1. Financial Aid Overview TASFAA New Aid Officers Workshop May 17, 2010 Presented by: Karen Krause University of Texas at Arlington

2. Welcome to Financial Aid Good news or bad news Good news or bad news The profession – where we’ve been and who we are now The profession – where we’ve been and who we are now

3. What is Financial Aid? Changes over the last 20 years Changes over the last 20 years Support role versus product output Support role versus product output Service driven/value adding Service driven/value adding Institutional objectives Institutional objectives What business are we really in? What business are we really in?

4. Change Paid for FAF or FFS-6 weeks process Paid for FAF or FFS-6 weeks process 4 weeks for loan funds 4 weeks for loan funds No EFT, no common loan app or mpn No EFT, no common loan app or mpn Interest rates 8 and 10% Interest rates 8 and 10% No NSLDS or NSLCH – but we had Financial Aid Transcripts No NSLDS or NSLCH – but we had Financial Aid Transcripts Defaults 20% Defaults 20% More programs! More programs!

5. Changes in Students Borrowing more Borrowing more Saving less Saving less Instant society Instant society Have more options available Have more options available Connect via mobile technology Connect via mobile technology Reasons for college attendance Reasons for college attendance Service minded Service minded

6. What business are we in? Depends on the institutions mission – know the goals and objectives of the institution where you work Depends on the institutions mission – know the goals and objectives of the institution where you work Not just process – we assist students in reaching goals Not just process – we assist students in reaching goals “We are in the business of providing access to graduation”… “We are in the business of providing access to graduation”…

7. Financial Aid On Campus How do we impact? How do we impact? Access (admissions) Access (admissions) Retention (continuing students and re- admitting students who stop out) Retention (continuing students and re- admitting students who stop out) After Graduation (success) After Graduation (success)

8. Access Levels the financial playing field Levels the financial playing field Allow families to make “big picture” financial decisions Allow families to make “big picture” financial decisions Traditional versus non-traditional students Traditional versus non-traditional students Needs can differ Needs can differ Have different points of reference and expectations Have different points of reference and expectations

9. Retention A good benchmark for success A good benchmark for success Financial reasons cited for drop outs Financial reasons cited for drop outs Didn’t receive enough financial aid? Didn’t receive enough financial aid? Is this the real reason or the surface one? Is this the real reason or the surface one? The better the retention the lower the school’s cohort default rate The better the retention the lower the school’s cohort default rate Retaining a student is less expensive than recruiting a new student Retaining a student is less expensive than recruiting a new student

10. After Graduation “The Real World” What do we do to make our former student successful? What do we do to make our former student successful? Do they enjoy an increased social and economic value? Do they enjoy an increased social and economic value? Indicators of success Indicators of success

11. Putting it Together On Campus Partnerships Partnerships Information Information Solutions Solutions

12. Partnerships We are not alone – financial aid funds are given to the institution not just the Financial Aid Office We are not alone – financial aid funds are given to the institution not just the Financial Aid Office Regular meetings Regular meetings Attend their functions Attend their functions Set up contacts Set up contacts mentors mentors two way two way

13. Information Must give your campus offices information that helps them – be a team player Must give your campus offices information that helps them – be a team player View access to FA info on your SIS View access to FA info on your SIS Research critical factors – be knowledgeable Research critical factors – be knowledgeable Impact of legislative changes and interpretations Impact of legislative changes and interpretations

14. Be Part of the Solution On campus outreach – help others know what you do On campus outreach – help others know what you do Be a “can do” office Be a “can do” office Support others if you want support Support others if you want support New programs New programs Consortiums Consortiums Access and Retention Access and Retention

15. Talents You Will Need Counselor Counselor Parent Parent Friend Friend Advocate Advocate CPA CPA Academic Advisor Academic Advisor Tax Consultant Tax Consultant Computer Programmer Computer Programmer Custodial Person Custodial Person Entertainer Entertainer Editor Editor “Bad Guy” “Bad Guy” Bill interpreter Bill interpreter Graduation Specialist Graduation Specialist

16. What Does this Mean When you do you job well, you will become the “best friend” of the customer When you do you job well, you will become the “best friend” of the customer When you do a poor job (real or perceived) you will lose credibility When you do a poor job (real or perceived) you will lose credibility Office can be a friend or have no credibility Office can be a friend or have no credibility What choice do we really have? What choice do we really have?

17. Customer Service Looks like Looks like Feels Like Feels Like Sounds Like Sounds Like Taste Like Taste Like Smells Like Smells Like

18. Customer Service Exceeding expectations Exceeding expectations changes every year changes every year might have to manage other’s expectations might have to manage other’s expectations Providing just in time service Providing just in time service Listen until it hurts Listen until it hurts First impressions First impressions

19. Keeping It New Think from the customer’s perspective Think from the customer’s perspective Your customers are only a happy as you are Your customers are only a happy as you are Speak positively about your customers Speak positively about your customers Know you make a profound difference in the lives of those you serve Know you make a profound difference in the lives of those you serve

20. Keeping It New It is not enough to meet expectations It is not enough to meet expectations You have to be proud of what you do and who you work for You have to be proud of what you do and who you work for Have fun! Have fun!

21. National Picture Part of a network of financial aid administrators from all over the country Part of a network of financial aid administrators from all over the country TASFAA (Texas Association of Student Financial Aid Administrators) TASFAA (Texas Association of Student Financial Aid Administrators) SWASFAA (Southwest Association…5 state region including Arkansas, Louisiana, New Mexico, Oklahoma, and Texas) SWASFAA (Southwest Association…5 state region including Arkansas, Louisiana, New Mexico, Oklahoma, and Texas) NASFAA (National Association… all 50 states and Puerto Rico) NASFAA (National Association… all 50 states and Puerto Rico)

22. National Picture Software conferences and listservs Software conferences and listservs Sector groups and associations Sector groups and associations

23. Wrap Up Begin with the end mind – meeting the student’s educational objective Begin with the end mind – meeting the student’s educational objective Seek to understand - listen and ask ?’s Seek to understand - listen and ask ?’s Difficult customers deserve good customer service Difficult customers deserve good customer service Do not reinvent the wheel - network! Do not reinvent the wheel - network!

24. Questions?

25. Contact Information Karen Krause Executive Director, Office of Financial Aid, Scholarships and Veteran’s Affairs Scholarships and Veteran’s Affairs University of Texas at Arlington kkrause@uta.edu