FINANCIAL AID

DESCRIPTION

The student has access to the full range of financial services without visiting the campus. The financial aid office is part of the centralized one-stop shop for off-campus students or has financial aid specialists trained in the use of communication tools to share computer screens or to demonstrate how to access financial aid tutorials and resources.

QUALITY INDICATORS

1. Students have access to a financial counselor/advisor/coordinator.

2. Students have access to financial literacy assistance.

SUGGESTED PRACTICES

• Students are aware of what financial aid support they will be receiving as part of the enrollment process.
• A website is available that details the total cost of the off-campus degree.
• Students participate in online financial literacy training that walks through decisions related to student loans and use of credit cards to pay for their education. Upon completion, students understand the long-term consequences of their financial decisions.
• Students have access to online tutorials and explanations on how to complete the federal financial forms.
• The financial aid office is included on a team that monitors stop-outs to identify temporary crisis situations to provide financial resources to bridge the at-risk students through the crisis.
• Offer financial literacy online courses, seminars or videos to reduce loan default rates.

EXAMPLES

Xavier University: Created a three-phase system to address bursar holds. Phase one was a mass email reminder two weeks prior to registration for student with outstanding balances. Those students would receive an automated, notification email. Phase two occurred as registration opens. Weekly audits were performed. Students with holds were targeted for phone or in-person counseling. Phase three was providing students with micro-scholarships to students with urgent financial issues. Emergency funds were provided by alumni through small donations (EAB, 2015b).

BYU Idaho: Created an Online Support Center. Using student employees, the Center was able to resolve routine requests related to student records, billing, and financial aid from 7 am to 7 pm. More complex problems were escalated to the appropriate unit on-campus (EAB, 2015b).

University of California, Santa Barbara: Provides 14 short videos featuring screen shots and voice-over narration for just-in-time support in filling out the FAFSA (EAB, 2015b).

Financial Aid TV: This is a paid service which provides institutions engaging, self-service, web-based tutorials on a variety of financial topics including financial literacy, federal financial aid, and more. The service will develop custom landing pages and videos on institutional specific topics (EAB, 2015b).