Presentation on theme: "A CADEMIC D ECISIONS, F INANCIAL C ONSEQUENCES T ALKING TO S TUDENTS A BOUT M ONEY NACADA Annual Conference, 2014 Minneapolis, MN Gail Stubbs, University."— Presentation transcript:
A CADEMIC D ECISIONS, F INANCIAL C ONSEQUENCES T ALKING TO S TUDENTS A BOUT M ONEY NACADA Annual Conference, 2014 Minneapolis, MN Gail Stubbs, University of Massachusetts/Boston Susan M. Kolls, Northeastern University
AGENDA Definitions Understanding Finance Offices Northeastern University Mass Boston Financial Agreements Flow What we think we know What we do know Partnerships Getting There Questions?
W HAT DOES S TUDENT A CCOUNTS DO AT YOUR INSTITUTION ?
S TUDENT A CCOUNTS AT N ORTHEASTERN U NIVERSITY Serves all full and part-time students, parents, faculty and staff, contractors, companies, etc. Any student account transaction, including: Holds Payments* Parking* Enrollment/Waiver NU Student Health Plan (NUSHP)* Refund Checks* Student MBTA Pass* Third Party Billing* Billing Outreach Faculty Staff Tuition Waivers Etc.
O NE S TOP AND B URSAR ’ S O FFICE AT UM ASS B OSTON The Bursar’s Office: Issues bills Assesses late fees Accepts payments Places holds Offers an in-house payment plan Processes refunds/excess Waives health insurance Distributes book and food cards pending financial aid awards Provides tax information for tuition, loans and scholarships Processes third party awards Processes application and tuition waivers Provides cost of attendance information for: Mass resident Non-resident The One Stop is a convenient location to have all your questions about course registration, billing and financial aid answered
B ASIC F INANCIAL A GREEMENTS Course registration creates a financial obligation Formal Informal Special Programs Financial Aid Agree to Collection Agree to Repayment
S ILO F LOW Silo (www.investopedia.com) attitude found in some organizations that occurs when several departments or groups do not want to share information or knowledge with other individuals in the same company. Flow (en.wikipedia.org) the mental state of operation in which a person performing an activity is fully immersed in a feeling of energized focus, full involvement, and enjoyment in the process of the activity.mental state
I contend we are designed in departments that are not effectively linked. As a result, the institutions do not meet modern efficiency and productivity standards. More importantly, they do not meet effectiveness standards because they do not help students with a whole experience. Simply put, most institutions are not designed correctly. Pamela-Shockley-Zalabak Chancellor University of Colorado Colorado Springs
W HAT DO F INANCIAL O FFICES ACTUALLY DO AT YOUR INSTITUTION ? How do you interact with financial offices? How do they help or hinder the flow on your campus? Who’s responsible? Are you sure about what you know?
A CADEMIC D ECISIONS – F INANCIAL D ECISIONS Choosing Schools Choosing Majors Choosing Classes Changing Classes Choosing Residence How to pay for school Changing Majors Dropping Classes* Withdrawal Taking a break Academic Performance Graduate School?
U NDERGRADUATE L IAISON P ROGRAM To provide direct contact to Student Accounts for the administrators and advisors on the undergraduate level One SA Representative responsible to each academic area/unit Provide support and information on questions dealing with Student Account issues Not for direct student contact
UM ASS B OSTON A DVISING F INANCIAL A ID P ARTNERSHIP Achieving Satisfactory Academic Progress Mandatory workshop facilitated by academic advisors Required for students who apply for aid and are not meeting federal requirements based on GPA, completion rate and maximum timeframe Academic Plan completed by student with an advisor For students who have already attended the workshop and still not making SAP, or those who need several semesters to get back on track The plan includes a statement from the student and a degree audit signed by the advisor Retention specialist in the Financial Aid Office reviews academic plans and aid award is dependent on successfully completing the plan each semester
UM ASS B OSTON F INANCIAL L ITERACY O UTREACH Plan to present financial literacy information in First Year Seminar Courses Money 101 and other workshops presented on campus in collaboration with SALT/u-Aspire and other non-profits FAFSA workshops
S TUDENT S UCCESS AND R ETENTION I NITIATIVES More professional advisors at UMass Boston has allowed for detailed case management to keep students on-track College based learning communities, Success Boston, Asian American Student Success Program, Map-Works Financial Aid Office reviews students with financial holds and gives additional funds when possible; makes phone calls to students when paperwork isn’t complete Increased communication to students around registering early; blasts to students who have not completed “on track” courses; phone calls to students who are close to graduation to help problem solve outstanding issues
I NSTITUTIONAL P OLICY AND P ROCEDURE Which policies and procedures on your campus either enhance or hinder student success? What are the financial benefits or consequences?
G ET OUT THERE … Talk to Financial Offices Advising Associations Increased Communication Program Development Financial Literacy Questions? Please or