FINANCIAL AID FOR “DEAN-IES”

HOW TO EXPLAIN AND POSITION FINANCIAL AID IN THE

PRIORITIES OF YOUR DEANS

Glenda Palmer, PhDAssistant Dean for Student Affairs

& Financial AidVirginia Commonwealth University

School of Medicine

Introduction

Helping the powers that be to understand

the relationship between Academic Affairs, Bursar, Finance, Student Services and Financial Aid is vital. Once that relationship

is clearly seen as integral to the educational mission of the school, you can better advance yourself and your concerns.

Introduction

Financial Aid IS a key component to the successful operation of the university “system.” From the perspective of the Financial Aid Administrator there are certain issues to consider:

Is admissions “need-blind” ? What is the impact of enrollment management? Where does financial aid enter the picture? Do you have “a seat at the decision table”?

Where Does Financial Aid Fit?

Financial Aid is often seen by Academic Affairs Administrators as just a “necessary evil” that should be apart from a student’s educational experience and success in school.

It is the mission of the FAO to bring to light the importance of financial aid to the overall success of the students and, therefore, of the school.

Admissions and Financial Aid

If acceptance is rolling, how long after an offer is sent must an applicant have the financial aid application material completed?

Does the school offer full scholarships, and if so does it require another application process?

Admissions and Financial Aid

Does Admissions make awards to the incoming class? All of them or only incentives?

What is the “base loan” amount for any given year? What is the Cost of Attendance (COA) or

Student Budget for each year and each program, and is it readily accessible to students and staff?

Admissions and Financial Aid (continued)

Volunteer to speak to each group of potential students when they visit the campus to interview.

Be sure that everyone knows the importance of financial aid to the process.

Arrange for students to have an accurate estimate of their costs and their available sources of aid.

Admissions and Financial Aid (continued)

What applications are required for federal aid? 

Is a different or supplemental application required for institutional aid?

How is institutional aid awarded?  Is there a committee? Who is on it? Do you get to appoint or suggest members?

Admissions and Financial Aid (continued)

Are there scholarships and/or internal loans?  In the past year, what was the school debt for

the graduating class? In the past year, what was the average

package awarded to students who applied for aid?

Is there a difference between the amount and kinds of loans that are awarded in different years?

Bursar/Business Office and Financial Aid

There needs to be a clear understanding by all Deans and other Student Services administrators of the policy for payment of tuition, fees, housing, late charges, library fees, etc.: through loans, scholarships, payment plans, etc.) Should all tuition be paid (or arrangements made at the start of each year?  Each semester?

Bursar/Business Office and Financial Aid

When are payments late? If payments are late, is there a late charge?  If

so, how much and when does it come due? Should there be any exceptions?  If so, who

decides on these exceptions? Is money that is scheduled to come (Armed

forces, etc.,) credited to students’ accounts?

Bursar/Business Office and Financial Aid (continued)

How long before graduation should all outstanding student account balances

be cleared up?

If payments are not clear, does a student

receive a diploma?  A transcript?  Does responsible behavior concerning money

enter into professional behavior? If so, how can you create a module or a course on money management to fill that need.

Bursar/Business Office and Financial Aid (continued)

Help to establish clear policies and procedures for the Bursar and Financial Aid Offices regarding the issues of payment:

FAO may be the “last one” to know and has to “pick up the pieces” when students’ billing situations are not handled effectively or communicated to the Bursar and FAO.

Bursar/Business Office and Financial Aid (continued)

Who is responsible for reporting to the Department of Education and the Department of Health and Human Services on accounting for funds awarded to schools under Perkins, Work-Study, Primary Care Loans, and Scholarships for Disadvantaged Students?

Do the Deans, CEO’s, Trustees understand the relationship of all DOE (and DHHS) requirements and how they tie into Financial Aid?

Explain the Importance of FA

Ask the Director of the Admissions Committee (or the University Council, Promotions Committee, or any other type

of meeting or retreat) if you can make a presentation explaining the importance of reporting in a timely and accurate manner, the fact that many items are tied to financial aid (crime stats, etc.,) even though you are not responsible for them.

Academic/Student Affairs and Financial Aid

There are several financial aid related questions that come up in regard to academic affairs.  All of these issues require a policy decision and some of them come with attendant federal regulations. 

What are the school's policies on Satisfactory Academic Progress (SAP), and do they reflect policies related to financial aid funding?

.

Academic/Student Affairs and Financial Aid (continued)

What happens with remediation? Research? Leave of Absence? Explain why you need to be in on these decisions and offer to serve on policy committees.

If policy is not already in place offer to draft one for Special Matriculation, Leave of Absence, etc.1. Qualitative standards

2. Quantitative standards

Academic/Student Affairs and Financial Aid (continued)

B. Promotions Committee should be knowledgeable about the policy when doing annual academic reviews. 1. Standards should include a statement on how dismissal, appeal, etc. are handled. 

 

2. Identification of the office(s) responsible for annual S.A.P. reviews, for notifying the students, and for handling appeals. 

Academic/Student Affairs and Financial Aid (continued)

Student status, start dates, expected graduation dates, etc., must be consistent with the standards for bi-monthly electronic reporting to the NSLDS (National Student Loan Data System). Who is responsible for reporting student status to

the department that interfaces with the Student Loan Clearinghouse?  To other departments on campus?

Academic/Student Affairs and Financial Aid (continued)

BUT WAIT…there’s more! Who pays for any review and/or remediation? Are students encouraged to take an additional

year to do research or a special project?  If so, what is the policy regarding “in school” status for the repayment of loans? Funding?

Is there a difference in a personal Leave of Absence and an academic or research leave? 

Academic/Student Affairs and Financial Aid (continued)

Work with the Orientation Committee to incorporate both the Entrance Interview and an overview on money management for the entering first year class.

Ask the Academic Dean how you can schedule various seminars throughout the year on credit ratings, interest, credit card usage, how one can save money with substitutions and a little planning.

Academic/Student Affairs and Financial Aid (continued)

Ask the Dean for Continuing Education how you can help by providing services to fellows, residents, grad students.

Invite a speaker to address credit card debt, investing, insurance, buying vs. renting a home.

THE FINAL WORD

Each office in the entire University structure touches on and affects the others...often, in very subtle and round-about ways. 

Communication about who does what and where and who makes the ultimate decisions is critical to all of the players involved. 

Or two…

Perhaps the most important way in which you can position yourself to be in on the decision making is to start the cooperation ball rolling.

It’s easy to criticize (If the registrar would just enter changes in a timely fashion…Why doesn’t the dean realize what a leave does to the student’s aid situation?...)

Better, ask the parties if you can arrange a meeting to discuss. Be humble.

Or three…

Setting up silos of processing and creating

an atmosphere of, “Not my job.” is very counterproductive to the result you want.

Befriend the other players.

Keep going to school. In an academic environment, degrees count.

Volunteer to help out whenever an opportunity arises.

Bibliography and References

Federal Student Aid publications. U.S. Department of Education. http://www.ifap.ed.gov/library/current.htm

Debt Management and loan repayment. www.salliemae.com

Debt Management programs. David Geffen School of Medicine.http://www.medstudent.ucla.edu/fao/general/dmsessions/default.htm

NSLP seminar on Cash Management, Overawards and Closeouts

Satisfactory Academic Progress monograph of the Association of

American Medical Colleges