We need to inform the student about out comes and the why's
We need to inform the student about out comes and the why's
Heather,
Sounds like your finance department is very effective in maintaining relationships with the students.
Kimberly Stein
I feel that the relationship that our student finance department maintains with our students while they are in school helps the students. They establish good rapport with the students on the front end with their initial visit. During the students full financial aid visit and throughout their loan counseling meetings, they stress the importance and explain what the students have decided to do. They also do a great job during their exit interviews in stressing the importance of their financial responsibilities. Our student finance department makes sure to keep good lines of communication with each student and they do a great job with it and I think this helps the students because they are not afraid to ask questions and ask for help.
My institue created a default manager position to address all default issues and repayment options.
The best thing a institution can do is inform students on loans and how to prevent default. Information sessions should be held several times a year.
The entrance and exit interview as essential. Many students have a limited understanding of financial aid.
I believe that being in constant contact with students regarding their financial aid as a whole is very important. Have discussion session discussing student loan payback requirements and how it can affect your credit down the road.
Keep in touch with the students more than once a quarter.
The school should have good Finincial Aid counseling that informs students of the obligations after getting out of school. The students need to understand these obligations before they enroll. An available Finincial Aid rep should always be available to speak with students regarding any questions they have. They need the basic understanding of what they are signing up for & their obligation.
I think our financial aid department helps with the default counseling process, but I like the idea of having a dedicated person who does nothing but counsel students to help them through the process.
To be honest, I have very little to do with our school's financial aid process. I know that our FACs are very active in communicating with our students to ensure they understand their obligations, the consequences of default, and trying to make sure it does not happen. we even provide periodic "financial aid seminars" for HS students entering the post HS environment (regardless of their intent to attend our school) to help them understand the process.
On a personal note, I have a family member in a default situation with regard to student loans so I have some first-hand knowledge of the consequescences of such an action. While I never share that info, I do understand the gravity of the defaulting student and the consequences with which he/she can be faced.
Allida,
Being upfront with the prospective students about their future job possibilities will ensure success for all involved. You are doing the right thing by making sure they do not have unreasonable expectations.
Kimberly Stein
We can help students through the process of getting out of default..
Having a Financial Aid Coordinator break down the tuition costs over the period of time a student will spend in their degree program is extremely helpful to the student.
The price calculator is great if you are attending a college or university where you must pay for room and board. It can be misleading for students who commute to the campus and still live at home.
I think the most important thing is to be honest. Tell them only what you know to be fact and do not over promise. If they know exactly what to expect when they leave, they will be more likely to stay on course. I work at a nursing college that provides and LPN and RN programs. Many students come into the LPN program looking to graduate and go into a hospital to work. We have to tell them that the chances of that happening are low. Our current markets do not employ many LPN's in hospitals. They will need to prepare to possibly work in long term care or other facilities.
It is very important to provide loan counseling upon entrance and exit from the college. In addition, it would be helpful to provide students to attend workshops on default management to further assist them in preventing student loan defaults.
Prevention on student loan default is important to everyone involved. Our financial aid department does an excellent job of educating the student, from their initial estimate, to their final estimate, to their annual renewal and finally to their exit interview. It is ultimately up to the student but having an effective career services department that can assist the students in finding employment helps. Also, I feel that the education team plays a large role. They help retain the students. A student that graduates is more marketable than one that did not complete their training.
We have financial aid advisors who sit down with our students on a one on one basis to make sure the student fully understands their financial aid obligations and that all of their questions have been answered.
Make the student aware and educated by setting up a financial aid appointment with a financial aid advisor.
