90/10
In order to help the college achieve the 90-10 goal our Admissions Office is pushing cash payments and company tuition reimbursement, a lot of students do not know that their company even offers reimbursement until you suggest it to them
Donnie,
It is important to start at the beginning with each student discussing the student or parent intent on contributing to the education. This method will insure that all is informed on the need to committment to the process through cash payments. Most of my students had some type of payment plan to insure their committment to the education. It is critical to provide the students with all options to cover the cost of their tuition, books, fees, etc.
Thanks, Chyrl
Hi Donnie, have you found best practices used in financial aid offices to develop relationships with employers to help educate students as to what funds may be available to them through their work? For example, an employment scholarship program?
Patrick
Great job on the part of the admissions office. Since enrollment is the first point of contact for all students, discussing cash payments once that students sits with the financial aid representative should become less of a challenge and hopefully an increase in cash collections in order to meet the 90/10 responsibility.
Sharon,
A consistent message related to how a persepecitve student will cover the cost of his/her education is critical. The life and success of a student's educational experience is the responsibility of all departments.
I hope your online FA educational interaction has been successful. Best wishes to you in this educational process.
Sincerely,
Chyrl
With the recent addition of the unsub stafford for 2000, are you still asking for cash contributions? Is it possible to simply state all students must pay a minimum cash payment?
There must be a better way to assess an institutions fiscal responsibility. With the cost of education constantly on the rise--outpacing inflation--and with the need to stimulate the economy, it seems many schools are forced to raise tuition everytime the feds increase financial aid maximums just to be able to recover 10% in non-federal aid.
How realistic is it to get congress to wake up to this fact and do away with the 90/10 rule?
I wholeheartedly agree that there must be some other way to deal with 90/10 instead of constantly raising the tuition. That is what our corporate office does each time 90/10 becomes an issue and I believe it is one of the major reasons tuition is skyrocketing in this country. The Department needs to figure out how to help campuses administer 90/10 in a way that doesn't require the constant increase in tuition, or they should honestly just dispose of the 90/10 rule altogether. For our campus, most of our students do not have the ability to pay out of pocket for any part of their education beyond a small amount. They are 0 EFC students mostly so enforcing 90/10 in that environment by raising tuition is a burden to those low-income students, and increases their loan debt upon graduation essentially. I honestly don't see the continued use for that rule in our current economy.
Elysia,
The management of 90/10 is a very important process to all institutions affected by this requirement. It can be even more difficult when management is trying to monitor direct cost for their students. If any other participants in the cours has thoughts on the management of 90/10 I would encourage them to provide comments to you.
Best wishes to you, your team and students as all of you pursue successful financial aid administration and continued education.
Sincerely,
Chyrl Ayers
90/10 has been a hot topic here at my college. We feel our hands are tied because we can't make students borrow less, but we are held to having 10% of our revenue from non-federal sources. Many of our students want living expense money, so they are not helping in our effort to comply with this regulation. Additionally agency funds have dried up. We are seeking alternative means to achieve our 10%, mostly including cash programs such as STNA and other short term programs which general a credential.
With cash payments not really an option, what are other ways other schools have sought to be in compliance?
We try to suggest cash payment plans by offering some of the advantages of no interest and possibly earning points on credit cards if they have a rewards type of credit card. It is hard because at the same time we have to let a student know all aid they may be eligible for. It really depends on the student's financial situation if a cash payment plan is even an option.
Nicole,
Agree. It can be difficult when managing the student's eligibility and the 90/10 requirements. I have always tried to use counseling tools to ensure that the student understands his/her borrower and the potential debt at the completion of the program. It is important that the students have a budget of incoming funds and expenses so they can make the right decision.
Sincerely,
Chyrl Ayers
Donnie,
I agree, most students are unaware of the potential tuition reimbursement, or even scholarship funds from places they frequent often. It is my hopes that my team is able to provide as much information to our students regarding possibilites, outside of loans, to not only assist with default rates but also 90/10.
A way that our organization is ensruing that the 90/10 goal is maintained is through a few of our cash pay programs that helps balance out the number of students recv. Title IV against those whom aren't. It really helps not having to constantly keep an eye out for this figure. Its just one of the many tools that alleviates some undue stress on the Financial Aid Department
what alternative means can be used to reach 10%
William,
Cash payments, private funding and other non-TIV funds. Some colleges have programs that allow providing services to the community that they pay cash for these services (i.e. Cosemetology schools may have a salon that may be visited by the public).
Sincerely
Chyrl Ayers
