How Financial Aid and Student Accounts can work to improve Student Retention

Panelists Michael Williams Michelle Luck Linda Berlin Director of Financial Aid Schoolcraft College Michelle Luck Associate Director Wayne State University Linda Berlin Director of Financial Aid Northwestern Michigan College Panelists

Studies Show Retention is impacted at three levels. Individual Level Institutional Level Social and External Level

Individual Level Academic Performance Preparation Performance Course Load and credits earned Academic persistence Attitudes and Satisfaction Sense of belonging Commitment to college Positive attitude about academics Social connectedness

College policies and procedures Institutional Level College policies and procedures Satisfactory Academic Progress Academic Probation Balances owed Registration schedules Attendance Return of Funds Calculations

Social and External Level Employment Family Transportation Housing Food Insecurity Medical

Questions What is your college or university doing to remove institutional barriers for at-risk populations? 1 What specific policies and procedures are most problematic for students? Are there ways these policies and procedures could be adjusted to better serve your student population? 2

Questions Which one issue seems to be the greatest barrier to student success when it comes to financial aid? 1 Which one issue seems to be the greatest barrier to student success when it comes to student accounts? 2 What are steps that could be taken to address these issues? 3

How to improve Retention Forgive small balances. Provide clear communication about Financial Aid responsibilities and expectations. Using aid to incentivize behavior linked to success Target most at-risk students and provide specific scholarship funds for performance related to enrollment, grades, declaring major, meeting with advisors, etc. How to improve Retention

Discussion

Thank You!