Interclypse went to the FSA Training Conference in Reno, NV this year. As the software development team behind the Maryland College Aid Processing System (MDCAPS) Interclypse is committed to bettering the software experience for students, Financial Aid Officers, State administrators and other stakeholders. Its through our experiences at events like the FSA Training Conference that we are able to stay in lockstep with the changes and enhancements coming from Department of Education.
This year FSA is continuing to better the experience for students, focusing on new tools to help inform students before they make one of the biggest decisions of their lives. Over the next year, FSA is going to be rolling out tools like the Loan Simulator and Informed Borrower Tool (IBT) so students will be able to make the best possible decisions before committing to their loans. The IBT will require students & parents to acknowledge their loan balances and payment schedule on an annual basis. This will allow them to recognize the debt they will be incurring and provide them an opportunity to review and explore other opportunities to make their personal higher education experience affordable.
From an administrator perspective, FSA has started to utilize Machine Learning to reduce the burden on FAO’s for Verification. In it’s first year of use, the Machine Learning Model (MLM) has reduced the amount of students requiring verification from 30% to 22%, approximately 900,000 students.
It is inspiring to see thousands of dedicated Financial Aid professionals all in one place, and as we continue to support MDCAPS, Interclypse looks to grow our relationships with not only our state customers, but with the FAOs and other stakeholders who utilize the system on a regular basis.