2008 New England Regional Forum Boston, MA February 5, 2008 Financial Aid Best Practices Crystal...

2008 New England Regional ForumBoston, MAFebruary 5, 2008

Financial Aid Best Practices

Crystal Finefrock, Associate Director of Financial Aid

Plymouth State University

Scott MacDonald, Director of Financial Aid, Transfer & Student Employment

Southern Maine Community College

Christine McGuire, Executive Director of Financial Assistance

Boston University

2008 New England Regional FORUM, Boston, MA

Scott MacDonald

Director of Financial Aid, Transfer & Student Employment

[email protected]

Southern Maine Community College


What Constitutes “Best Practices”?

• Is the Implication That Anything Other Than a Best Practice is “Just Getting By”?

• Given Vast Regulatory Landscape, Are We Setting Ourselves Up for Mediocrity?

• NASFAA “Standards of Excellence” & “Self-Evaluation Guide”


What Others Are Saying About Us

˝ To give away money is an easy matter, and in anyone’s power. But to decide to whom to give it, and how much and when, And for what purpose and how, is neither in everyone’s power nor an easy matter. Hence it is that such excellence is rare, praiseworthy and noble.”

~ Aristotle


Best Practice Formulation Points & Characteristics• Mission/Purpose

• Engages a Target Audience

• Meets a Requirement

• Provides Information

• Promotes Access

• Communicates Effectively

• Answers Questions

• Distills Complex Ideas

• Provides Direction

• Makes it Possible

• Engages all Staff

• Meets Quality Assurance

• Adapts to Change


Southern Maine Community College Examples:

• Academic Competitiveness Grant Form and Practice

• “Exciting Exits: One Institution’s Response to the Dreaded ‘E’ Word”


Southern Maine Community College Examples:

Student Loan Peer Counseling Video

http://www.smccme.edu/financialaid/stafford/


Plymouth State University

Crystal Finefrock

Associate Director of Financial Aid

[email protected]


Once upon a time…


Our destiny was….

•Financial Aid Director Retires

•Financial Aid IT Specialist Retires

•SIS Conversion!!

CHANGE


• Business Process Mapping

• Team Approach

• Process Efficiencies

• Paperless Process

• Automated Processes

• Correspondence and Website Review

Where did we begin? We began by reviewing ”Best

Practices!”


• “Financial Aid – A Team You Can Count On!”

• Counseling – Expected to go beyond the basics

• Improved customer experience – “It’s all about YOU!”

• Proactive not reactive

• Think outside the box

• Positive energy is contagious

• Weekly staff meetings

What were the results of our “Best Practices”…


• Recognition for a job well done

• Leveling of workload

• Easier to adapt to regulatory changes

• Collaborative and imaginative work environment - FUN

• Cost savings and “value added” to office processes

• Creation of Financial Literacy Initiative - $MART

What were the results of our “Best Practices”…


Christine McGuire

Executive Director of Financial Assistance

Boston University


How many of you dreamed of being a financial aid administrator?

Or even of working in higher education?

Childhood Dreams?


A Second Tier Profession?

As a “niche” profession without flashy perks and large salaries,

we are seldom a career to which young people aspire.


Cuomo: School loan corruption widespread

Large student-loan firm settles with N.Y. AG

Sallie Mae to alter business practices, pay $2 million to education fund

Cuomo: States Will Pursue Student Loan Fiasco


Stage 1: Denial“I know my members. They play by the rules. They are ethical. They don’t cut corners. They don’t take bribes.”

NASFAA President Dallas Martin, March 19, 2007

Stage 2: Anger"You have insulted not only our profession, but also each individual financial aid administrator who is a devoted professional."

NASFAA President Dallas Martin, March 19, 2007

Has the financial aid profession experienced the 5 stages of

grief?


Stage 3: Bargaining“By taking this more conciliatory stance, we also were able to begin a positive dialogue with his office to move beyond the accusations…we invited him to attend our Annual Conference and to address our conferees at our closing session.”

