Beyond Aid Packages – Financial Aid and Enrollment Management Georgette R. DeVeres Claremont McKenna College

Goals of Today’s Discussion Examine the role of financial aid in the “Big Picture” Review the financial aid administrator’s role in enrollment management Discuss resource opportunities Review campus environment and challenges

What is the Big Picture? National Landscape Hot Topics Challenges External Internal Hot Topics Challenges

National Landscape K-12 Higher Education Common Challenges academic preparation Higher Education costs and affordability Common Challenges resources

K-12 Academic Preparation-External Early Outreach Programs ABC AVID National Programs Upward Bound Talent Search Community Based Organizations Questbridge

Higher Education Climate “In the current climate of rising college prices and budget constraints at all levels of government, it is particularly important that the benefits of higher education receive as much attention as the costs.” Gaston Caperton President The College Board October, 2004

Higher Education-External Costs and affordability universal challenges rising tuition limited federal and state resources equitable distribution of financial aid dollars Accountability outcomes graduation and retention rates Other national priorities national economy, homeland security, social security, other?

Financial Aid Research College Board, Trends in College Pricing 2015

Net Price – Two-Year Institutions College Board, Trends in College Pricing 2015

Net Price Public Four-Year Institutions College Board, Trends in College Pricing 2015

Net Price Non-Profit Four-Year Institutions College Board, Trends in College Pricing 2015

Other Higher Education-Issues changing demographics diversity affirmative action socio-economic merit scholarships competitive financial aid packaging ease of application process presidential election

Institutional Challenges - Internal Know, support and understand campus mission and goals What is the Financial Aid Office role? Is there a campus strategic plan? Competing institutional priorities faculty technology campus facilities Institutional aid budget – if one? Strategic use of financial aid funds marketing & recruitment retention and graduation

Institutional Challenges - Internal Competitive financial aid packaging merit scholarships racial and socio-economic diversity – percentage receiving Pell Grants More students on financial aid same or less financial aid staff new skill requirements technology effective communication Other?

Financial Aid Administrator Challenges Project and coordinate internal and outside financial aid resources Meet student aid (federal, state & institutional) budget targets Comply with external and internal regulations and guidelines Manage and lead staff Identify and coordinate with other campus departments Advocate for students and resources

What about Enrollment Management? “We must reject the idea that enrollment management is a function of admissions. It is a function of the entire campus community, in which financial aid plays an integral and strategic role.” Stephen Clemente Senior Vice President, Nelnet NASFAA, Student Aid Transcript-Volume 15, No. 3, 2004

Campus Environment What is the management structure? Where is the financial aid voice? Where does the Financial Office report? Student Affairs, Business Affairs, Admission? What is the Financial Aid Office role?

Campus Environment Do you know your competition and factors that influence student decisions? Do you understand why students come to your college or university? Do you continually analyze financial aid yield data in an effort to optimize certain enrollment goals? Other Institutional research? Do you offer all students and their families, even those not eligible for financial aid, specific financial counseling?

Campus Environment How do you involve faculty, alumni, and students in the recruitment and enrollment process? Do you financial aid policies hinder or support the recruitment and retention goals of your college or university? SAP, housing policies, self-help packaging thresholds, graduation rates, student debt other? How closely do your work with your Advancement or Development offices?

Financial Aid Administrator Environment “Aid administrators often feel torn between the various roles they are forced to play: on one hand they are key members of their institution’s management team and actually are employed by that entity. On the other hand, they are responsible for being the fiduciary agent for outside public funds that often impose restrictions and rules that an institution would rather ignore.” NASFAA Research Committee

Campus Environment You must continually evaluate the external and internal environments to effectively answer these questions. You must draw from this to build upon understanding the “Big Picture” How do the answers to these questions relate to your institution’s strategic plan, mission and goals?

Campus Environment Using Resources Effectively Doing more with less Consolidation of campus programs Establishing articulation or coordinating joint programs with other institutions Maximize use professional association resources Utilizing student resources

Student Resources Technology Research Publications web enhancements other effective communication processes Research information overload conduct studies Publications Office staff members student privacy issues Other examples?

Changing Environment “Institutions need to consolidate programs, refocus their missions, and develop new initiatives that respond to changing clientele and priorities.” NASFAA Research Committee

Other Resource Opportunities Identify office functions that benefit other departments and share costs and resources Admission, Business, IT offices Outsourcing Know when to discontinue outdated or ineffective functions

How can we better tell our story? Financial Aid Office is central to the college or university when meeting: marketing recruitment enrollment retention graduation

How can we better tell our story? The Financial Aid Office plays a significant role in contributing to institutional financial resources: providing financial aid resources Student aid dollars – federal, state, private (revenue center) impact on net-student tuition revenue supports student employment opportunities provide access

How can we better tell our story? Stop working in our silos and learn about other campus departments Expand and develop new skills technology financial forecasting other? Continually seek and find ways to effectively convey how financial aid impacts the “Big Picture” Continue to expand your personal knowledge within and outside the financial aid field.

How can we better tell our story? Continue to participate in professional development opportunities like, WASFAA and NASFAA Seek other professional association involvement opportunities (i.e., The College Board, NACUBO, NACAC, others?) Do not be seen as a problem, but as a vital contributor to the solution Seen as a team player

Financial Aid Challenges! “Education in our offices must be two-tiered. First, we must provide added value to the services we offer our students and families. Second, we must simultaneously help to sharpen the skills of our staff.” Stephen Clemente, Senior Vice President, Nelnet NASFAA, Student Aid Transcript Volume 15, No. 3, 2004

Summary As aid administrators, we must educate our staff on the nuances that govern our field and show how we are apart of the bigger picture that enables students to achieve their life-long educational goals, dreams and objectives.

Publications Student Aid Transcript, Volume 15, No. 3, 2004, NASFAA – www.NASFAA.org Trends in Student Aid 2015, Trends in Higher Education Series www.collegeboard.com Trends in College Pricing 2015,Trends in Higher Education Series www.collegeboard.com Education Pays 2004, Trends in Higher Education Series www.collegeboard.com