Planning for College: Filling in the Financial Aid Gaps Colten Ross, Financial Aid Advisor Ozarks Technical Community College

Topics High School Counseling: Expectations vs. Reality HS Counselors: Typical Financial Aid Counseling The Need for Effective Financial Aid Advising Proactive Financial Aid Advising Tips Improving Financial Aid Understanding & Resources

High School Counseling: Expectations vs. Reality According to a National Association for College Admission Counseling report, 55% of High School Principals said “helping students prepare for postsecondary education” was the top priority for their school’s counseling office. Reality: Less than 40% of counselors indicated their school had a primary counselor whose role was college preparation. 54% of counselors stated they spent less than 20% of their time on college preparation, based on National Center for Education Statistics surveys.

High School Counseling: Expectations vs. Reality Students believe counselors have time to meet with them regarding college decisions. Reality: The average counselor has only 20 minutes a year to meet with each student individually regarding college.

HS Counselors: Typical Financial Aid Counseling Traditional Counseling Approach FAFSA & Scholarships Loans are seen as a last resort. Information Dispensary Socioeconomic status plays a huge role in this, especially in high poverty areas. Counseling Tracks Counselors are uncomfortable when talking about college financial aid. Lack of understanding how financial aid works (e.g. award letters, verification) Unrealistic expectations of financial aid packages “Helicopter parents”

The Need for Effective Financial Aid Counseling For the student: Better information regarding financial aid packages. Better decision making when it comes to choosing a college. Increased retention rates, more likely to graduate. For the school: Improved Career & College Readiness points leads to a better overall score on MSIP evaluations.

Proactive Financial Aid Counseling Tips Earlier introduction of college information and financial aid. Data shows secondary students should be introduced to concepts of college financial aid between their 8th grade and Sophomore years. Proactive early engagement on both the FSA ID and FAFSA. Monetary incentives to get the FAFSA done early (Access Missouri grants, institutional aid) Students: Check your e-mail. Check your e-mail. Check. Your. E-Mail. Did one (or several) of your students get selected for verification?

Proactive Financial Aid Counseling Tips Have “go-to” contacts for your school’s most popular colleges. My time as an MCAC Advisor taught me this is invaluable. Help students walk through their financial aid award letters. Compare costs and awards to see what the best financial aid deal may be… Best college fit for student =/= most sound financial decision Students: Read the fine print… Don’t be afraid of difficult financial aid discussions. Especially regarding aid that has to be repaid. Empower students to take responsibility for their college choices. Remember: It’s the student’s college experience. Not their family’s . Not their friends’.

Improving Financial Aid Understanding Resources Federal Student Aid Website Studentaid.ed.gov Missouri Department of Higher Education Dhe.mo.gov Missouri Association of Student Financial Aid Personnel (MASFAP) Masfap.org National Association of Student Financial Aid Administrators (NASFAA) Nasfaa.org