Effectively Confronting the Monster Financial Aid Literacy: Effectively Confronting the Monster Under the Bed Jenny Cahoon jcahoon@wcpss.net Kate Cushman katherine_cushman @abss.k12.nc.us

Statistical Background (Nationwide) About 40% of all undergraduate students do not complete the FAFSA (about 1/4 of the non-filers would be eligible for a Federal grant). The two groups most likely to not complete FAFSA are those with highest income and those with lowest income

Statistical Background (Nationwide) Community college students are less likely to complete than 4 year colleges. In 2004, 67 % of community college students did not complete compared to 42% at 4-year public institutions, 33 % at private 4-year institutions and 13 percent at for-profit institutions.

Statistics (cont) FAFSA completion is closely correlated with college enrollment. High school graduates who complete the FAFSA are 63% more likely to enroll in college than those graduates who do not fill out the form FAFSA completion impacts college completion. Research indicates filers are 72 % more likely to persist in college Research indicates that an additional $1,000 in grant aid per student increases persistence rates by 4 percentage points.

North Carolina Statistics In 2016-2017 academic year, approx. 61% of NC high school seniors completed a FAFSA Approx. 48,000 seniors did not complete a FAFSA (some submitted but did not complete) Most of low-filing areas are rural and low income. Based on that, it is possible that approx. 75% of the 48,000 would have qualified for Pell and/or state grant. The impact of filing a FAFSA and receiving aid has shown to have a large impact on entering college, but the impact of financial aid on college persistence is still being debated. The reason they cannot find anything conclusive with regard to financial aid is that there are so many competing factors such as family support, the “right” college environment, etc. Finances seem to be only a part of the issue.

Purpose The majority of research studies show that personal interaction, be it assistance or communication, is the single most significant contribution made toward increasing FAFSA completion rates. Who is the person in your school most likely to have contact with students re: matters of college access and financial aid???

Our experience Internship at NCSEAA during the summer of 2014 Led to creation of advisory council comprised of counselors from across the state Several presentations at NCASFAA on the disconnect between high school counselors and Financial Aid Offices FAFSA map on CFNC was created as a direct response to counselor complaints about not having a “person” at FA offices to speak with CFNC trainings have been reconfigured to provide more relevant information as well as a more interactive workshop experience

Our experience (cont.) Through our presentations at NCASFAA, we have learned that admissions offices and financial aid offices do not interact Financial aid officers were under the impression that admissions representatives shared much more in-depth info on the FAFSA Very few Admissions officers are cross trained as Financial Aid Officers and vice versa

Nuts and Bolts (FAFSA line by line)

Nuts and Bolts : Myths https://blog.ed.gov/2017/10/12-myths-fafsa-form-applying-financial-aid/ https://www.eab.com/daily-briefing/2017/07/21/10-financial-aid-myths

Nuts and Bolts: Deadlines (cont.) Try to hit deadline that comes first but encourage students to file even if missed priority deadline Upcoming Priority Deadlines for NC Colleges (17/18 dates) WFU - 11/15 (ED), 1/1 (RD) DUKE - 11/15 (ED), 2/1 (RD) DAVIDSON - 11/15 (ED1), 1/2(ED2), 2/1 (RD) UNC-G - 12/1 NC A&T - 12/1 UNCW - 1/1 WCU - 1/1 UNC, NCSU, NCCU, UNC-A, ECU, WSSU - 3/1

Nuts and Bolts: Getting Started RDS and Residency https://www.cfnc.org/home/sc/dr/helping_you_rds.jsp FAFSA Completion FSAID: https://fsaid.ed.gov/npas/index.htm FAFSA: https://fafsa.ed.gov/ Cheat Sheets (CAM, FAFSA Completion Events) What info students need to complete these applications: https://www.cfnc.org/static/pdf/home/sc/pdf/Side-By- Side_RDSandFAFSA.pdf

Nuts and Bolts: Resources for more info FAFSA MAP https://www.cfnc.org/pay/fafsa_day.jsp Fall Trainings – NCASFAA https://www.cfnc.org/home/sc/training_materials.jsp Tips for Presentations, handouts, training https://financialaidtoolkit.ed.gov/tk/

Nuts and Bolts: Common exceptions Common issues Homeless students https://studentaid.ed.gov/sa/sites/default/files/homeless-youth.pdf DACA Students and Children of Undocumented Parents https://studentaid.ed.gov/sa/sites/default/files/financial-aid-and-undocumented-students.pdf

Nuts and Bolts: I filed, now what? Confirmation Page Student will get an email link to Student Aid Report (SAR) w/in 3- 5 days Review info to ensure that completed correctly Complete or not? Expected Family Contribution (EFC) - * = selected verification Estimate of eligibility for federal grants and loans Info on colleges you sent FAFSA to

Nuts and Bolts: Measuring Progress FAFSA Completion by High School https://studentaid.ed.gov/sa/about/data-center/student/application- volume/fafsa-completion-high-school Finish the FAFSA (Ftf) - tool provided through NCSEAA, linked with CFNC professional account Agreement must be signed by school superintendent Contact Marcia Weston for more info

Additional Resources From the North Carolina Association of Financial Aid Advisors: http://www.ncasfaa.com/docs/toc_counselors.html Step by Step Instruction (Guidebook) https://studentaid.ed.gov/sa/sites/default/files/2018-19-completing- fafsa.pdf?_ga=2.154301296.919500897.1528832742- 385447424.1519252138

Best Practices General expectation of FAFSA Completion Present financial aid info early + often Sophomore classroom guidance Junior parent nights in Spring FAFSA Completion events on high school campuses

Best Practices FTF School/community wide focus Remember- You are not alone- encourage your parents to use college financial aid offices as “experts”

Works Cited Davidson, J Cody. Increasing FAFSA Completion Rates: Research, Policies and Practices, Research and Policy at Kentucky Council on Postsecondary Education. http://publications.nasfaa.org/cgi/viewcontent.cgi?article=1003&context=jsfa Novak, H., & McKinney, L. (2011). The consequences of leaving money on the table: Examining persistence among students who do not file a FAFSA. Journal of Student Financial Aid, 41(3), 5–23. Retrieved from http://publications.nasfaa.org/cgi/viewcontent.cgi?article=1012&context=jsfa. Better for Students: Simplifying the Financial Aid Process (Bill and Melinda Gates Foundation). http://postsecondary.gatesfoundation.org/wp-content/uploads/2015/07/FAFSA- Approach_FINAL_7_7_15.pdf

NCASFAA would like to thank our Professional Affiliates! Spring Conference April 7 – 10, 2019