Oracle's acquisition of Vocado, a leading financial aid solution that automates workflows and optimizes funding for students, not only accelerates the delivery of its Student Cloud solution but demonstrates its growing commitment to improving student success and operational business efficiency.
The ability – or lack thereof – to pay for college is one of the most fundamental contributors to student success. The 2017 COUNTRY Financial Security Index found that 48% of US high school graduates who did not pursue higher education cited the high cost of college as a contributing factor; similarly, of those who began but did not complete a degree, 53% attributed the taking on of debt as a hindrance to their progress. Students are more likely to enroll at an institution and successfully complete their education if they have exact insight into what financial aid they will receive, and if institutions are able to utilize funding sources to provide funding for students in a timely and transparent way.
However, many universities rely on legacy software that lacks the flexibility to manage evolving educational models, complex regulations, and an increasing variety of funding sources. As a result, packaging and disbursement is manually intensive and can result in delays, or even painful errors, thus affecting student retention and student success. Vocado, a market leader in financial aid management, differentiates itself from other solutions through its ability to manage and automate complex processes and thousands of different financial aid sources to maximize funding for students. Doing so has enabled its customers to increase their operational efficiency, maintain regulatory compliance, and increase the accuracy and speed of their financial aid programs.
Vocado will be rebranded as Oracle Student Financial Planning and be available both as part of the Student Cloud suite and as a standalone solution for other third-party student information systems (SISs). The acquisition of Vocado is not just another solution to build out Oracle's higher ed technology suite, but a sign that Oracle has an understanding of and investment in improving the overall business – and, more importantly, the experience – of higher education.
Enterprise Case Study: Increasing Operational Efficiencies and Student Engagement, ENV006-000007 (December 2017)
"Oracle increases educational accessibility and enhances student success," ENV006-000002 (October 2017)
Joyce Kim, Analyst, Education Technology