FINANCIAL AID FOR

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FINANCIAL AID FOR DEAN-IES

• HOW TO EXPLAIN AND POSITION FINANCIAL AID IN THE
  PRIORITIES OF YOUR DEANS
• Glenda Palmer, PhD
• Assistant Dean for Student Affairs
• Financial Aid
• Virginia Commonwealth University
• School of Medicine

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Introduction

• Helping the powers that be to understand
• the relationship between Academic Affairs,
  Bursar, Finance, Student Services and Financial
  Aid is vital. Once that relationship
• is clearly seen as integral to the educational
  mission of the school, you can better advance
  yourself and your concerns.

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Introduction

• Financial Aid IS a key component to the
  successful operation of the university system.
  From the perspective of the Financial Aid
  Administrator there are certain issues to
  consider
• Is admissions need-blind ?
• What is the impact of enrollment management?
• Where does financial aid enter the picture?
• Do you have a seat at the decision table?

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Where Does Financial Aid Fit?

• Financial Aid is often seen by Academic Affairs
  Administrators as just a necessary evil that
  should be apart from a students educational
  experience and success in school.
• It is the mission of the FAO to bring to light
  the importance of financial aid to the overall
  success of the students and, therefore, of the
  school.

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Admissions and Financial Aid

• If acceptance is rolling, how long after an offer
  is sent must an applicant have the financial aid
  application material completed?
• Does the school offer full scholarships, and if
  so does it require another application process?

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Admissions and Financial Aid

• Does Admissions make awards to the incoming
  class? All of them or only incentives?
• What is the base loan amount for any
• given year?
• What is the Cost of Attendance (COA) or Student
  Budget for each year and each program, and is it
  readily accessible to students and staff?

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Admissions and Financial Aid (continued)

• Volunteer to speak to each group of potential
  students when they visit the campus to interview.
• Be sure that everyone knows the importance of
  financial aid to the process.
• Arrange for students to have an accurate estimate
  of their costs and their available sources of aid.

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Admissions and Financial Aid (continued)

• What applications are required for federal aid? 
• Is a different or supplemental application
  required for institutional aid?
• How is institutional aid awarded?  Is there a
  committee? Who is on it? Do you get to appoint
  or suggest members?

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Admissions and Financial Aid (continued)

• Are there scholarships and/or internal loans? 
• In the past year, what was the school debt for
  the graduating class?
• In the past year, what was the average package
  awarded to students who applied for aid?
• Is there a difference between the amount and
  kinds of loans that are awarded in different
  years?

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Bursar/Business Office and Financial Aid

• There needs to be a clear understanding by all
  Deans and other Student Services administrators
  of the policy for payment of tuition, fees,
  housing, late charges, library fees, etc.
  through loans, scholarships, payment plans, etc.)
  Should all tuition be paid (or arrangements made
  at the start of each year?  Each semester?

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Bursar/Business Office and Financial Aid

• When are payments late?
• If payments are late, is there a late charge?  If
  so, how much and when does it come due?
• Should there be any exceptions?  If so, who
  decides on these exceptions?
• Is money that is scheduled to come (Armed forces,
  etc.,) credited to students accounts?

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Bursar/Business Office and Financial Aid
(continued)

• How long before graduation should all outstanding
  student account balances
• be cleared up?
• If payments are not clear, does a student
• receive a diploma?  A transcript? 
• Does responsible behavior concerning money enter
  into professional behavior? If so, how can you
  create a module or a course on money management
  to fill that need.

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Bursar/Business Office and Financial Aid
(continued)

• Help to establish clear policies and procedures
  for the Bursar and Financial Aid Offices
  regarding the issues of payment
• FAO may be the last one to know and has to
  pick up the pieces when students billing
  situations are not handled effectively or
  communicated to the Bursar and FAO.

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Bursar/Business Office and Financial Aid
(continued)

• Who is responsible for reporting to the
  Department of Education and the Department of
  Health and Human Services on accounting for funds
  awarded to schools under Perkins, Work-Study,
  Primary Care Loans, and Scholarships for
  Disadvantaged Students?
• Do the Deans, CEOs, Trustees understand the
  relationship of all DOE (and DHHS) requirements
  and how they tie into Financial Aid?

