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Money Matters – Financial Aid Issues Affecting
Student Success
Jo-Ann Craig
Director, Financial Aid
Cape Fear Community College
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Retention Research
• 40 years
• 20 years focusing on aid
• Similar findings: aid impacts retention (duh!)
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“Starting Right: A First Look at Engaging Entering Students”
• 2007 Pilot of the Survey of Entering Student Engagement (SENSE)
• Administered during fourth and fifth weeks of fall term
• 22 colleges participated
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Results
“I was able to access the information I needed to complete the enrollment process (admissions, registration, financial aid, etc.)”
32% strongly agree
2% strongly disagree
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Results (cont’d)
Interaction with the Financial Aid Office:
• “Chaos”• “Disorganization”• “I had no idea, it was very confusing”• “When you finally get everything, you feel
like you got that ‘A’”
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“Advisors need to be able to understand the policies and procedures that affect students’ financial aid as well as have a clear understanding of
how to refer effectively those students in financial need.”
Charlie L. NuttNational ACademic ADvising Association
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Major Financial Aid Issues Affecting Student Success
• “Digital Divide”
• Complexity
• Satisfactory Academic Progress
• Debt Level/Financial Literacy
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Digital Divide
Use of Internet expedites the financial aid process:
• Applications processed faster
• Applicants learn of eligibility faster
• Applicants receive e-mail updates
• Applicants have wealth of scholarship information at their disposal
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Computer & Internet Use by Students in 2003
Household Income Level
$20,000 or Less
$75,000 or More
% of K-12 Students Using the Internet
40
74
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Computer & Internet Use by Students in 2003 (cont’d)
Parents’ Educational % of K-12 Students Level Using the Internet Never graduated from 37 high school Graduate degree 73
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Bridging the Divide
• “College Goal Sunday” Events
• Increased access to computers and the Internet
• Collaboration between high schools and colleges
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FAFSA
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How Do I Apply for Federal Student Aid?
• Step 1 – Get Free Information and Assistance • Step 2 – Get PIN• Step 3 – Gather all Information• Step 4 – Complete the FAFSA• Step 5 – Review your SAR• Step 6 – Submit Verification Documents• Step 7 – Ensure Receipt of Documents• Step 8 – Contact Financial Aid Office with
Questions
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Student Aid Application Process
Fall -Spring Senior Year of High
School
Winter-Spring Senior Year of High School
March – April Senior Year of High School
Apply to College
Colleges Receive/Review Applications & Admit
Student
Submit FAFSA
Department of Education Processes FAFSA
2-6 Weeks After Submitting
FAFSA
Student Receives SAR
Schools Receive SAR & Process Aid Package
Student Receives Aid Eligibility
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Satisfactory Academic Progress
The qualitative and quantitative measure of a student’s progress toward program completion
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SAP Policy Requirements
• Same as or more strict than standards for students NOT receiving aid
• Qualitative measurement• Quantitative measurement• Maximum time frame for completion: 150%• Appeal process
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SAP Policy at CFCC
• Must maintain a cumulative 2.0 GPA (Qualitative)• Must successfully complete 67% of all credits
ever attempted (Quantitative)• First semester = Warning of Possible Loss of
Financial Aid Eligibility• Second semester = SUSPENSION of Financial
Aid Eligibility
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SAP Policy at CFCC (cont’d)
Appeal Process
• In writing• Can appear before
committee
Appeal Committee Membership
• Staff• Faculty• Student• NO Financial Aid
Staff
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Why Do Students Fail to Meet SAP Guidelines?
• Academic Challenges
• Personal Challenges
• Financial Challenges
• Medical/Mental Challenges
• Military Service Challenges
• Social Adjustment Challenges
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Student Doesn’t Meet SAP Guidelines…
Now What?
• Does the Financial Aid Office have an obligation to help?
• Is the Financial Aid Office equipped to help?
• What can be done?
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Debt Level/Financial Literacy
• Up to 3 in 5 first-year college students max out their first credit card within their first year on campus
• Nearly 60% of first year students report that “financial problems” interfere with their school work
• 29% report “financial problems that are very distracting and troublesome”
• Almost 3 in 4 college students believe it is acceptable to use credit cards for living expenses
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Debt Level/Financial Literacy
• 64% of undergraduates don’t know the interest rate on their credit cards
• Bankruptcies for those under 25 years of age increased from 15,000 in 1995 to 150,000 cases in 2000
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Financial Literacy Key Concepts
Money Management Income vs. expenses Spending and credit Value of savings and investing
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Financial Literacy Training
Timing isn’t Everything
• No “perfect” time
• Start with assessment of current practices
• Assess your students
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Financial Literacy Training
Existing Programs• A class in financial literacy; some award
academic credit• Imbedding subject material in freshman
year curriculum• Subject material is required in financial aid
presentations made to all new students• Adding presentations/workshops to
Orientation
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Debt Level/Financial Literacy
• Here at CFCC…
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What Do I Do With ALL of This Information?
Talk with:
• Financial aid director• Student government leaders• Retention committee members• Counseling staff members• Student Development leaders (Registrar,
Enrollment Manager)
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Jo-Ann CraigDirector, Office of Financial AidCape Fear Community College
411 North Front StreetWilmington, NC 28401
910-362-7057