Debt Management: Planning Toward a Common Goal This is a TEMPLATE and can be changed. Template is simply a starting guide to include the Fall Conference’s color scheme and logo. Presented by: Meredith Schor, MA MBA GW SMHS, Director of MD Program Financial Aid

Debt management? Financial Literacy & Financial Wellness- Students Minimizing Student Debt Through All Possible Ethical and Legal Means-OFA Keeping Up with Your Discount Rate- University Partners Financial Literacy & Financial Wellness- Student Facing, 120 day rule, cashflow statement (envelope project), budgeting toward goals Minimizing Student Debt Through All Possible Ethical and Legal Means – Have you looked at what it cost to go there? COA Is it better to go with the price of a one bedroom or two for your local? Surveys, College Board, CPI-OR make reasonable adjustments based on PJ. Maybe the family can bear more of the burden then they are letting on/maybe they really are that destitute- good INAS goes a long way in mindfully disbursing limited financial aid resources. Keeping Up with Your Discount Rate-What rate of student debt is acceptable to your enrollment management team? Or to admissions, finance, university budgeting, etc? Understanding the big picture may help you in translating how you work with meeting need. Do you need to ask for more money to get students in the door-lowering debt, or can the market bear students taking out more debt to go to your school over another school in your market basket?

Bam Bam Rubble’s story Bam Bam, dreams of being a screen writer, but is currently living with his wife Pebbles and working as a mechanic. He has a hotrod dune buggy and he spends a lot of his time working on it. Bam Bam wants to attend Rock Salt University, and he has been doing some research and thinks that he may be a candidate for a scholarship based on the following: Bam Bam was adopted after the age of thirteen (in caveman years- really it was 4) Bam Bam is super strong, having been reared by Mastodons, and may qualify for a scholarship on the weightlifting team. Bam Bam is married and a non-traditional student, Pebbles is also pregnant with the couples first child. Pebbles works from home making Shmoo warmers and plans to continue while taking care of their new child (they plan to name it Hubble or Crushed). If Bam Bam does not obtain a scholarship he will have to take out $50,000 in loans to cover his cost of attending Rock Salt University.

Enrollment Management Capacity is 40 students (25 in each class) Tuition driven program (small endowment and other resources) Market basket is less expensive- but they don’t have quarry basketball, rock dodging or megalodon fishing as competitive sports. ROI of screen writing for cave people is being questioned in the media.

Rock Salt University-Screen Writers Program Bam Bam looks like a decent candidate, and given that the school needs to make its enrollment of 20 students (they are at 17 and the program starts in two weeks), the school decides to offer Bam Bam a 20% tuition discount ($10,000 over two years). RSU has the following goals of fully funding its students, increasing employee pay each year by 4% and supporting its students through an annual juried prize of $10,000. Currently, the school needs to bring in tuition revenue of $450,000, plus 4% increase every year, to cover its HR costs alone. There is a $50,000 margin as long as 100% of students pay their tuition bills. Other revenues are derived from royalties on to award winning screen plays ($100,000), at an annual film festival ($10,000) RSU has an endowment that pays out $50,000 each year for scholarships only. Each year of the two year program, the Admissions Office offers two $10, 000 scholarships and two $2500 scholarships. Student’s graduate with an average of $40,000 in students loan debt.

RSU Finance M$$$$$$$$$ Pressure is on from the RSU’s President to cut underperforming programs or to realign curriculums to save money. Pressure from the government to help struggling students to graduate with little to no debt. RSU gets 25% of its funding from the Flintstone government, but this new legislation calls for this to now be negotiated every year.

In the End the Great Gatzoo Employed His Doomsday Machine…

Resources National Financial Wellness Listserv:https://lists.osu.edu/mailman/listinfo/natfinwellness HEFWA listserv FSA National Endowment for Financial Education (Cashcourse) Your populations professional organization (ABA, AAMC, etc.) NACUBO Your state extension service- may offer certification. Your friends in financial aid! Finaid-L listserve And as many as you can google.

What are you doing on your campus?