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Financial Aid Overview TASFAA New Aid Officers Workshop May 16, 2011

This presentation provides an overview of financial aid, its changes over the last 20 years, and its impact on access, retention, and student success on campus. It also emphasizes the importance of customer service and building partnerships within the institution. Presented by Karen Krause from the University of Texas at Arlington.

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Financial Aid Overview TASFAA New Aid Officers Workshop May 16, 2011

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  1. Financial Aid OverviewTASFAA New Aid Officers WorkshopMay 16, 2011 Presented by: Karen Krause University of Texas at Arlington

  2. Welcome to Financial Aid Good news or bad news The profession – where we’ve been and who we are now

  3. What is Financial Aid? Changes over the last 20 years Support role versus product output Service driven/value adding Institutional objectives What business are we really in?

  4. Change Paid for FAF or FFS-6 weeks process 4 weeks for loan funds No EFT, no common loan app or mpn Interest rates 8 and 10% No NSLDS or NSLCH – but we had Financial Aid Transcripts Defaults 20% More programs!

  5. Changes in Students Borrowing more Saving less Instant society Have more options available Connect via mobile technology Reasons for college attendance Service minded

  6. What business are we in? Depends on the institutions mission – know the goals and objectives of the institution where you work Not just process – we assist students in reaching goals “We are in the business of providing access to graduation”…

  7. Financial Aid On Campus How do we impact? Access (admissions) Retention (continuing students and re-admitting students who stop out) After Graduation (success)

  8. Access Levels the financial playing field Allow families to make “big picture” financial decisions Traditional versus non-traditional students Needs can differ Have different points of reference and expectations

  9. Retention A good benchmark for success Financial reasons cited for drop outs Didn’t receive enough financial aid? Is this the real reason or the surface one? The better the retention the lower the school’s cohort default rate Retaining a student is less expensive than recruiting a new student

  10. After Graduation “The Real World” What do we do to make our former student successful? Do they enjoy an increased social and economic value? Indicators of success

  11. Putting it Together On Campus Partnerships Information Solutions

  12. Partnerships We are not alone – financial aid funds are given to the institution not just the Financial Aid Office Regular meetings Attend their functions Set up contacts mentors two way

  13. Information Must give your campus offices information that helps them – be a team player View access to FA info on your SIS Research critical factors – be knowledgeable Impact of legislative changes and interpretations

  14. Be Part of the Solution On campus outreach – help others know what you do Be a “can do” office Support others if you want support New programs Consortiums Access and Retention

  15. Talents You Will Need Counselor Parent Friend Advocate CPA Academic Advisor Tax Consultant Computer Programmer Custodial Person Entertainer Editor “Bad Guy” Bill interpreter Graduation Specialist

  16. What Does this Mean When you do you job well, you will become the “best friend” of the customer When you do a poor job (real or perceived) you will lose credibility Office can be a friend or have no credibility What choice do we really have?

  17. Customer Service Looks like Feels Like Sounds Like Taste Like Smells Like

  18. Customer Service Exceeding expectations changes every year might have to manage other’s expectations Providing just in time service Listen until it hurts First impressions

  19. Keeping It New Think from the customer’s perspective Your customers are only a happy as you are Speak positively about your customers Know you make a profound difference in the lives of those you serve

  20. Keeping It New It is not enough to meet expectations You have to be proud of what you do and who you work for Have fun!

  21. National Picture • Part of a network of financial aid administrators from all over the country • TASFAA (Texas Association of Student Financial Aid Administrators) • SWASFAA (Southwest Association…5 state region including Arkansas, Louisiana, New Mexico, Oklahoma, and Texas) • NASFAA (National Association… all 50 states and Puerto Rico)

  22. National Picture • Software conferences and listservs • Sector groups and associations

  23. Wrap Up Begin with the end mind – meeting the student’s educational objective Seek to understand - listen and ask ?’s Difficult customers deserve good customer service Do not reinvent the wheel - network!

  24. Questions?

  25. Contact Information Karen Krause Executive Director, Office of Financial Aid, Scholarships and Veteran’s Affairs University of Texas at Arlington kkrause@uta.edu

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