Advising Council: Financial Aid Update P RESENTED BY K AMIA “M IA ” M WANGO J UNE 11, 2015

Agenda  What’s New  Hot Topics  What’s Coming 2

What’s New?  Improved messaging to students  Website with more embedded FATV videos  Viewership up 54% ; 12,740 views so far this academic year  Notifications with more links to action items  Financial Literacy links for exiting students  Notifications with more links to FATV videos  Ex: What is the difference between a Dependent & Independent student?  What does it mean to be selected for Verification? 3

Hot Topics  Ability to Benefit  Student Loans/Cohort Default Rate  FAFSA Simplification/Prior-Prior Year Data  Financial Aid 101  for Staff/Campus Partners 4

Hot Topics - ATB Ability to Benefit: Updated USDOE guidance on May 22, 2015  Reinstatement of Ability to Benefit (ATB) eligibility for federal funds. HS diploma or GED is still the standard requirement for federal financial aid. However, ATB eligibility can be gained when a student is enrolled in an “eligible career pathway program”. ATB students cannot be dual-enrolled in a secondary school and must meet one of these conditions:  Pass a DOE approved ATB test such as the, ACCUPLACER  Complete at least 6 credit hours or 225 clock hours applicable to a degree or certificate  Several groups on campus are working on identifying and documenting eligible students and programs 5

Hot Topic- Cohort Default Rate  The cohort default rate (CDR) is the percentage of a school's borrowers who enter repayment on certain student loans in a given fiscal year and then default within the next two fiscal years.  SF’s Draft CDR is 18.9, down from our last official rate of 22.7  Some Stats:  Nationally, community colleges have an average CDR of ~20.6  The state average is 15.4  The national average is 13.7 Schools may not deny loans to students on a categorical or across-the-board basis, but do have the option not to offer loans for students. 6

Hot Topics- Loans / CDR  Dr. Brown and Ginger gave a charge to the Default Prevention Council on 4/17/15. The first meeting was on 5/11/15.  The Default Prevention Council will be tackling the issue of student default by:  Enhancing student knowledge of loan responsibilities & processes, and strengthening their relationship with their loan servicer  Assisting borrowers by enhancing educational and employment outcomes like, i.e.:  Increase Student Success;  Reduce Program Completion Time;  Strengthen Relationship with Potential Employers; and  Career Placement for both Graduates and Non-Graduates.  Ideas & partnerships are welcome! 7

Best Way to Prevent Default 8

Hot Topics- FAFSA SIMPLIFICATION FAFSA Simplification / Prior-Prior Year Data  These topics are both gaining momentum  Congress is urging the USDOE to implement  Schools and the Department need time to implement  Will it really improve the process? 9

Hot Topics- Prior Prior Year (PPY) 10

Hot Topics – Financial Aid 101  How can I help a student get started without getting into detail? Are there resources?  What is Satisfactory Academic Progress / Standards?  How do you determine the amount of aid that a student gets?  Why do you give them the aid and then change the award amounts?  What’s a deferment and how can it cause a student to owe money?  The student got an from the Dept. of Ed saying they have $5,000+ in Pell Grant. Why won’t you give them their money? 11

Hot Topics – Financial Aid 101  What do transcripts have to do with financial aid?  What does the program of study (or admission year) have to do with their financial aid?  The student said that they submitted their FAFSA days ago! Why hasn’t financial aid awarded them so they can keep their classes?  What is Verification and why does it take so long?  Why is the Financial Aid office asking for personal medical, counseling and court records? 12

13 Hot Topics – Financial Aid 101

What’s Coming– R01  R-01: We’re Trying Something Different!  Lineapple phone app allows students to electronically check into the Financial Aid, like you do at some restaurants.  Allows students to use other student services while waiting !  Students will “wait” to be called via Lineapple but can go other places on campus or visit informational booths & watch FATV in R-01 14

What’s Coming– R01  R-01: We’re Trying Something Different!  Express document drop-off queue  For 1 st beginning students, signs & work studies will direct students to start or get help with the FAFSA in R-226.  To process more efficiently, FA staff will be in the Financial Aid Office 15 For internal calls during peak (in order of availability): Deborah Mills (formerly Crumpton): 3830 Roy Alligood: 5931 Richard Anderson: 7032 Rabecca Hall: Kamia Mwango:

Peak Service Times 16 R-01

Questions?  SF Financial Aid:  SF Financial Aid TV:  Federal Financial Aid (including loans):  State Financial Aid (Bright Futures): rg/ rg/  SF Payment Plan: ?section=cash/ tuition_and_fees#payment ?section=cash/ tuition_and_fees#payment  Private/Alternative Loans: For internal calls during peak: Deborah Mills: Roy Alligood: Richard Anderson: Rabecca Hall: Kamia Mwango: