a id m o u n t ___ college the first year experience masfaa conference 2005 presented by linda...
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The First Year Experience
MASFAA CONFERENCE2005Presented by
Linda Mularczyk, Dyan Niland, Phyllis Foote,
Tom King and Melissa Constantine
Mount Ida College
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What is First Year Experience (FYE) ?
A financial counseling model that provides students with the resources and support they need for a successful transition to college
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The FYE Involves Everyone
Academics Residential Life
Support Services Fitness and Wellness
Career Services Financial Advisement
Campus Activities
And MANY MORE. . .
The term FYE is used across campus
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Major Players for Financial Aid FYE
Financial Aid
Admissions Counseling Returning StudentsCounseling
Incoming Students
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Why create an FYE Model ?
Inform and EducateStudents, Parents, Faculty and Staff
Improve Student and Parent Satisfaction
Relieve Stress and Doubt of Financial Affordability
Lower Cohort Default Rate
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Strategies
Involve the Whole Campus in the FYE Model
Admissions, Bursar, Faculty/Staff Involvement
Faculty “Alerts”
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When Does FYE Begin?
Begins with the Initial Contact
Helps the student become aware of financial aid and the application process
Where do these leads come from?
Inquiries Phone Calls
Applications Campus Visits
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When does the FYE End?
Ends 6 Weeks after Fall Registration of the sophomore year
The key is to maintain contact with the student to keep them involved and engaged with the campus
Summer contact is important
Letters from the President, Deans, Academic Advisor, Financial Counselor, Registrar
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Implementing the FYE
The Six-Phase Action Plan
Month by month breakdown of initiatives and actions to move the FYE forward
This touches not only the prospective student but returning students as well
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Sample Action Plan Items
January:
Update website, begin publicity for applying for financial aid
February:
Host Financial Aid Nights for FAFSA completion
May, June, July:
Facilitate financial clearance for student arrival
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Big Challenge
Getting Admissions Involved
Admissions Counselors became more proactive in the financial aid process which facilitated the Financial Aid Office in accomplishing their goals with returning students
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Getting Admissions Involved (cont’d)
Conduct training sessions
FA process, awards and alternative solutions
Provide weekly status updates
Missing documents, Copies of Award Letters
Encouraged Admissions to provide appropriate feedback
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FAO InvolvementContinually reviewed the Six-Phase Plan
Weekly staff meetings, refined and modified as needed, assign duties within the staff, made community outreach as necessary
Focused on the importance of Financial Aid with Returning Students
Personal outreach to file the Renewal FAFSA and the importance of meeting deadlines
Follow up with status check----missing documents
Review eligibility for aid and financing options
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Active InitiativesFinancial Aid Night
Matched with an Admissions Event
Held typically during HS vacation week in Massachusetts
Provides help filling out the FAFSA to prospective students and parents
Extended HoursOne week in February the office is open until 8:00 p.m. to
accommodate families
who need help beyond traditional office hours
Increase personalization of the process to students
Provide computer access for students in our offices
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Active Initiatives (cont’d)
Chat University
FA counselors participate in online chats with prospective students, answering questions about financial aid
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Advertising Initiatives
Advertised to Returning and Prospective students
Postcards Web
Posters Table Tents
Banners on campus
Green Channel – on campus cable posting
Calls from the Admissions Call Center
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Counseling Techniques
Focus on applying for aid - emphasize online applications
Stress the importance of filing EARLY
Developed a personalized tuition worksheet that itemized costs, financial aid and alternative financing solutions
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2005-2006 FINANCIAL PLANNING WORK-SHEETMUSTANG SALLY
November 2, 2005
COMPREHENSIVE/ACTIVITY FEE
EXPECTED DIRECT EXPENSES
TUITION
ROOM AND BOARD
MEDICAL INSURANCE
ADDITIONAL LAB FEES
$18,500
$ 596
$ 9,830
TOTAL EXPECTED DIRECT EXPENSES $28,926
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TOTAL GRANTS & SCHOLARSHIPS $18,350
SEOG
GRANTS AND SCHOLARSHIPS
PELL GRANT
MOUNT IDA COLLEGE GRANT
PRESIDENT’S MERIT AWARD
$4,050
$1,000
$4,000
$7,000
MA STATE GRANT $2,300
PRIVATE SCHOLARSHIPS $
OTHER $
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$2625 – 3% FEE OF $79 = $2,546
STUDENT LOANS
SUBSIDIZED STAFFORD LOAN
$3,500 – 3% FEE OF $105 = $3,395$5,500 – 3% FEE OF $165 = $5,335
$2,546
$
$
UNSUBSIDIZED STAFFORD LOAN
$
$4,000 – 3% FEE OF $120 = $3,880
$
$5,000 – 3% FEE OF $150 = $4,850
$
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TYPE: PLUS gross amount – 3% fee
OTHER LOANS
* See below for monthly PLUS paymentTYPE: SIGNATURE
$ 8 ,030
Variable interest rate based on creditTotal STUDENT & OTHER LOANS
$ 10,576
TOTAL EXPECTED DIRECT EXPENSES LESS
TOTAL EXPECTED AID $0* PLUS approx. monthly payment @6.10% $ 95
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Benefits to Returning Students
Added returning students into the database in January for tracking purposes
Students entered the communication funnel earlier
Facilitated earlier packaging
Students left school in May with a clear understanding of their financial obligations for the upcoming year
Smoother Registration and Check-In
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Outreach to Returning Students
Conduct information sessions with interest groups on campus
Athletics
Resident Assistants---Floor Meetings
Student Government
TRIO – group of first generation students
Classroom visits to freshman level courses
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Additional Outreach
Classroom announcements by faculty and staff
Made FAFSA instruction sheets available
Continued with Admission and Financial Aid Counselor communications
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Goals
Increase early filing and awareness of Priority Funding Deadlines
Benefit to retention efforts when students file early
Decreased the number of students who were not prepared for Registration and Check-In
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Measurement of Success
Increased volume of on time FAFSA filing and web applications
Once stabilization was announced the College was able to draw federal, state and alternative funding at higher levels than previous years
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Outcomes
5.9% increase in the spring to fall return rate
3 years of consistent increases due to the FYE model
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Linda Mularczyk Director of Financial Aid 617-928-4099
Dyan Niland Associate Director of Financial Aid 617-928-4780
Tom King Financial Aid Counselor 617-928-4781
Phyllis Foote Financial Aid Counselor 617-928-4755
Melissa Constantine Financial Aid Counselor 617-928-4784
www.mountida.edu
Contact Information
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Questions