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The Financial Aid Picture at Wayne State University

The Financial Aid Picture at Wayne State University. Board of Governors Presentation Al Hermsen Director of Student Financial Aid March 19, 2008. Agenda. Introduction Philosophy and Vision Current Issues in Financial Aid The Financial Aid Picture at Wayne State – focus on undergraduates

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The Financial Aid Picture at Wayne State University

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  1. The Financial Aid Picture at Wayne State University Board of Governors Presentation Al Hermsen Director of Student Financial Aid March 19, 2008

  2. Agenda • Introduction • Philosophy and Vision • Current Issues in Financial Aid • The Financial Aid Picture at Wayne State – focus on undergraduates • Data • Student View • Issues • Progress • Goals

  3. Philosophy • Provide greater access to higher education • Ensure students complete their studies (retention, graduation) • Provide incentives to perform well • Reward merit • Influence choice

  4. Vision • Maximize Funds to students • Provide Friendly, Simple, Efficient, Timely customer service • Help students understand financial aid • Assist students in managing their funds • Encourage early awareness • Ensure compliance with regulations

  5. Current Issues in Financial Aid • Loan programs and lender issues • Changes in the past year • Guaranteed Loans – Federal Family Educational Loan (FFEL) or Direct Loans • School as Lender (SAL) • Private Loans and Direct to Consumer Loans • Reauthorization of federal aid programs • College costs • Targeted federal and state grant programs • Constant need to upgrade technology • Student debt burden

  6. Financial Aid Picture at Wayne State - Data 22,930 students received $244M in financial aid in 2006-07

  7. Financial Aid Picture - Data Types of Aid 2006-07

  8. Five Year Comparison Tuition and Student Aid

  9. Financial Aid Picture Comparison to other Michigan schools • WSU has most Pell recipients (approximately 50% of first-time freshmen) • Many students commute to save costs • Total undergrad loan burden for a WSU graduate is about average at $19,003

  10. Financial Aid Picture – Student View Cost of Attendance(COA) 2007-08 At HomeAway • Tuition and Fees $7,648 $7,648 • Room and Board 2,818 7,434 • Books and Supplies 885 885 • Transportation 1,659 1,659 • Misc 2,1052,105 • Total $15,115 $19,731 COA 1994-95 $7,970 $11,770

  11. Financial Aid Picture – Student View Jeff DoeFinancial Aid Junior, Mech. Eng COA $15,115 Lives with Parents Pell $4,310 First Generation Fed. Grant $1,000 GPA 2.73 Inst. Grant $2,000 Works on campus and Work-Study $3,000 off to avoid loans Total $10,310 Shortfall $4,805

  12. Financial Aid Picture – Student View Jane SmithFinancial Aid Junior, Psychology COA $15,115 Lives with Parents Presidential $8,771 First Generation Pell $1,344 GPA 3.4 Inst. Grant $2,000 Lived in Dorm 2 years Work-Study $3,000 Enjoyed campus life Total $15,115 Moved home to avoid No Shortfall taking out loans

  13. Financial Aid Picture – Student View Kendra JonesFinancial Aid Junior, Pre-Med COA $19,731 Lives in Towers Dorm Pell $660 First Generation Inst. Grant $6,654 GPA 3.0 Loans (3) $7,827 Works on campus and Work-Study $3,000 off to avoid loans Total $18,141 Hurricane Katrinatransfer Shortfall $1,590

  14. Financial Aid Picture - Issues Loans • Current Nelnet contract for School As Lender (SAL) expires in June • Will not extend the SAL contract • Nelnet to continue other services until new loan program is in place • Evaluating options • Emphasis will be on student benefits and institutional cost • Direct Lending vs. Federal Family Educational Loan Program (FFEL) • Preparing recommendation for Board in June • New program will be in place for 2009-10

  15. Financial Aid Picture - Issues Call Center • Nelnet no longer provides a call center (pulled out in Dec. 2007) • We have contracted with Greenwood Hall to answer our calls through December 2008 • Working on a long term solution that considers answering calls in-house vs. using a 3rd party

  16. Financial Aid Picture - Progress • New system for imaging student documents • Last 3 audits were positive • Enhanced web site – more user-friendly • Earlier awards for 2008-09 than ever before and ahead of the competition • Established a financial aid seminar series for WSU counselors • Training sessions in residence halls for continuing students • Cost of attendance survey • Electronic sign-in program for Welcome Center

  17. Financial Aid Picture - Goals • Prepare recommendation for Board on FFELP vs. Direct Loans by June • Determine plan for call center • Implement financial literacy program for students and parents • Revise financial aid packaging model – reduce loan burden and promote retention • Implement text messaging capability and improve communication with students • Work with Development to increase private scholarship funds for students

  18. Questions?

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