Financial Aid’s Role in GPS: Graduation and Persistence for Students
description
Transcript of Financial Aid’s Role in GPS: Graduation and Persistence for Students
Financial Aid’s Role in GPS: Graduation and Persistence for Students
VASFAA Spring Conference 2013
Hampton, Virginia
Presented by:Michael O’Grady
Financial Aid Services
Why should Financial Aid personnel care about “persistence?”
1) Accountability - Accountability - Accountability2) Discretionary budget has a bull’s eye on it.3) Huge waste of tax payers’ money when students don’t graduate4) “Stop outs” are less likely to pay their student loans5) Higher Education Act reauthorization proposals
VASFAA Spring Conference 2013
Persistence/Retention
The New Pipeline
Source: Lumina Foundation
Non-Hispanic white population will increase by 10.2 million by 2020African-American population will increase by 9.5 million by 2020 Hispanic population will increase by 24.1 millionReturning US service members
VASFAA Spring Conference 2013
31.1 %
12.6 %
17.6 %
% that have a college degree
Persistence’s Perfect Storm
Decreasing traditional college bound population Worst economy since the Depression Budget freezes on all levels One out of four homeowners is in a negative equity position or no equity position Filling seats and keeping students from a new demographic
VASFAA Spring Conference 2013
VASFAA Spring Conference 2013
Perfect Storm ContinuedBy 2020 65% of all jobs will require postsecondary educationIn 1993 the average student loan debt load (in today’s dollars) was $14,500In 2011 the average student loan debt load was $26,600In 1999 the default rate was 5.6%, in 2010 the default rate was 9.1%
DE DC MD Spring Conference 2013
VASFAA Spring Conference 2013
According to Thom Golden from Vanderbilt University, non-traditional students don’t enroll often due to: Concerns over affordability and Lack of clarity around eligibilityAccording to ACE- 1.8 million low-income students would received financial aid but didn’t applyFinancial constraints are the #1 reason given by 50% of students who drop out.
Financial Aid’s Role
Retention Funnel
A
D
M
I
T
T
E
D
Recruiting students that don’t persist is extremely expensive and is a “lose-lose” proposition.
G
R
A
D
U
A
T
E
S
A
L
U
M
N
I
Freshmen Sophomores
Juniors Seniors
VASFAA Spring Conference 2013
VASFAA Spring Conference 2013
PERISTENCE QUIZ--- WHAT ARE THE TOP REASONS FOR
DROP OUTS AND STOP OUTS???
Real reasons students leave higher education
From: The Cost of College Attrition at Four Year Colleges & Universities, EPI Policy Perspectives, Feb. 2013
DE DC MD Spring Conference 2013
COST OF ATTRITION 16.5 Billion Nationally $13,267,214 Average 4 yr Public $8,331,593 Average 4 yr Private
Source: Education Policy Insitute
INFLUENCES ON STUDENT SUCCESS AND RETENTION
Based on Vincent Tinto’s research, there are formal and informal systems that influence success
VASFAA Spring Conference 2013
SYSTEMS IMPACT Academic engagement Student Support Services Faculty and staff interactions Student Community
Financial aid staff can impact both formal and informal systems through intentional focus on debt burden, time to degree, and breaking through silos -using structure and culture to enhance outcomes.
VASFAAD Spring Conference 2013
PRACTICAL STRUCTURE Short-term and standard course sequencing Students start together and stay together
(cohorts) Block scheduling of coursework Structured career-specific curriculum Remediation built into coursework Tutoring by faculty and peers Hands-on teaching and learning Integration of workplace experience Stable full-time staff
VASFAA Spring Conference 2013
VASVAA Spring Conference 2013
CULTURAL Student success and retention are consistent themes,
and produce integrated solutions (collaboration) Commitment to student success is an important
consideration in hiring Caring community– institutional and personal Staff and faculty members are committed to helping
students Maintain focus on quality and accountability Consistent advising and counseling Systemic and continuing efforts to improve student
graduation rates
VASFAA Spring Conference 2013
SUCCESSFUL OUTCOMES Shorter time to degree reduces
costs/debt Campus wide efforts needed Loan counseling integrated with
academic and career guidance through access to data
More intrusive counseling and outreach based on assessment of risk
VASFAA Spring Conference 2013
PRACTICAL SUGGESTIONS Reminders to FAFSA filers who do not
refile before state deadlines Package for full time attendance Project monthly debt by academic
program based on completion data Provide training to career and
academic counseling staff regarding aid limitations (Pell grant limits, aggregate debt)
VASFAA Spring Conference 2013
A small private college of 1000 students in New York State with 43% of its students Pell eligible instituted an early identification and automated alert system to improve retention.
• Spring 2010 to Fall 2010 they retained 36 students more than the previous year
• Fall 2010 to Spring 2011 they retained 39 students more than the previous year.
• Spring 2011 to Fall 2011 they retained 59 students more. • Fall 2011 to Spring 2011 they retained 70 students more
than the previous year.
Total Net Revenue: More than $2 Million dollars.
Retention Pays
Model of Communication
Sender Encoder Decoder Receiver
VASFAA Spring Conference 2013
“The Medium is the Message”…Marshal McLuhan
E-Mail Facebook Twitter Net Price Calculator Dynamic Award Letters
VASFAA Spring Conference 2013
Snail Mail Direct Mail Phone Internet Campus Visits
GPS all the above through automatic communications.
College “Culture Shock” & Veteran’s PTSD/I Awareness
Introduced by 1954 by Kalvervo Oberg
Normally a student blames his or her “financial aid” as the reason for leaving school.
Difficulty in assimilating to new culture and environment Anxiety, disorientation, uncertainty, confusion Phases: Honeymoon Phase-Negotiation Phase--Adjustment
Phase (things become “normal”)-Reverse Culture Shock
VASFAA Spring Conference 2013
VETERANS AND POST TRAUMATIC STRESS DISORDER/INJURY (PTSD/I)
Re-entry issues for veterans often result in alcohol abuse, drug abuse, family or marital problems or suicide
Symptoms of PTSD may include anger and irritability, “spacey stare,” short attention span, confusion, trouble sleeping, and “self-medicating.”
What is your SAP policy regarding PTSD?
VASFAA 2013
VETERANS AND POST TRAUMATIC STRESS DISORDER/INJURY (PTSD/I)
One in five veterans will experience re-entry issues or possibly PTSD/I
Approximately 200,000 women served in Afghanistan and Iraq
23% to 33% of women veterans report experiencing “MST” of which 42% will acquire PTSD
VASFAA Spring Conference 2013
Internal Champions/Task Force—Breakdown the Silos!!!
Admissions
Financial Aid
Multicultural Affairs
Veterans Affairs
Student Accounts
Psychological Services
VASFAA Spring Conference 2013
Leveraging Technology for Better Customer Service
Transfer work-load to where interpersonal skills are needed
Reduce rote tasks 24/7 Institution can
become bilingual
VASFAA Spring Conference 2013
Consistent brand management
Mitigates budget cuts Go Green Use analytics as your
GPS for default management
Staying Afloat
Diversify your staff - age, sex, and ethnicity Technology, Technology, Technology Leverage resources from the Department of Ed Benchmark with your peers constantly Acquire cross-cultural training
VASFAA Spring Conference 2013
REFERENCES/CONTACT INFO http://www.tgslc.org/pdf/Balancing-Pass
ion-and-Practicality.pdf http://www.tgslc.org/pdf/Graduate-High
-Risk-Students.pdf Contact us?
[email protected] 703-906-7318
[email protected] 410-963-5924
VASFAA Spring Conference 2013