Financial Wellness Education For College Business Officers Leveraging Student Contact Opportunities

Financial Wellness Education For College Business Officers News Headlines Current Total Student Loan debt $1.5 trillion Total delinquent $300 billion Average Student Debt of New Graduates $28,400

Financial Wellness Education For College Business Officers Frontline Departments for Student Financing Inquiries Business Office Financial Aid Admission Case for college-wide financial literacy efforts

Financial Wellness Education For College Business Officers Key Players in Aid Administration Internal External Upper Management Determines size of institutional grants and scholarships Sets Guidelines for internal aid Financial Aid Department Awards Aid to eligible students Ensures regulations are adhered to Monitors satisfactory academic progress Federal Government Federal Grants and Loans Federal regulations Oversight of schools and aid eligible programs State Government Provides Guidance to schools relating to State grants, scholarship and loans Monitors schools for compliance with aid regulations

Financial Wellness Education For College Business Officers Student Contact Opportunities Tuition Payments Student Loan Disbursement Review Refunds Inquiry

Financial Wellness Education For College Business Officers Student Contact Opportunities – Contd. Inquiry on Unanticipated Shortfall Financial Aid is less than originally estimated Failure to maintain satisfactory academic progress, resulting in aid cancellation Scholarship sponsor discontinues funding Etc.

Financial Wellness Education For College Business Officers What financial literacy information should business officers possess to enable them leverage the various points of contact with students?

Financial Wellness Education For College Business Officers How Financial Aid is Awarded Scholarships – Institutional and external Federal and State Grants Excelsior and Enhanced TAP Loans

Financial Wellness Education For College Business Officers Various campus-specific ways students can save money and avoid over- borrowing choosing dining options wisely using campus shuttle buses instead of driving choosing cost effective housing arrangements Interest accrual on Unsubsidized Loans Benefits of making payments while in school

Proposed Federal Regulations Higher Education Act of 1965 Reauthorizations Gainful Employment regulation Borrower Defense to Repayment PROSPER Act Skin in the Game The federal government provides regulatory oversight of schools to ensure the integrity of the federal aid programs.

Financial Wellness Education For College Business Officers Reassure students that education is still a worthy investment

Financial Wellness Education For College Business Officers Thank you! Mr. Clemente LaPietra Executive Director, Office of Loan management Monroe College 646 3938505 clapietra@monroecollege.edu

Financial Wellness Education For College Business Officers