financial aid overview tasfaa new aid officers workshop may 16, 2011
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Financial Aid Overview TASFAA New Aid Officers Workshop May 16, 2011. Presented by: Karen Krause University of Texas at Arlington. Welcome to Financial Aid. Good news or bad news The profession – where we’ve been and who we are now. What is Financial Aid?. Changes over the last 20 years - PowerPoint PPT PresentationTRANSCRIPT
Financial Aid OverviewFinancial Aid Overview
TASFAA TASFAA New Aid Officers WorkshopNew Aid Officers Workshop
May 16, 2011May 16, 2011
Presented by:Presented by:Karen KrauseKaren KrauseUniversity of Texas at University of Texas at ArlingtonArlington
Welcome to Financial AidWelcome to Financial Aid
Good news or bad newsGood news or bad newsThe profession – where we’ve been and The profession – where we’ve been and
who we are nowwho we are now
What is Financial Aid?What is Financial Aid?
Changes over the last 20 yearsChanges over the last 20 yearsSupport role versus product outputSupport role versus product outputService driven/value addingService driven/value adding Institutional objectivesInstitutional objectivesWhat business are we really in?What business are we really in?
ChangeChange
Paid for FAF or FFS-6 weeks processPaid for FAF or FFS-6 weeks process4 weeks for loan funds4 weeks for loan fundsNo EFT, no common loan app or mpnNo EFT, no common loan app or mpn Interest rates 8 and 10%Interest rates 8 and 10%No NSLDS or NSLCH – but we had No NSLDS or NSLCH – but we had
Financial Aid TranscriptsFinancial Aid TranscriptsDefaults 20%Defaults 20%More programs!More programs!
Changes in StudentsChanges in Students
Borrowing moreBorrowing moreSaving lessSaving less Instant societyInstant societyHave more options availableHave more options availableConnect via mobile technologyConnect via mobile technologyReasons for college attendanceReasons for college attendanceService mindedService minded
What business are we in?What business are we in?
Depends on the institutions mission – Depends on the institutions mission – know the goals and objectives of the know the goals and objectives of the institution where you workinstitution where you work
Not just process – we assist students in Not just process – we assist students in reaching goalsreaching goals
““We are in the business of providing We are in the business of providing access to graduation”…access to graduation”…
Financial Aid On CampusFinancial Aid On Campus
How do we impact?How do we impact?Access (admissions)Access (admissions)Retention (continuing students and re-Retention (continuing students and re-
admitting students who stop out)admitting students who stop out)After Graduation (success)After Graduation (success)
AccessAccess
Levels the financial playing fieldLevels the financial playing fieldAllow families to make “big picture” Allow families to make “big picture”
financial decisionsfinancial decisionsTraditional versus non-traditional studentsTraditional versus non-traditional students
Needs can differNeeds can differHave different points of reference and Have different points of reference and
expectationsexpectations
RetentionRetention
A good benchmark for successA good benchmark for successFinancial reasons cited for drop outsFinancial reasons cited for drop outs
Didn’t receive enough financial aid?Didn’t receive enough financial aid? Is this the real reason or the surface one?Is this the real reason or the surface one?
The better the retention the lower the The better the retention the lower the school’s cohort default rateschool’s cohort default rate
Retaining a student is less expensive than Retaining a student is less expensive than recruiting a new studentrecruiting a new student
After Graduation “The Real World”After Graduation “The Real World”
What do we do to make our former student What do we do to make our former student successful?successful?
Do they enjoy an increased social and Do they enjoy an increased social and economic value?economic value?
