The 21st Century Financial Aid Office
American Student Assistance 2007 Symposium Roundtable Discussion
ASA Roundtables are a unique Symposium experience, enabling colleagues to come together and discuss current issues in higher education. Each facilitated session is designed to allow focused and in-depth discussions on topics at the forefront of our industry. This year our roundtables focused on:
- – Parents
- – Serving Adults and other Non-traditional Students
- – The 21st Century Financial Aid Office
The 21st Century Financial Aid Office
The landscape of our industry is constantly evolving. How can we build partnerships across campuses to meet the varying needs of students while staying on top of our changing profession?
Moderator:
How would you describe your institution’s culture as it relates to cross-campus partnerships? What information are you sharing across campus? How are you sharing it?
Respondents:
- – All offices on campus communicate through the financial aid management (FAM) system—the FAM system works in concert with rest of institution’s system—this helps tremendously
- – The different offices on campus communicate using cross-integration and departmental structural changes
- – Graduate programs see the financial aid office as a roadblock—graduate programs have the students but no funding
- – Lots of silos—everyone is only concerned with their own area
- – Meeting regularly with Accounting/Bursar/Admissions/Financial Aid/Student Services
- – Cross-university task forces
- – Paperless process
- – Less land-line phone reliance; more cell and e-mail
- – A shift into serving more adult-learners
- – Online students
- – It’s easier to share info when you get to know each other/sit on the same school committees
- – Memberships in professional organizations
Moderator:
Does your office currently partner with another office to provide students with the information and services they need? What information and services are provided? How has your office benefited from these partnerships? How have your students benefited from them?
Respondents:
- – Some schools use Career Services to help guide students
- – Various other student services are offered to students as a constant available resource (even after the student graduates from the program)
- – Career-alumni network is often used as a resource—this office will be even more integrated with the rest of the campus merging the Financial Aid Office, Bursar, and Registrar into one unified office is the 1st step. The next step is tighter integration with Student Events and Housing/Residential Life to better fulfill the outreach mission of the Financial Aid Office
- – Financial Aid Assistant Directors will accompany admissions folks on trips to address financial aid questions
- – Other departments may send students with special circumstances to the financial aid office. Due to privacy issues, not all departments can share info on special circumstances
Moderator:
Comment on the following statement: “No single unit or office can, on its own, enhance the overall quality of large numbers of students with widely differing needs and characteristics. The dedication and efforts of everyone on campus are needed.” (Student Success in College, 2005.)
Respondents:
- – Many students in certain demographic areas, (such as Worcester and Roxbury) do not have access to the Internet and are unable to access the many links and programs that are available. Community centers, libraries, and possibly even churches should offer access to financial literacy resources.
- – Community-based initiatives can help out in this area, as can TRIO-type programs
- – Start awareness early in a student’s life, as early as middle school
- – Consider an H&R Block type of organization where students can go for advice and resources regarding financial aid and literacy
- – Territoriality/silos are out, integration of services is in—so is integration of financial education into the curriculum
- – Financial Aid Offices need to know about more and be more macro-minded—other offices are more narrowly focused
- – Open houses with admissions and financial aid—integrated orientations are helpful
Moderator:
If you could change one thing in the way your office operates, and there were no limitations, what would it be? Why? How would it impact service to your customers?
Respondents:
- – Make sure all financial aid offices are up-to-date and well-informed
- – Cut-backs in programs exacerbate the problem; many schools have resorted to fund-raisers to finance their own literacy campaigns.
- – Segmented outreach to different populations on campus (i.e. commuter students, 1st generation students, high-risk populations)
- – More sophisticated cohort analysis to target and appropriately counsel these different populations
- – Even further engagement of students with important information throughout the year, via mediums actually used by students (now IM and voicemail, next year something different?). Financial Aid Offices must have flexibility to adapt to changing models for financial literacy
- – There needs to be checks and balances—others offices should check with the Financial Aid office before publishing information about financial aid
- – School offices don’t communicate at all. Financial aid gets info on address and phone number changes, but not whether the student is enrolled or not. Info going from the student to the financial aid office to the registrar is not accepted by the registrar. The student must fill out a different form in the registrar’s office.
- – Finding out info for career services (i.e. whether the students have a job yet) is usually asked on graduation day. If the student doesn’t have a job it will ruin their special day in front of their families. It could be asked during the exit interview instead.
- – Bigger marketing budget for television ads, billboards etc.
Moderator:
What are the top issues that you will be forced to face in the next 2 years with regards to optimal functionality within your office?
Respondents:
- – Moving to a “one-stop” shop model
- – Cross-departmental sharing
- – Fewer alternative loans
- – Students with moderate, manageable debt
- – Lack of space
- – Lack of resources
- – Shortage of qualified personnel
