1. Money Matters – Financial Aid Issues Affecting Student Success Jo-Ann Craig Director, Financial Aid Cape Fear Community College

2. Retention Research 40 years 20 years focusing on aid Similar findings: aid impacts retention (duh!)

3. Starting Right: A First Look at Engaging Entering Students 2007 Pilot of the Survey of Entering Student Engagement (SENSE) Administered during fourth and fifth weeks of fall term 22 colleges participated

4. Results I was able to access the information I needed to complete the enrollment process (admissions, registration, financial aid, etc.) 32% strongly agree 2% strongly disagree

5. Results (contd) Interaction with the Financial Aid Office: Chaos Disorganization I had no idea, it was very confusing When you finally get everything, you feel like you got that A

6. Advisors need to be able to understand the policies and procedures that affect students financial aid as well as have a clear understanding of how to refer effectively those students in financial need. Charlie L. Nutt National ACademic ADvising Association

7. Major Financial Aid Issues Affecting Student Success Digital Divide Complexity Satisfactory Academic Progress Debt Level/Financial Literacy

8. Digital Divide Use of Internet expedites the financial aid process: Applications processed faster Applicants learn of eligibility faster Applicants receive e-mail updates Applicants have wealth of scholarship information at their disposal

9. Computer & Internet Use by Students in 2003 Household Income Level $20,000 or Less $75,000 or More % of K-12 Students Using the Internet 40 74

10. Computer & Internet Use by Students in 2003 (contd) Parents Educational % of K-12 Students Level Using the Internet Never graduated from37 high school Graduate degree73

11. Bridging the Divide College Goal Sunday Events Increased access to computers and the Internet Collaboration between high schools and colleges

12. FAFSA

15. How Do I Apply for Federal Student Aid? Step 1 – Get Free Information and Assistance Step 2 – Get PIN Step 3 – Gather all Information Step 4 – Complete the FAFSA Step 5 – Review your SAR Step 6 – Submit Verification Documents Step 7 – Ensure Receipt of Documents Step 8 – Contact Financial Aid Office with Questions

16. Student Aid Application Process Fall -Spring Senior Year of High School Winter-Spring Senior Year of High School March – April Senior Year of High School Apply to College Colleges Receive/Review Applications & Admit Student Submit FAFSA Department of Education Processes FAFSA 2-6 Weeks After Submitting FAFSA Student Receives SAR Schools Receive SAR & Process Aid Package Student Receives Aid Eligibility

18. Satisfactory Academic Progress The qualitative and quantitative measure of a students progress toward program completion

19. SAP Policy Requirements Same as or more strict than standards for students NOT receiving aid Qualitative measurement Quantitative measurement Maximum time frame for completion: 150% Appeal process

20. SAP Policy at CFCC Must maintain a cumulative 2.0 GPA (Qualitative) Must successfully complete 67% of all credits ever attempted (Quantitative) First semester = Warning of Possible Loss of Financial Aid Eligibility Second semester = SUSPENSION of Financial Aid Eligibility

21. SAP Policy at CFCC (contd) Appeal Process In writing Can appear before committee Appeal Committee Membership Staff Faculty Student NO Financial Aid Staff

22. Why Do Students Fail to Meet SAP Guidelines? Academic Challenges Personal Challenges Financial Challenges Medical/Mental Challenges Military Service Challenges Social Adjustment Challenges

23. Student Doesnt Meet SAP Guidelines… Now What? Does the Financial Aid Office have an obligation to help? Is the Financial Aid Office equipped to help? What can be done?

24. Debt Level/Financial Literacy Up to 3 in 5 first-year college students max out their first credit card within their first year on campus Nearly 60% of first year students report that financial problems interfere with their school work 29% report financial problems that are very distracting and troublesome Almost 3 in 4 college students believe it is acceptable to use credit cards for living expenses

25. Debt Level/Financial Literacy 64% of undergraduates dont know the interest rate on their credit cards Bankruptcies for those under 25 years of age increased from 15,000 in 1995 to 150,000 cases in 2000

26. Financial Literacy Key Concepts Money Management Income vs. expenses Spending and credit Value of savings and investing

27. Financial Literacy Training Timing isnt Everything No perfect time Start with assessment of current practices Assess your students

28. Financial Literacy Training Existing Programs A class in financial literacy; some award academic credit Imbedding subject material in freshman year curriculum Subject material is required in financial aid presentations made to all new students Adding presentations/workshops to Orientation

29. Debt Level/Financial Literacy Here at CFCC…

30. What Do I Do With ALL of This Information? Talk with: Financial aid director Student government leaders Retention committee members Counseling staff members Student Development leaders (Registrar, Enrollment Manager)

31. Jo-Ann Craig Director, Office of Financial Aid Cape Fear Community College 411 North Front Street Wilmington, NC 28401 jcraig@cfcc.edu 910-362-7057