guiding student success through financial education
DESCRIPTION
Guiding Student Success through Financial Education. Presented to Association of Community College Trustees October 3, 2013. Presenters. Eleanor “Ellie” MacKinney , CAS Vice Chair Board of Trustees Community College District 509 David Sam, PhD, JD, LLM President - PowerPoint PPT PresentationTRANSCRIPT
Guiding Student Success through Financial
EducationPresented to
Association of Community College TrusteesOctober 3, 2013
Eleanor “Ellie” MacKinney, CASVice Chair
Board of TrusteesCommunity College District 509
David Sam, PhD, JD, LLMPresident
Elgin Community College
Kimberly WagnerManaging Director, Student Financial Services
Elgin Community College
Amy PerrinDirector, Financial Aid & Scholarships
Elgin Community College
Presenters
Noel Levitz Student Survey Financial Aid Services consultant Compliance issues Student dissatisfaction towards the Financial
Aid Office Lack of productivity and customer service to
students
Challenges Prior to 2007
Reorganization move to the Business & Finance Division
Culture shift to student-centered approach Office-structure change without hiring
additional staff
Transformation
Bringing national recognition to our community
2013 Bellwether Award Alliance for College Readiness
2013 NACUBO Innovation Award ECC Financial Literacy Program
ECC Programs Succeed
Federal loan debt tops $1 trillion 55% of ECC students have the highest
amount of need Increase in FAFSA applications, which shows
students are searching for resources And…
Financial Education Is Important
63% of freshman at two-year colleges indicate they have financial problems that will interfere with their school work
32% of freshman at two-year colleges indicate they have financial problems that are very distracting and troublesome
(Source: 2013 Noel Levitz Freshman Attitude Report for Two-Year Colleges)
Financial Education Is Important
2009-Made available new initiative funds to create a financial literacy program
2009-Purchased online financial literacy module 2010-Spring and fall events, with support from local
credit union, held to highlight “Paying for College” 2011-Began one-on-one loan counseling 2012-Collaborated with ECC’s Alliance for College
Readiness to expand outreach to parents 2012-Conducted Student Survey 2013-Introduced “How to Win at Life”
Financial Literacy Program: Background and History
Program Details
Partnered with Decision Partners Fulfilled TRIO financial literacy requirement Offered in College 101 course Made available to public Interactive 90-minute course Students complete a monthly budget, short- and long-
term financial goals and a financial self-assessment Course includes credit card debt, identity theft, money-
savings tips, financial stress, spending habits, and budget-to-actual tracking
Online Module
Over 75 Outreach Opportunities!!
FAFSA Completion Workshops College Night Parent Summit High School Presentations College Smart Fair Classroom Presentations College Goal Sunday Money Smart Week How to Win at Life Game
Events
Map out financial aid and scholarship process-make the changes Communicate and collaborate with other departments Connect students with scholarship and work study opportunities Early awarding Efficiencies in packaging aid = students are not required to pay
out-of-pocket and/or set up a payment plan Loans are not automatically packaged to cover costs Mandatory loan counseling, which is above and beyond the
federal requirement Provide individualized exit counseling
Transformation of Financial Aid Office
IMPACT:Number of FAFSAs Received
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
0
2,000
4,000
6,000
8,000
10,000
12,000
4,166 5,291
7,571
9,299 10,029 10,262
IMPACT:Number of Financial Aid Recipients
2009-2010 2010-2011 2011-2012 2012-20130
1,0002,0003,0004,0005,0006,0007,0008,000
4,734 5,769
7,111 6,972
IMPACT:Uncollected Student Tuition and Fees
FY2006 FY2007 FY2010 FY20130
200,000
400,000
600,000
800,000
1,000,000
1,200,000
$99
6,57
6
$58
1,78
9
$35
2,50
0
$28
2,60
5
Beginning in spring, 2011, students are required to meet with a Financial Aid Loan Advisor before loan is packaged
Student’s personal budget is reviewed and discussed Loan amount needed is discussed Loan basics are reviewed (percentage rates, loan types, repayment
options, repayment schedule, rights and responsibilities) Obtain cumulative loan balances (from all schools attended) Consequences of default are discussed
Mandatory One-On-One Loan Counseling
Meet with students in small groups or individually
Review repayment options, repayment schedule and their cumulative loan balance
Provide contact numbers to loan provider and servicer
ECC’s Exit Counseling is Optional (for now)
IMPACT:Amount of Direct Loans Disbursed
2008 - 2009
2009 - 2010
2010 - 2011
2011 - 2012
2012 - 2013
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$4,514,076
$6,399,309$6,385,830$5,533,059$5,456,129
IMPACT:Number of Students Borrowing Loans
2008 - 2009 2009 - 2010 2010 - 2011 2011 - 2012 2012 - 20130
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
1,342
1,840 1,769 1,695 1,573
Thank you
Kimberly WagnerManaging Director, Student Financial Services
Elgin Community CollegePhone: 847-214-7124
E-mail: [email protected]
Amy PerrinDirector, Financial Aid & Scholarships
Elgin Community CollegePhone: 847-214-7217
E-mail: [email protected]
Questions?
www.elgin.edu