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Best Practices in Financial Literacy & Early FAFSA Awareness
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
PresentersAnne Dahlen, St. Olaf CollegeChip Gue, Marshall UniversityBethany Schiffbauer, West Virginia UniversityNicole Solomon, West Virginia University
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
St. Olaf CollegeA liberal arts college located in Northfield, MinnesotaRural setting about 45 minutes from the Twin CitiesEnrolls about 3,000 studentsMajority of students are traditional college students right out of high school
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
Marshall UniversityLocated in Huntington, West VirginiaAdditional campuses/centers in South Charleston, Point Pleasant, Teays Valley, and BeckleyMix of urban and rural students13,654 students (70% undergraduate, 24% graduate, 5% professional)89% of undergraduates apply for financial aid$26,625 average student indebtedness
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
*Information provided is from the 2015-2016 aid year
West Virginia UniversityCampuses in Morgantown, Keyser, Beckley, Charleston, and MartinsburgSmall city, mix of rural and urban students31,279 students (80% undergraduate, 20% graduate/professional)$24,826 average undergraduate student federal loan indebtedness
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
*Information provided is from the 2015-2016 aid year
What Has Worked? One-on-one counseling with professional students Amount borrowed letters Online and/or in-person literacy programs/courses Graduate School Preparation class with financial literacy and student loan repayment Exit Counseling notifications (emails and letters) In-person Exit Counseling sessions Financial Aid awareness counseling to all student filing an SAP appeal Grace counseling outreach Scholarship drawing for students who submit a FAFSA between Oct. 1 and Dec. 31
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
What Didn’t Work Out?X In-person financial literacy presentations for undergraduatesX Providing sufficient and timely training to student counselorsX Fall semester Exit Counseling sessionsX Generic letters to delinquent borrowers about finding and contacting their loan servicer
X FAFSA completion event in February
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
On the Horizon… Letter and email campaign to reach out to all delinquent borrowers over 1 or 2 cohorts.
o Monthly or quarterlyo Use NSLDS delinquency reporto Specific loan servicer contact information
A Denominator letter to all borrowers who have over $5,000 in loan debt, and are not in an income driven repayment plan to advertise IDR.
Money Management Mondays: appointment-based student-to-student counseling sessions
More engagement in Financial Avenue program
Short, animated topic-specific webinars
Monthly “To Do List” videos
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
Wish List Increasing student involvement in Inceptia’s Financial Avenue Further growth of Blue to Gold Financial Wellness program Having time to track and monitor contacts with delinquent borrowers Having time and resources to set up “3-way” phone calls with borrowers and servicers to “cure” loans (Forbearance, Deferment, IDR…). Give exit counseling packets to students who visit financial aid and are contemplating withdrawing. Set holds on accounts of withdrawn students until exit counseling is complete (hold transcripts). Set holds on accounts of graduating students until exit counseling is complete (hold transcripts and diplomas).
BUILDING ON OUR MOMENTUM!WVASFAA SPRING 2018 CONFERENCE
