Financial Aid’s Role in GPS: Graduation and Persistence for Students

1. 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

2. Persistence/Retention Why should Financial Aid personnel care about “persistence?” Accountability - Accountability - Accountability Discretionary budget has a bull’s eye on it. Huge waste of tax payers’ money when students don’t graduate “Stop outs” are less likely to pay their student loans Higher Education Act reauthorization proposals • VASFAA Spring Conference 2013

3. The New Pipeline % that have a college degree • Non-Hispanic white population will increase by 10.2 million by 2020 • African-American population will increase by 9.5 million by 2020 • Hispanic populationwill increase by 24.1 million • Returning US service members • 31.1 % • 17.6 % • 12.6 % Source: Lumina Foundation • VASFAA Spring Conference 2013

4. Persistence’s PerfectStorm  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

5. Perfect Storm Continued • By 2020 65% of all jobs will require postsecondary education • In 1993 the average student loan debt load (in today’s dollars) was $14,500 • In 2011 the average student loan debt load was $26,600 • In 1999 the default rate was 5.6%, in 2010 the default rate was 9.1% • VASFAA Spring Conference 2013

6. DE DC MD Spring Conference 2013 Financial Aid’s Role •  According to Thom Golden from Vanderbilt University, non-traditional students don’t enroll often due to: Concerns over affordability and Lack of clarity around eligibility • According to ACE- 1.8 million low-income students would received financial aid but didn’t apply • Financial constraints are the #1 reason given by 50% of students who drop out. • VASFAA Spring Conference 2013

7. Retention Funnel Recruiting students that don’t persist is extremely expensive and is a “lose-lose” proposition. A D M I T T E D G R A D U A T E S A L U M N I Sophomores Freshmen Juniors Seniors • VASFAA Spring Conference 2013

8. WHAT ARE THE TOP REASONS FOR DROP OUTS AND STOP OUTS??? VASFAA Spring Conference 2013 PERISTENCE QUIZ---

9. Real reasons students leave higher education From: The Cost of College Attrition at Four Year Colleges & Universities, EPI Policy Perspectives, Feb. 2013

10. 16.5 Billion Nationally $13,267,214 Average 4 yr Public $8,331,593 Average 4 yr Private DE DC MD Spring Conference 2013 Cost of Attrition Source: Education Policy Insitute

11. VASFAA Spring Conference 2013 Based on Vincent Tinto’s research, there are formal and informal systems that influence success Influences on Student Success and Retention

12. 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 structureand culture to enhance outcomes. VASFAAD Spring Conference 2013 Systems Impact

13. 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 Practical Structure

14. 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 VASVAA Spring Conference 2013 Cultural • VASFAA Spring Conference 2013

15. 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 Successful Outcomes

16. 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 Practical Suggestions

17. Retention Pays • 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.

18. Model of Communication Sender Encoder Decoder Receiver • VASFAA Spring Conference 2013

19. “The Medium is the Message”… Marshal McLuhan •  Snail Mail •  Direct Mail •  Phone •  Internet • Campus Visits • E-Mail • Facebook •  Twitter • Net Price Calculator • Dynamic Award Letters GPS all the above through automatic communications. • VASFAA Spring Conference 2013

20. DE DC MD Spring Conference 2013 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

21. DE DC MD 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

22. 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

23. Internal Champions/Task Force—Breakdown the Silos!!! Veterans Affairs Financial Aid Admissions Student Accounts Psychological Services Multicultural Affairs • VASFAA Spring Conference 2013

24. Leveraging Technology for Better Customer Service • Transfer work-load to where interpersonal skills are needed • Reduce rote tasks • 24/7 • Institution can become bilingual • Consistent brand management • Mitigates budget cuts • Go Green • Use analytics as your GPS for default management • VASFAA Spring Conference 2013

25. 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

26. http://www.tgslc.org/pdf/Balancing-Passion-and-Practicality.pdfhttp://www.tgslc.org/pdf/Balancing-Passion-and-Practicality.pdf http://www.tgslc.org/pdf/Graduate-High-Risk-Students.pdf Contact us? mogradyva@hotmail.com703-906-7318 elfrishberg@gmail.com 410-963-5924 References/Contact Info • VASFAA Spring Conference 2013