So How Do I Know? Metrics for Measuring Financial Aid Effectiveness Tim Fuller, Senior Vice President, Credo October 2015
Roadmap for This Session Introduction Stuff You Already Know Stuff You Might Not Have Thought About Various Wandering Thoughts Q&A Throughout
Introduction My thoughts today come from at least four sources A career in enrollment management including 15 years overseeing financial aid Consulting for Credo (CRAY-dough) since 2007 Lots of conversations with financial aid directors, CFOs, enrollment leaders and others The numerically-oriented mental wanderings that have fascinated me since I started collecting baseball cards as a kid You have a thankless job at times so let me say thanks The highest praise for the work you do is that at graduation no one knows who you are The one word answer parents and students give to the question “what do you think about financial aid” is always “more!” Your actions could land your president in jail 1/15/20191/15/20191/15/2019
Stuff You Know – Metrics That Matter Annual audit findings Benchmarking – how do you compare to relevant others? Discount rate Net tuition revenue Program review findings Average loan debt 1/15/20191/15/20191/15/2019
Stuff You Might Not Have Thought About SSI responses Bringing these to life Customer service ratings Students Partner offices How well do you and your staff articulate the value proposition AKA why is your institution worth choosing? How is your “borrowing student loans is a good investment” speech? How well does your campus gather and share outcomes data? Amount of outside scholarship dollars your students earn each year Retention and graduation rates Benchmarking your policies and practices Clearance at the start of each semester Cohort default rate 1/15/20191/15/20191/15/2019
Understanding Your FAO Brand Your FAO Reality Perceived FAO Reality Your Brand What (relevant) People Want From You and Your Team
Various Wandering Thoughts You need to have a financial aid research agenda Packaging strategy tracking and evaluation Customer service ratings Impact on college choice through contact with campus guests Characteristics of a best practice FAD Running the office well – partnerships, efficiency Leading your team – accountability, growth, encouragement Compliance – clean record, jail avoidance Effective packaging strategy – self help or rented expertise The value of outside perspective to help you know how well you’re doing 1/15/20191/15/20191/15/2019
A Brief Overview of Credo Campus planning and architecture Strategy planning Enrollment solutions Student success/retention Marketing, branding and research Executive search Presidential strategy days and leadership retreats Tim Fuller – Senior Vice President/Owner – tfuller@credohighered.com