1. Debt Management for Graduate Programs
Meredith Schor
Director of Financial Aid
M.D. Program

2. Debt management? :
Financial Literacy & Financial Wellness & Minimizing Student Debt Through All Possible Ethical and Legal Means

3. Perception of Debt is Deadly
Accreditors
Citations, probation
Students: talk amongst themselves
Some take debt seriously in looking at ROI (the good ones)
Others are just happy to get in and will figure it out (the ones who need help)
Some are sad, mad, lonely, anxious and stressed
Media has grown the debt crisis…maybe
The REAL PROBLEM:
Not enough free $$$, tuition is rising and cost of living is not going down.

4. Tackling the Problem Whose is responsible? What are the metrics?
Training opportunities for staff and students
Operations $ vs. Endowed/Current Gifts
Staffing issues: Does your office need a CFP?

5. Institutional Responsibility
Organizational Chart
Who is responsible for what support?
Dean of School
Student Affairs
Finance Office
Financial Aid Office
Development and Alumni Affairs

6. Student affairs
Who are the students who are taking on more debt? Profile? Outliers (many many outliers)?
What are there problems related to budgeting and can solutions be found that avoid debt?
Can we meet emergency needs?
Grants for housing, etc.
Food pantry
Can we alleviate $$ stress and anxiety that leads to academic problems.

7. Finance, Development, Alumni Affairs
Can we project total debt for future classes?
What is appropriate in a pro forma (1,3,5 years at 3%, 5%, 7% tuition increase)?
Can we implement goals for fundraising?
Can we address certain student needs in Alumni Affairs/Development
Adopt-a-doc
Interview hosting
White coat
Parent Association- emergency funding

8. Operations Vs. Endowed & Current Use Funds
Finance and Development negotiate a fair division in who will pay for scholarships.
Operations=tuition revenue
Endowed/Current Use= fundraising
Effects a schools discount rate and its ability to hold tuition constant or to limit % increases.
Student Affairs/Admissions and Financial Aid have the data about the number of awards and total dollars that really need to be doled out to meet a discounting goal.

9. Financial Aid Counseling students: Training the trainers
Event planning
Presentations
Bootcamps
Special guests
Modes of communication/outreach
Partnering with community advisors
Specific populations: foreign students, military, married students, etc.
Training the trainers
Resources for information
Best Practices

10. Metrics Planning for each office responsible Data collection
# students on need-based aid/those who applied
Of high debtors is there a reason (repeaters, summers, LOA leading to higher tuition rates/costs)
Is there a drop off in applications as the student progresses from year 1 to 2, 2 to 3, etc.
# receiving merit aid?
Is this working for recruitment?
Could some need-based aid be replaced by merit aid- would that lower aggregate debt?
Are we awarding to students who lack need but take out full loan eligibility?

11. Metrics Continued Setting Goals Continuous Quality Improvement
Survey students
Student budgets
Student feedback on programs
Bring it back to upper management

12. Does your office need a CFP?
Goal: Financial Literacy, Debt Management, Alumni Affinity
Graduate students/Alumni are interested in:
Health insurance (& other insurances)
Investing- Retirement
Having money in the bank
Planning for life events
Survey your Alumni and graduating students: What did we miss?
Drexel University has a CFP and it has helped in the area of budgeting and planning. GW Med is looking to them as a model.

13. Resources
National Financial Wellness Listserv:
FSA
Your populations professional organization (ABA, AAMC, etc.)
NACUBO
Your friends in financial aid!

14. How are you managing debt?
Contact information:
Meredith Schor