Payment Plans
is it ok for the Admissions Department to talk to students about diffenent payment plans?
Donnie,
I think the Admissions office should stick to making sure that they reiterate the importance of students paying off loans and keeping their credit in good standing. I think that students are better off speaking with their advisor in the Financial Aid Department. That way the information about the student's rights & responsibilities is clearly detailed and this gives the borrower's the chance to ask questions that the Admissions Dept may not be capable of answering.
I believe that the Admissions Department should encourage the students to take student loans seriously and that they should talk to their financial aid planner/officer about the payment options that are available to them.
The actual financial information should be discussed by someone in the financial aid department; someone who is trained to give correct and informative information.
The Admissions Department is bound by so many compliance rules I don't think it's in their best interest to advise students on payment plans because they may not entirely be able to present them with the best options possible. Although they can reinforce to the student's that it's in their best interest to repay Student loans because they can maintain good credit.
We absolutely agree that the Admissions Office is not the place for financial aid discussions. While the admissions representatives cannot talk specifically about financial aid, they can assist in creating borrower awareness of the importance of repaying their student loans by displaying posters and borrower educational materials in the office. Any borrower with a loan specific question must be referred to the Financial Aid Office.
The Admissions Office is also the best place for collecting good references. When viewed as part of the application process students are more likely to provide complete and accurate information.
I would tend to agree that admissions should play more of an encouragement role and the responsibility should be on the financial aid office to ensure accurate information is being presented to the students.
I agree that the admissions department can tell students how important it is to repay student loans, but ultimately the financial aid office should be the ones to counsel the students. I always make sure to tell each of my students to stay in contact with their lenders no matter what....otherwise the IRS will take their money. The minute I say that, I see the importance of student loans settling into their brain. I also counsel each student as they leave and I tell them to contact me with any questions. Sometimes it's easier to contact someone with whom you already have a relationship with.
On thing that I have found very effective is telling a story about an elderly woman that called me to ask if there was anything that the school could do about her Social Security Check being garnished because of a loan that had defaulted years prior. I also find it very powerful to mention that they are risking their wages being garnished should they finally obtain the ideal job.
I think those are excellent ways of stressing that these are loans and they will be paying them back one way or another.
I agree also. We do not allow our admissions team members to discuss FA, as it is not their area of expertise and we want to be sure that there is not conflicting information.
I agree. Students may disclose pertinent personal information to a financial aid advisor that they may not want others to be aware of.
If Admissions talks to the student about cash payments while in school, can't that help establish a habit of paying off education loans from the very beginning?
I agree with most of the others in this thread of discussion- the admissions should be encouraging but the real discussions should come from the person or people with the most education regarding financial aaid- those in that department.
I think that admissions should direct students to financial aid with any questions pertaining to financial aid. Rules and regulations are constantly changing and admissions may not be aware of such changes. It is important that students get the correct information at all times.
Correct, admissions should not discuss financial aid but be there to guide the student to the correct professional who can answer their questions. While a student may feel more comfortable with their admissions representative they need to be getting the information from the most knowledgeable source.
At our school we feel that a clear separation between the admissions functions and financial aid functions help create a check and balance in the enrollment processes
Ashley,
The separation of duties between admissions and financial aid is not just a federal requirement, as you have noted it is a very good practice to avoid conflicts of interest in the enrollment process. Admissions and Financial Aid have different functions but can still be complementary as the offices should have the same goal--to provide students with an encouraging, supportive experience while sharing valuable information about programs and how to finance them.
Diana Mateer
I believe the only Departments that should discuss payment plans with a student are the Financial AId department, The Bursar's department, or the Accounting department. Any other departments should refer students with questions regarding payment plans to one of the above listed departments to avoid any confusion on the students part. Ever heard the saying too many cooks spoil the broth? Well i believe the same goes for matter of money.
tiera,
You have listed the three reliable sources of financial information for students. It's true that other departmental staff may have good intentions, but they do not have complete information and may only be a source of confusion or misinformation. Through training and communication about your role, you can make other departments aware of the wisdom in filtering financial questions through Financial Aid or Accounting.
Diana Mateer
I would agree, because if the fa officer and admissions rep are on the same page, the student will know just how important fa loan are.
