Getting admissions and faculty involved...
To what extent do your faculty and admissions offices contribute to your institution's default prevention efforts? Identify steps you can take to increase their involvement.
Our admissions people do collect reference information which is helpful if the student defaults. We then have contact information to trace them with.
We need to be more pro-active, i.e. following the suggestion of having default information and posters in the admissions office. Even though admissions people cannot discuss finances I do agree of the importance of creating an environment where we communicate a consistent message about loan repayment.
Currently our faculty is only involved in helping the student succeed academically (which in the long run will help the succeed financially and minimize default). The idea of having faculty collect updated contact info (email addresses, mailing addresses, etc) when testing is an excellent idea that I would like to incorporate at our College.
My name is Debra Williams.
I am a Fiscal Assistant in the Financial Aid Department at West Tennessee Business College, Jackson, Tennessee
At the beginning of each mod, our faculty requires that each student update any name or address changes on their class schedules. The Financial Aid department can check these forms in the student's acadmeic file. Also, our receptionist emails any changes to our department.
We now require our students to list their cell phone numbers and email addresses.
Schools should make use of every opportunity to collect borrower information. Students may be comfortable disclosing contact and reference information to teachers and advisors, more so than to financial aid personnel.
This is an excellent practice. Some schools, to their detriment, only meet with students when loans are initially issued. Reestablishing a relationship at the beginning of each term is a great opportunity.
I recently visited with our Canadian financial aid staff. Default prevention is a relatively new area of concern in Canada, but it is starting to get a lot of attention from their government. One technique that a school was using was to incorporate loan management into classroom projects. This is particularly easy with math and accounting courses - the instructors use the concepts of compound interest, budgeting, etc in a question that uses a student loan as an example. I'd like to start incorporating that into our lesson planning in the US.
Reestablishing relationship through out the program is critical for the success of the students. Often during the initial financial aid appointment students are overwhelmed with the amount of paperwork that they are asked to sign, that they don't know what they are agreeing to. Despite the extensive explanation often they do not pay attention to what they signing. Reinforcement throughout the initial appointment forces them to understand their obligations before leaving the financial aid office. Yet still, they come back a few weeks later asking questions. Usually explained the second time on a clear slate helps them totally understand their obligations.
I have found it to be very effective to mingle in the halls with the students during lunch and break times. Keeping a sense of awareness keeps them on their toes and allows them to ask additional questions in a less formal enviornment.
This is exactly the type of interaction we love to see. When students see that the faculty and staff are involved and truly interested, they are more likely to seek out help when it is needed.
I love the idea of having student borrowers put their address on tests to have their results mailed to them. It is very important that teachers have a way of sharing this information with the financial aid office. Having current and valid data is crucial to keeping in contact with the borrowers after they leave school.
I also very much liked the idea of giving borrowers a notebook in which they can keep their financial aid documents. This is VERY IMPORTANT. It would also be nice if the notebook were "fancied" up with the school's logo, etc.
Our admission departments and financial aid departments are generally found right next to each other. This gives the students a sense of partnership between the departments and helps in the hand-off of the student from admissions to financial aid.
It is also important that financial aid keep the admissions department up-to-date of any new financial aid programs or legislation.
Mimi,
Thank you for mentioning new programs and legislation; we have not yet touched on that topic.
It is a great idea for all of us to remain up-to-date on these issues, including news on HERA and the new grant programs. We have the opportunity to make use of the many resources available on the internet such as updates from the Department of Education, NASFAA and the regional Student Financial Aid associations.
Unfortunately, our admissions department doesn't collect references at this point. However, at the end beginning of each module (every 6 weeks) the faculty hand out address cards for the students to update their information. The registrar then enters the new information in shared data manangement system.
Melanie,
This is an excellent opportunity for your organization to consider small changes to your enrollment procedures.
However, it is an excellent strategy to collect information as often as you do… other schools can use this as an example of information gathering throughout enrollment.
I agree with you. Excellent strategy.
Hi Mimi:
I've been the financial aid arena for 13 years. I've never been in a situation where the financial aid and admissions office had a great relationship, but I am now.
It does without a doubt help when both departments have a good working relationship. I also agree that it does make a difference with the students and the success of the school.
Currently faculty and admissions do not directly contribute in the institutions default prevention efforts, but the admissions and financial aid office collects reference information on each student other than those references found on the standard forms.
I am seriously considering on bringing this effort up at out next meeting to see how everyone can contribute.
how much involevement is contributed other than poting signs without going into the financial aid/admisions red zone
I suppose this question would have to be answered by each individual school, depending on your particular needs and the relationship between different departments.
With more cooperation between the financial aid and admissions staff, you can ensure a better outcome for your students. Also, if the admissions staff really understands the goals of the financial aid department and the importance of maintaining low cohort default rates, they may be more apt to welcome you into their space.
We have always been very fortunate to have good (low) default numbers, so the issue has not been of great concern. Thinking about it now though, I am going to suggest that we add information about it to our "Career Success" course. That would give us an opportunity to present loan repayment as one more part of being a successful, mature, responsible, independent, contributing member of society.
