nursing, and massage therapy.
Swedish Institute faced three main challenges before implementing VIAS:
Swedish Institute worked with VIAS to implement estimated financial aid award letters. The accounting reporting capabilities allowed the Swedish Institute team to identify exact dollar amounts and term/mod date on which they were due. This made for easy reference to Department of Education information and any 3rd party disbursement integration. In addition, VIAS provided in-depth training on the estimated award letter process allowing Swedish to identify all funds (past, current, or future).
Once the Swedish Institute accounting and financial aid teams were trained and able to make award letters for all students, Swedish Institute was then able to identify all unpaid funding and the date on which they were due, resulting in the following:
Overall, the implementation of VIAS allowed Swedish Institute to overcome its financial challenges and streamline its processes, resulting in significant cost savings and increased efficiency.