I'm the chairperson of a newly formed default prevention committee, and have been a faculty member at our school for 17 years. Many of our faculty have no knowledge of FA nor do they want to...I think students have to feel that their education is worth what they are borrowing and that's the faculty's and admission's part in the big picture...I know that without my education I couldn't have achieved what I have in my life and we need to try to instill that in our student...once they feel that it was worth it, I think that plays a big part in reducing the chance of a student defaulting.
Its important to have 6 references letter in other to have enought information in case thay change their phones number ect.
Diane,
Financial literacy can be incorporated into many courses, and it appears you are already providing that emphasis to your students. Your plan to include a piece on student loan rights and responsibilities will certainly help bridge the gap between entrance and exit interviews.
Diana Mateer
We are a very small, local cosmetology school, with enrollment consisting mostly of students from local communities. Our admissions director and instructors are aware of the financial aid's office need to keep in contact with former students. The instructors update the director with information as it is made known to them, who in turn, keeps financial aid updated. Our curriculum does cover financial literacy briefly. I plan to have the instructors emphasize this part of the learning process, stressing the importance of student loan obligations.
Joshua,
I hope you will find the same great working relationship with faculty. They can be great "eyes and ears" for Financial Aid in collecting updated contact information and identifying student issues that may be financial in nature and that you may be able assist with. Faculty are also a terrific resource for including important financial literacy concepts into their curricula, and working in tandem with your office to allow you to have some classroom face time if you need to share important information with students. After all, the classroom is where you will most likely find students on campus!
Diana Mateer
Our admissions and financial aid staff have a great working relationship. We hadn't thought of involving faculty members in this process, but it would be something I believe would be a great idea going forward. Communication is the key for teamwork and we will be implementing this going forward.
David,
One really good way to get faculty involved is to incorporate some financial aid concepts into their already existing curricula. For instance, you might work with them to add calculation of student loan interest to a math class, or a psychology of spending and saving lecture followed by a budgeting exercise in a social studies class. Another idea is to involve them on a financial aid committee, such as satisfactory academic progress appeals or even a default management team, so they can better understand and appreciate their role in student services. At a minimum, asking them for their cooperation in identifying students who are missing from class or who seem to be experiencing difficulties, so that they contribute to the retention effort in a real way, gets them involved!
Diana Mateer
currently our faculty and admissions offices contribute very little to default prevention. i think it will be difficult in particular to get faculty involved. i'm interested in suggestions to get them engaged and accountable in our default prevention efforts. david forrester
shawn,
You have identified some key concepts. Consistency, reiteration, and follow-up certainly will help students retain information that they may not need to use right now but that will be vital if they are facing financial difficulties in the future.
Diana Mateer
I am sure it is helps, but I think it should be a part of every pro. course. Then a follow up through out the time the students are here.
Florence,
It's great thast you meet with students after they have completed their schedules, when education (and its cost) becomes very real to them. At that point students are committed to their decisions to attend school and ready to seriously discuss their financial plans and needs so they can meet their goals. You are getting through with your message, obviously, since students are thinking about, and sometimes re-thinking about, what they really need to borrow. Good work!
Diana Mateer
Joseph,
Perhaps you can incorporate some basic financial aid and financial literacy concepts into their courses if you work with the Academic Departments in instilling the importance of these skills to student success. For instance, a math-related class might include exercises in interest calculation and credit. A social studies class might include a component on the psychology of spending and saving. The faculty may not fully appreciate your efforts at first, but they will be more likely to consider your subject areas less intrusive if they can be incorporated into the curriculum.
Diana Mateer
Carolyn ,
I so agree! The sense of community and accomplishment are critical factors to a student's retention from the time they enter your school for that first interview. When students feel comfortable and acheve continual reinforcement for their good work, they are more likely to be academically, financially, and academically strong. Good luck in your collaboration with Admissions!
Diana Mateer
Your right! Students are overwhelmed during their first visit to financial aid. When a student has completed their schedule I meet with them and give them their exact cost for the quarter. At that time I am able to stress the importance of borrowing just what they need to cover the cost of the education and not what they want. On occassion a student will reduce the amount borrowed and I know they are aware of their future loan debt.
Instructors want little to do with financial matters. Many feel they are being paid to teach and these other matters are a distraction.
Thank you! I would like to see more students feeling motivated because of our school and being able to have that sense of belonging and sense of accomplihment that is such a key in feeling successful.
I look forward to working with Admissions to be able to get the students started on the right foot from the beginning conversations of enrollment.
Carolyn ,
You have put together an excellent default management team, and you have identified how HUGE Student Services is in the process because their staff often get the questions or hear about the issues students are having. Admissions can play a big part in helping you gather references you both can use (and even help verify them). Admissions can use these references as additional ways to contact prospective students and provide you with valuable contact information to use after students enroll.
But just as importantly as it is to collect reference information for internal purposes, you have also touched on the importance of celebrating the student's decisions and achievements. This is perhaps the greatest reason of all to collect references--the motivation factor and the promotion of student retention are priceless!
Diana Mateer
Carolyn ,
You ahve put together a great default management team, and you are absolutely right that Student Services is a HUGE key because of their unique relationship with students. After all, they are often the first to know if a student has questions or issues. I think you have identified one of the best ways to get Admissions involved--the collection of references (and if you can have them verify reference information even better!). References collected during the application process give Admissions extra contacts for prospective students, and when the students enroll you have extra contacts as well.
Diana Mateer
Right now, our default prevention efforts have increased tremendously. At this point, We have a team of six-Controller, Director, Assistant Director, Financial Aid Director, Director of Education and Student services Director. It seems that Student services is the key as he has the most friendly/casual-but-respected relationship with the students.
Our school, luckily, has great relationships with the different employers that employ our students and will not allow a graduated or dropped student to work with them unless they are fulfilling their obligation to the school that educated them.
Our first step to improve information gathering strategies is verifying that the information the student provides in Admissions is completely filled out. I also think having publications up in the Admissions office about the importance their loan obligations will add to the involvement of our Admissions Dept. Another step is to start verifying the infomation by sending a congratulations letter or phone call to the student AND references upon enrollment. This can be a postive way to verify phone numbers, addresses, etc. It may help the student feel special when their family/friend/etc. say encouraging words to the student who just enrolled. A student who has family and friends encouraging them to complete the program allows the student to be motivated and proud of themselves as well.
Our school previously contacted the student and their student references only when the student goes missing which didn't allow for a caring relationship to be built. Now we are beginning to gather, verify, and update student information from day 1 and thereafter when a student reaches different levels in classes. I look forward to the positive outcomes of retention and student loan repayment.
Right now, our default prevention efforts have increased tremendously. At this point, We have a team of six-Controller, Director, Assistant Director, Financial Aid Director, Director of Education and Student services Director. It seems that Student services is the key as he has the most friendly/casual-but-respected relationship with the students.
Our school, luckily, has great relationships with the different employers that employ our students and will not allow a graduated or dropped student to work with them unless they are fulfilling their obligation to the school that educated them.
Unfortunately, Admissions isn't involved much with the default procedures, aside from getting references in the beginning of the admissions process. I would like to see Admissions verify the references and ensure that the forms are filled out properly. I also think having publications up in the Admissions office about the importance their loan obligations will add to the involvement of our Admissions Dept.