Indicators of successIndicators of success
Putting it Together On CampusPutting it Together On Campus
PartnershipsPartnerships InformationInformationSolutionsSolutions
PartnershipsPartnerships
We are not alone – financial aid funds are We are not alone – financial aid funds are given to the institution not just the given to the institution not just the Financial Aid OfficeFinancial Aid Office
Regular meetingsRegular meetingsAttend their functionsAttend their functionsSet up contactsSet up contacts
mentorsmentors two way two way
InformationInformation
Must give your campus offices information Must give your campus offices information that helps them – be a team playerthat helps them – be a team player
View access to FA info on your SISView access to FA info on your SISResearch critical factors – be Research critical factors – be
knowledgeableknowledgeable Impact of legislative changes and Impact of legislative changes and
interpretationsinterpretations
Be Part of the SolutionBe Part of the Solution
On campus outreach – help others know On campus outreach – help others know what you dowhat you do
Be a “can do” officeBe a “can do” officeSupport others if you want supportSupport others if you want support
New programsNew programsConsortiumsConsortiumsAccess and RetentionAccess and Retention
Talents You Will NeedTalents You Will Need
CounselorCounselor ParentParent FriendFriend AdvocateAdvocate CPACPA Academic AdvisorAcademic Advisor Tax ConsultantTax Consultant
Computer ProgrammerComputer Programmer Custodial PersonCustodial Person EntertainerEntertainer EditorEditor ““Bad Guy”Bad Guy” Bill interpreterBill interpreter Graduation SpecialistGraduation Specialist
What Does this MeanWhat Does this Mean
When you do you job well, you will When you do you job well, you will become the “best friend” of the customerbecome the “best friend” of the customer
When you do a poor job (real or When you do a poor job (real or perceived) you will lose credibilityperceived) you will lose credibility
Office can be a friend or have no credibilityOffice can be a friend or have no credibilityWhat choice do we really have?What choice do we really have?
Customer ServiceCustomer Service
Looks likeLooks likeFeels LikeFeels LikeSounds LikeSounds LikeTaste LikeTaste LikeSmells LikeSmells Like
Customer ServiceCustomer Service
Exceeding expectationsExceeding expectationschanges every yearchanges every yearmight have to manage other’s expectationsmight have to manage other’s expectations
Providing just in time serviceProviding just in time serviceListen until it hurtsListen until it hurtsFirst impressionsFirst impressions
Keeping It NewKeeping It New
Think from the customer’s perspectiveThink from the customer’s perspectiveYour customers are only a happy as you Your customers are only a happy as you
areareSpeak positively about your customersSpeak positively about your customersKnow you make a profound difference in Know you make a profound difference in
the lives of those you servethe lives of those you serve
Keeping It NewKeeping It New
It is not enough to meet expectationsIt is not enough to meet expectationsYou have to be proud of what you do and You have to be proud of what you do and
who you work forwho you work forHave fun!Have fun!
National PictureNational Picture
Part of a network of financial aid Part of a network of financial aid administrators from all over the countryadministrators from all over the countryTASFAA (Texas Association of Student TASFAA (Texas Association of Student
Financial Aid Administrators)Financial Aid Administrators)SWASFAA (Southwest Association…5 state SWASFAA (Southwest Association…5 state
region including Arkansas, Louisiana, New region including Arkansas, Louisiana, New Mexico, Oklahoma, and Texas)Mexico, Oklahoma, and Texas)
NASFAA (National Association… all 50 states NASFAA (National Association… all 50 states and Puerto Rico)and Puerto Rico)
National PictureNational Picture
Software conferences and listservsSoftware conferences and listservsSector groups and associationsSector groups and associations
Wrap UpWrap Up
Begin with the end mind – meeting the Begin with the end mind – meeting the student’s educational objectivestudent’s educational objective
Seek to understand - listen and ask ?’sSeek to understand - listen and ask ?’sDifficult customers deserve good customer Difficult customers deserve good customer
serviceserviceDo not reinvent the wheel - network!Do not reinvent the wheel - network!
Questions?Questions?
Contact InformationContact Information
Karen KrauseKaren Krause
Executive Director, Office of Financial Aid,Executive Director, Office of Financial Aid,
Scholarships and Veteran’s AffairsScholarships and Veteran’s Affairs
University of Texas at ArlingtonUniversity of Texas at Arlington