1. “NSLDS…I had no idea there was a place you could check all of your loan information.” Implementation: Working collaboratively with the YSU English Department, Financial Aid Counselors presented 20 minute sessions on Financial Awareness to first-year, general education required English courses (ENGL 1539, 1540, and 1550) during the Fall 2014 semester Topics covered during the sessions included: Defining “financial aid” General loan info including limits and interest rates Keys to borrowing responsibly National Student Loan Data System (NSLDS) access info Repayment/deferment/forbearance options Consequences of going into loan default At the conclusion of each session, students were asked to complete an assessment survey to gauge their overall comprehension and potential retention of the information provided Goals: Heighten student knowledge and understanding of student loan management and default prevention, and its impact on their personal finances in the future. Create and utilize an assessment tool to gauge student understanding and retention of information provided, as well as the overall success of workshops. D ecrease YSU’s CDR beginning with the issuance of the FY2014 CDR. Question 6: Question 5: Question 4: Question 3: Question 2: Question 1: Results: During the Fall 2014 semester, 56 English classes were visited; 992 students were presented to; 963 survey responses were collected The students were asked 6 questions as part of the assessment portion of the Financial Awareness Workshop (4 multiple choice, 1 true/false, and 1 narrative). Results seemed to indicate both a strong comprehension and interest of the concepts presented. This was most prominently displayed in the question 6 narrative responses where students were asked to “identify at least one concept they were not previously aware of regarding financial aid.” “I didn’t know you could call and talk to your loan servicer to avoid going into default.” “I was unaware that there are different plans where you can pause, or go about your repayment on student loans.” Purpose: In March 2013, the Office of Financial Aid and Scholarships received its three-year CDR for the fiscal year 2010. YSU’s FY2010 CDR was 18.4%, a substantial increase from the FY2009 CDR of 14.9%. Ever-increasing default rates can have a profound effect on an institution’s ability to award Title IV aid (Pell grant/Stafford loans). A school with a 30% default rate for three consecutive years can lose its eligibility to disburse federal aid all together. 732 students were listed as being in default on their student loans based on the FY2010 CDR, with the vast majority having completed less than 24 degree hours; only 48 of those entering default earned a degree from YSU. Having identified these at-risk student populations potentially entering default, we can now target communications and assistance with said population. By targeting a specific student population and engaging with them through various learning styles (visual, auditory, and kinesthetic), we are encouraging active participation in the understanding and accountability of their financial aid responsibilities. In turn, armed with this increased knowledge and awareness, students will be less likely to default on their loans, despite their level of program completion upon entering repayment. Youngstown State University’s Office of Financial Aid and Scholarships : Created by: Melissa McKenney, Financial Aid Counselor-Federal Programs Contact: Elaine Ruse, Director, Office of Financial Aid and Scholarships Financial Awareness Workshops: Enhancing student understanding of loan management and default prevention through multi-departmental collaboration