NASFAA President Dallas Martin, June 28, 2007

Stage 4: Depression“The nation's college student-aid administrators came here [Washington, D.C.] last week as a group in need of healing.”

Paul Basken, Chronicle of Higher Education, July 20, 2007


grief?



grief?

Stage 5: Acceptance"You are the professionals who create opportunity everyday… It is the most honorable profession anyone could ever have."

NASFAA President Dallas Martin, July 8, 2007

“’People have been wondering where we are,’ said Mr. Day, now chancellor of City College of San Francisco, in an interview earlier this month. ‘We need to ramp it up.’”

New NASFAA President Philip Day, speaking with Kelly Field, Chronicle of Higher Education, January 18, 2008


Is the Financial Aid profession in recovery, and do we need a

twelve step program?


12 Step Program for the Financial Aid Profession

1. Acknowledge what has changed in our daily

work life

2. Engage in conversation with the staff constantly

3. Accept the increased level of interest of what

we do, and necessity to be transparent


4. Articulate clear policies regarding:

• Institutional gift policy

• Conflict of interest policy

• The process for evaluating and disclosing lenders or loans recommended, regardless of Federal or private credit




5. Share your vision of why our career is important

6. Continually articulate the value of the work a staff

member is performing. What is the contribution to the

overall mission and to their professional development?


7. Show appreciation for all staff and celebrate accomplishment

Make time for some fun when possible and

appropriate, but watch for too much of a “party

atmosphere”, as it can be seen as unprofessional,

and not all staff will appreciate too much time

away from getting work done.



8. Show path for advancement and advanced

responsibility and job title, recognizing longevity and

experience.

Executive Director

Associate Director

Student Workers

Director

Senior Assistant Director

Assistant Director

Associate Director

Sr. Financial AidAdvisor

Financial Aid Advisor



9. Empower staff to fulfill your mission

• Staff are the institution in the eyes and

experience of students and parents

10. Model the professionalism you expect

““You are B.U.”You are B.U.”



11. Continue to set high expectations for yourself

and your colleagues

12. Portray a positive image of your institution, your position in the school and of the financial aid

profession



Questions and Discussion


Shared “Best Practices” at the 2008 New England Regional Form• Thank you to all who participated in our session, “Financial Aid Best Practices”. The following examples were provided by

some of our audience members. Please contact them directly if you would like to hear more about the project listed.

• From Donna Kendall at Bentley College:

• “Our office manages student employment. In addition to recognizing the Student Employee of the Year at an annual event, the department where the student works has the honor of displaying a banner that reads, ‘Home of the Bentley Student Employee of the Year for 20XX’. We also began recognizing a student supervisor of the year two years ago.”

• Contact: [email protected], 781-891-2913

• From Emily Liebling at GEAR UP Maine (www.gearupme.org) :

• “Obviously we are not a financial aid office, but as a GEAR UP statewide program that serves over 3,000 students in 7-12 grades in Maine we have found the following things to be effective:

• more district control of the implementation of their GU program

• senior self-verification of their personal information to ensure we can match them to their FAFSA and know they’re eligible for a GU scholarship

• collaboration with other statewide and local initiatives with similar goals, and post-secondary institutions in the state

• a pod cast covering various topics (including financial aid)


• From Tom Taylor at UMass Lowell:

• “’Working On & Off Campus’. As part of orientation, we had career services and financial aid co-present a one hour session to all students. The objectives were

• Perspective – to tie career goals with the benefits of working on and off campus,

• Employment Readiness – to complete I-9’s and W-4’s (sent out with orientation packet) so that students working on campus would have all paperwork but the signed contract completed, and

• Responsibility/Self Management – to help students understand how to best manage work and academic responsibilities


2008 New England Regional Forum Boston, MA February 5, 2008 Financial Aid Best Practices Crystal...

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