advising council: financial aid update p resented by k amia “m ia ” m wango j une 11, 2015
TRANSCRIPT
Advising Council: Financial Aid Update
PRESENTED BY KAMIA “MIA” MWANGO
JUNE 11, 2015
2Agenda
What’s NewHot TopicsWhat’s Coming
3What’s New? Improved messaging to students
Website with more embedded FATV videos
Viewership up 54% ; 12,740 views so far this academic year
Notifications with more links to action items
Financial Literacy links for exiting students
Notifications with more links to FATV videos
Ex: What is the difference between a Dependent & Independent student?
What does it mean to be selected for Verification?
4Hot Topics
Ability to Benefit
Student Loans/Cohort Default Rate
FAFSA Simplification/Prior-Prior Year Data
Financial Aid 101
for Staff/Campus Partners
5Hot Topics - ATB
Ability to Benefit: Updated USDOE guidance on May 22, 2015
Reinstatement of Ability to Benefit (ATB) eligibility for federal funds. HS diploma or GED is still the standard requirement for federal financial aid. However, ATB eligibility can be gained when a student is enrolled in an “eligible career pathway program”. ATB students cannot be dual-enrolled in a secondary school and must meet one of these conditions: Pass a DOE approved ATB test such as the, ACCUPLACER
Complete at least 6 credit hours or 225 clock hours applicable to a degree or certificate
Several groups on campus are working on identifying and documenting eligible students and programs
6Hot Topic- Cohort Default Rate
The cohort default rate (CDR) is the percentage of a school's borrowers who enter repayment on certain student loans in a given fiscal year and then default within the next two fiscal years.
SF’s Draft CDR is 18.9, down from our last official rate of 22.7
Some Stats:
Nationally, community colleges have an average CDR of ~20.6
The state average is 15.4
The national average is 13.7Schools may not
deny loans to students on a categorical or
across-the-board basis, but do have the option not to
offer loans for students.
7Hot Topics- Loans / CDR Dr. Brown and Ginger gave a charge to the Default
Prevention Council on 4/17/15. The first meeting was on 5/11/15.
The Default Prevention Council will be tackling the issue of student default by: Enhancing student knowledge of loan responsibilities & processes,
and strengthening their relationship with their loan servicer
Assisting borrowers by enhancing educational and employment outcomes like, i.e.:
Increase Student Success;
Reduce Program Completion Time;
Strengthen Relationship with Potential Employers; and
Career Placement for both Graduates and Non-Graduates.
Ideas & partnerships are welcome!
8Best Way to Prevent Default
9Hot Topics- FAFSA SIMPLIFICATIONFAFSA Simplification / Prior-Prior Year Data
These topics are both gaining momentum
Congress is urging the USDOE to implement
Schools and the Department need time to implement
Will it really improve the process?
10
Hot Topics- Prior Prior Year (PPY)
11
Hot Topics – Financial Aid 101
How can I help a student get started without getting into detail? Are there resources?
What is Satisfactory Academic Progress / Standards? How do you determine the amount of aid that a
student gets? Why do you give them the aid and then change the
award amounts? What’s a deferment and how can it cause a student
to owe money? The student got an email from the Dept. of Ed saying
they have $5,000+ in Pell Grant. Why won’t you give them their money?
12
Hot Topics – Financial Aid 101
What do transcripts have to do with financial aid? What does the program of study (or admission year)
have to do with their financial aid? The student said that they submitted their FAFSA
days ago! Why hasn’t financial aid awarded them so they can keep their classes?
What is Verification and why does it take so long? Why is the Financial Aid office asking for personal
medical, counseling and court records?
13
Hot Topics – Financial Aid 101
14
What’s Coming– R01
R-01: We’re Trying Something Different!Lineapple phone app allows students to
electronically check into the Financial Aid, like you do at some restaurants.
Allows students to use other student services while waiting !
Students will “wait” to be called via Lineapple but can go other places on campus or visit informational booths & watch FATV in R-01
15
What’s Coming– R01
R-01: We’re Trying Something Different!Express document drop-off queueFor 1st beginning students, signs & work studies
will direct students to start or get help with the FAFSA in R-226.
To process more efficiently, FA staff will be in the Financial Aid Office
For internal calls during peak (in order of availability):• Deborah Mills (formerly Crumpton): 3830• Roy Alligood: 5931• Richard Anderson: 7032• Rabecca Hall: [email protected] • Kamia Mwango: [email protected]
16
Peak Service Times
July 1
-3
July 1
4-18
July 2
8-Au
g 1
Aug
11-1
5
Aug
25-2
9
Sept
8-1
2
Sept
22-
26
Oct 6
-10
Oct 2
0-24
Nov 3
-7
Nov 1
7-21
Dec 1
-5
Dec 1
5-19
Jan
12-1
6
Jan
26-3
0
Feb
9-13
Feb
23-2
7
Mar
16-
20
Mar
30
- Apr
3
Apr 1
3-17
Apr 2
7 - M
ay 1
May
11-
15
May
26-
290
500
1000
1500
2000
2500
Financial Aid Student Service 14-15by week
Lobby Phones E-mails
Num
ber
of
students
R-01
17
Questions? SF Financial Aid:
http://www.sfcollege.edu/financialaid/
SF Financial Aid TV: http://sfcollege.financialaidtv.com/
Federal Financial Aid (including loans): https://studentaid.ed.gov/
State Financial Aid (Bright Futures): http://www.floridastudentfinancialaid.org/
SF Payment Plan: http://www.sfcollege.edu/finance/?section=cash/tuition_and_fees#payment
Private/Alternative Loans: http://www.elmselect.com/
For internal calls during peak:
• Deborah Mills: [email protected]
• Roy Alligood: [email protected]
• Richard Anderson: 7032 [email protected]
• Rabecca Hall: 5476 [email protected]
• Kamia Mwango: [email protected]