Reviewing Financial Paperwork
I agree that keeping all department areas involved in default management is important as well as keeping constant reminders such as posters in their surroundings. However, in past experience, I have found that individuals default based on lack of knowledge. A lot of people are used to a fast-paced world and don't take the time to read what they are signing. I believe the most important thing is to explain in detail and visually show the student all aspects of his loans during his first financial aid consultation.
I agree with this totally but must add that the only thing that seems to work is repetition. Finding ways to remind the student, repeatedly, whether audio or visual, is essential. While we don't want to alienate them, if our message is light, they will get it into their mind that we are serious about repayment. Using cartoon characters and gentle voices to instill the repayment idea, repeatedly,can get it done!
Michael,
You are so right that repetition is the key. The goal is not to overwhelm the student with details and scare them off but to use constant reminders that repayment is an obligation and important to their future success. It is important to use both audio and visual reminders as everyone has a different way of learning and retaining information. Keeping it light while still getting them to understand the importance of the message you are conveying can definately be accomplished through repetition and support.
I definitely agree with you, it is always better to explain in detail and visually show the student on their first meeting with financial aid. And also arrange one on one meetings through out thier time in school, to answer any questions or cover any concerns the student might have in reference to student loans.
Keeping an "open door" policy is key, I think. Not just being available, but letting student KNOW you're available.
Anthony,
Geat point! Having an Open Door policy can only work if the students know about it. Office hours should be clearly posted and reminders can be placed in classrooms and throughout the school and even included in newsletters.
Cheryl Kesson
Anthony’s idea that office hours can be expanded through video and online chat sessions was a great way to open that door even wider!
As Cheryl pointed out, we should make use of whatever communication channels exist at your school; newsletter, website, course/learning management software, bulletin boards… and if your institution does not have an social media presence, create one!
Kellee Gunderson
I completely agree with this. I think having an "open door" and letting the students know you are there for them will create business relationships that will last long after they graduate. I think students feel more comfortable coming back to talk with you about loans after graduation, which in turn will help keep the default rate lower.
Sherry,
Exactly, the things that you do now will have a direct impact on your default rates later. Establishing strong relationships is key. If you are not speaking to your students now and creating those long term relationships the chances of reaching them later when they might benefit from your help will have decreased.
Cheryl Kesson
Sherry,
This is a great point. Unfortunately some students do not realize that our resources are still available when they are no longer paying customers. We want our doors to remain open after enrollment ends, and this includes students who are not able to complete a program or degree. Students who drop out also need help understanding payment plans and deferment options, and we want them to feel welcome in the FA office even if their academic performance was not stellar.
