100 likes | 193 Views
EDIFAR New Retention Program. Early Detection of and Intervention with Financially At-Risk Students. Overview. The struggling economy has put families in a challenging position to pay for college Financial Aid for students is more important than ever
E N D
EDIFAR New Retention Program Early Detection of and Intervention with Financially At-Risk Students
Overview • The struggling economy has put families in a challenging position to pay for college • Financial Aid for students is more important than ever • Colleges are grappling with financial challenges as well • It is extremely critical that we retain students and collect funding to remain financially viable
Problem • At OU the amount that the Bursar has been unable to collect from students has been increasing at a rate of about 2% per year for the past several years • $200 Rule has exacerbated the problem • Currently, OU does not have the resources dedicated to contacting many of the financially struggling students until they are no longer enrolled • We must balance collection of receivables with retention and graduation.
EDIFAR Solution • Managed by the Financial Education and Counseling Center (FEd) • Initiative 1: Intervention with Application Processes • Tag in the system as an “Application Prompt” • Contact tagged students who have not: • Filed a FAFSA by May 1st • Submitted required follow-up documentation • Successfully navigated the Financial Aid process (i.e. accepting awards, entrance counseling)
EDIFAR Solution • Initiative 2: Slow Pay Intervention • Discover At-Risk students while they are still enrolled • After the tuition due date has passed, identify students who still owe the University more than $3,000 • Tag students in system as “slow pay” • Use communication plan to determine next steps • Application Completion • Check Unmet Need and any available sources of aid • Counsel students about a financial plan to repay debt
EDIFAR Counseling Progression • A series of system checks would then take place with a prescribed communication plan. • Has the student completed a FAFSA? If “no,” contact them and facilitate the completion of the application. • If the FAFSA has been completed have all outstanding document requirements been submitted? If “no,” contact student and facilitate completion of the financial aid file. • If the student has already been packaged for aid do they have any “unmet need”? If so, look for available need based funding for the student.
EDIFAR Counseling Progression (continued) • If the student has been packaged but has no need, look for available non-need based funding that may be available. • Educate students on student loan debt vs. institutional debt and collections. • Once all financial aid resources have been exhausted, counsel the student to create a financial plan that will allow them to successfully pay for college. • Inform students of the increased income potential over the course of their lifetimes if a college degree is obtained. • If appropriate, contact academic and/or counseling resources that can help the student succeed in other areas.
Staffing and Timeline • Initial staff will include • One EDIFAR Coordinator • Two EDIFAR Counselors • Location (Temporary) • Year one focus will be on Initiative 2 and will begin immediately after staff are in place • Initiative 1 will commence May, 2011
Partnerships • Strategies for Success Office (University College) • Graduation Office • Financial Aid Office • Bursar’s Office • University Collections (Legal Counsel) • Project Threshold • Graduation and Retention Task Force • Advisors
Conclusion • We are anticipating this program to have a dramatic impact with dual objectives • Increased Collections: If collections improve by only 1 million net revenue to the University will be $800,000 • Retention and Graduation numbers will rise • Reduce overall default rate