current challenges facing financial aid administrators ... · financial aid application process...
TRANSCRIPT
Current Challenges Facing Financial Aid Administrators & The Students They Serve
SASFAA Annual ConferenceFebruary 16-18, 2014
Jacksonville, FL
Today’s Agenda• Introduction of Panel Members• Session Overview• Survey Overview• Survey Audience/Survey Results• Open Discussion of Challenges for students• Open Discussion of Challenges for FAA’s• Conclusion of Session
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Panel Members
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Lisanne Masterson
Francisco Valines
Q1. What do you feel are the biggest challenges facing undergraduate students today?
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• Understanding the financial aid application process • Increase in Tuition Costs • Increase in Loan Debt • Decrease in Institutional Funds • Decrease in Federal/State Funds• Not applicable (do not serve undergraduate students)
What do you feel are the biggest challenges facing undergraduate students today?
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0% 10% 20% 30% 40% 50% 60%
Decrease in Institutional Funds
Not applicable (do not serve undergraduate students)
Decrease in Federal/State Funds
Understanding the financial aid application process
Increase in Tuition Costs
Increase in Loan Debt
Q2. What do you feel are the biggest challenges facing graduate/professional students today?
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• Understanding the financial aid application process • Increase in Tuition Costs • Increase in Loan Debt • Decrease in Institutional Funds • Decrease in Federal/State Funds• Understanding Loan repayment Options• Not applicable (do not serve undergraduate students)
What do you feel are the biggest challenges facing graduate/professional students today?
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0% 10% 20% 30% 40% 50% 60%
Understanding the financial aid application process
Decrease in Institutional Funds
Decrease in Federal/State Funds
Increase in Tuition Costs
Not applicable (do not serve undergraduate students)
Understanding their Loan Repayment Options
Increase in Loan Debt
Q3. What do you feel are the biggest challenges for FAA’s serving undergraduate students today?
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• Helping students understand - "get" - the financial aid application process• Finding the time and best solutions to provide financial literacy to their
students• Trying to close the gap between limited funds and student needs• Finding the time and best solutions to help students understand their
repayment options• Understanding the Loan Repayment Options and conveying the "right"
message to students• Keeping up with federal regulations and ensuring compliance• Minimal resources to ensure compliance and meet the needs of your
students• Not applicable (do not serve undergraduate students)
What do you feel are the biggest challenges for FAA's serving undergraduate students today?
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13%15%
19%
27%
31%38%
43%
45%
Finding the time and bestsolutions to help studentsunderstand theirrepayment options - 13%
Understanding the LoanRepayment Options andconveying the "right"message to students -15%Not applicable (do notserve undergraduatestudents) - 19%
Q4. What do you feel are the biggest challenges for FAA’s serving graduate/professional students today?
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• Helping students understand - "get" - the financial aid application process• Finding the time and best solutions to provide financial literacy to their
students• Trying to close the gap between limited funds and student needs• Finding the time and best solutions to help students understand their
repayment options• Understanding the Loan Repayment Options and conveying the "right"
message to students• Keeping up with federal regulations and ensuring compliance• Minimal resources to ensure compliance and meet the needs of your
students• Not applicable (do not serve graduate/professional students)
What do you feel are the biggest challenges for FAA's serving graduate/professional students today?
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8%
22%
22%
26%
27%29%
31%
34%
Helping students understand - "get" - the financial aid application process -8%
Finding the time and best solutions to help students understand theirrepayment options - 22%
Minimal resources to ensure compliance and meet the needs of yourstudents - 22%
Trying to close the gap between limited funds and student needs - 26%
Finding the time and best solutions to provide financial literacy to theirstudents - 27%
Not applicable (do not serve graduate students) - 29%
Keeping up with federal regulations and ensuring compliance - 31%
Understanding the Loan Repayment Options and conveying the "right"message to students - 34%
Appears that there are similar challenges for FAA’s and ALL students they serve
Managing Increased Loan Debt Student concerns on increased loan debt FAA’s providing Financial Literacy & Loan Repayment Counseling
Managing Increase Tuition Costs Students concerns over increasing tuition FAA’s concerns over closing the gap between limited funds and
student needs Financial Aid Application Process
Students understanding of the financial aid application process FAA’S concerns of helping students understand the financial aid
application process and ensuring regulatory compliance
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What can we do as FAA’s to meet our challenges and those of the students we serve?
Always try to ensure the students are getting the right message! Provide Financial Literacy Publications/Communications Provide Outreach Sessions Provide Counseling (do not abandon the “personal touch”) Help students apply the information to their own individual circumstances. Share scholarship search and opportunities, plus help them avoid scams!
Support research for all financial aid recipients Keeping up with rapid changes in administration of Title IV Aid
Embrace change and familiarize yourself with available resources to ensure compliance Volunteer and become involved with national, regional and state associations Take advantage of all training opportunities Advocacy
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NASFAA
Volunteerism Advocacy, Policy & Research
Preliminary Report of the NASFAA Reauthorization Task Force Reimagining Financial Aid to Improve Student Access and Outcomes Award Notification and Consumer Information Task Force Report Report of the NASFAA Task Force on Student Loan Indebtedness Advocacy Pipeline
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NASFAA
Resources Publications (Monographs, Quick Reference guides, Journal of
Student Financial Aid, etc.) Training & Professional Development (Webinars, NASFAA
University, CORE, Conference, etc.) Professional Practice Tools (AskRegs, Self-Evaluation Guide,
Compiled Regulations, How-to-Guides, etc.) Program Guidance (DCL’s, EAN’s, etc.)
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Surveyed FAA’s to get their take on challenges faced today (518 respondents identified their institution or affiliation)
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0% 5% 10% 15% 20% 25%
4-year+ private institution
4-year+ public institution
4-year private institution
4-year public institution
2-year public institution
2-year private institution
graduate/professional school only
proprietary institution
government agency
federal loan servicer
private lender
resource partner
consultant
Surveyed FAA’s to get their take on challenges faced today (region representation of 518 respondents)
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14%
12%
1%
62%
3%
9%
EASFAA - 14%
MASFAA - 12%
RMASFAA - 1%
SASFAA - 62%
SWASFAA - 3%
WASFAA - 9%
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Contact InformationBrenda M. BrownDirector of Financial AidUniversity of Miami School of [email protected]
Lisanne MastersonDirector of Financial AidBlue Ridge Community [email protected]
Anthony SozzoAssociate Dean for Student Affairs and Director of Student Financial PlanningNew York Medical [email protected]
Brent TenerDirector of Undergraduate Scholarships and Associate Director of Financial AidVanderbilt [email protected]
Francisco ValinesDirector of Financial AidFlorida International [email protected]
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