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Explain the Importance of FA

• Ask the Director of the Admissions Committee
  (or the University Council, Promotions Committee,
  or any other type
• of meeting or retreat) if you can make a
  presentation explaining the importance of
  reporting in a timely and accurate manner, the
  fact that many items are tied to financial aid
  (crime stats, etc.,) even though you are not
  responsible for them.

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Academic/Student Affairs and Financial Aid

• There are several financial aid related questions
  that come up in regard to academic affairs.  All
  of these issues require a policy decision and
  some of them come with attendant federal
  regulations. 
• What are the school's policies on Satisfactory
  Academic Progress (SAP), and do they reflect
  policies related to financial aid funding?
• .

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Academic/Student Affairs and Financial Aid
(continued)

• What happens with remediation? Research? Leave of
  Absence? Explain why you need to be in on these
  decisions and offer to serve on policy
  committees.
• If policy is not already in place offer to draft
  one for Special Matriculation, Leave of
  Absence, etc.
• 1. Qualitative standards
• 2. Quantitative standards

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Academic/Student Affairs and Financial Aid
(continued)

• B. Promotions Committee should be knowledgeable
  about the policy when doing annual academic
  reviews. 
• 1. Standards should include a statement on how
  dismissal, appeal, etc. are handled. 
•  
• 2. Identification of the office(s) responsible
  for annual S.A.P. reviews, for notifying the
  students, and for handling appeals. 

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Academic/Student Affairs and Financial Aid
(continued)

• Student status, start dates, expected graduation
  dates, etc., must be consistent with the
  standards for bi-monthly electronic reporting to
  the NSLDS (National Student Loan Data System).
• Who is responsible for reporting student status
  to the department that interfaces with the
  Student Loan Clearinghouse?  To other departments
  on campus?

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Academic/Student Affairs and Financial Aid
(continued)

• BUT WAITtheres more!
• Who pays for any review and/or remediation?
• Are students encouraged to take an additional
  year to do research or a special project?  If so,
  what is the policy regarding in school status
  for the repayment of loans? Funding?
• Is there a difference in a personal Leave of
  Absence and an academic or research leave? 

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Academic/Student Affairs and Financial Aid
(continued)

• Work with the Orientation Committee to
  incorporate both the Entrance Interview and an
  overview on money management for the entering
  first year class.
• Ask the Academic Dean how you can schedule
  various seminars throughout the year on credit
  ratings, interest, credit card usage, how one can
  save money with substitutions and a little
  planning.

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Academic/Student Affairs and Financial Aid
(continued)

• Ask the Dean for Continuing Education how you can
  help by providing services to fellows, residents,
  grad students.
• Invite a speaker to address credit card debt,
  investing, insurance, buying vs. renting a home.

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THE FINAL WORD

• Each office in the entire University structure
  touches on and affects the others...often, in
  very subtle and round-about ways. 
• Communication about who does what and where and
  who makes the ultimate decisions is critical to
  all of the players involved. 

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Or two

• Perhaps the most important way in which you can
  position yourself to be in on the decision making
  is to start the cooperation ball rolling.
• Its easy to criticize (If the registrar would
  just enter changes in a timely fashionWhy
  doesnt the dean realize what a leave does to the
  students aid situation?...)
• Better, ask the parties if you can arrange a
  meeting to discuss. Be humble.

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Or three

• Setting up silos of processing and creating
• an atmosphere of, Not my job. is very
  counterproductive to the result you want.
• Befriend the other players.
• Keep going to school. In an academic
  environment, degrees count.
• Volunteer to help out whenever an opportunity
  arises.

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Bibliography and References

• Federal Student Aid publications. U.S. Department
  of Education. http//www.ifap.ed.gov/library/curre
  nt.htm
• Debt Management and loan repayment.
  www.salliemae.com
• Debt Management programs. David Geffen School of
  Medicine.http//www.medstudent.ucla.edu/fao/gener
  al/dmsessions/default.htm
• NSLP seminar on Cash Management, Overawards and
  Closeouts
• Satisfactory Academic Progress monograph of the
  Association of
• American Medical Colleges