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The First Year Experience

MASFAA CONFERENCE2005Presented by

Linda Mularczyk, Dyan Niland, Phyllis Foote,

Tom King and Melissa Constantine

Mount Ida College

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What is First Year Experience (FYE) ?

A financial counseling model that provides students with the resources and support they need for a successful transition to college

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The FYE Involves Everyone

Academics Residential Life

Support Services Fitness and Wellness

Career Services Financial Advisement

Campus Activities

And MANY MORE. . .

The term FYE is used across campus

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Major Players for Financial Aid FYE

Financial Aid

Admissions Counseling Returning StudentsCounseling

Incoming Students

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Why create an FYE Model ?

Inform and EducateStudents, Parents, Faculty and Staff

Improve Student and Parent Satisfaction

Relieve Stress and Doubt of Financial Affordability

Lower Cohort Default Rate

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Strategies

Involve the Whole Campus in the FYE Model

Admissions, Bursar, Faculty/Staff Involvement

Faculty “Alerts”

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When Does FYE Begin?

Begins with the Initial Contact

Helps the student become aware of financial aid and the application process

Where do these leads come from?

Inquiries Phone Calls

Applications Campus Visits

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When does the FYE End?

Ends 6 Weeks after Fall Registration of the sophomore year

The key is to maintain contact with the student to keep them involved and engaged with the campus

Summer contact is important

Letters from the President, Deans, Academic Advisor, Financial Counselor, Registrar

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Implementing the FYE

The Six-Phase Action Plan

Month by month breakdown of initiatives and actions to move the FYE forward

This touches not only the prospective student but returning students as well

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Sample Action Plan Items

January:

Update website, begin publicity for applying for financial aid

February:

Host Financial Aid Nights for FAFSA completion

May, June, July:

Facilitate financial clearance for student arrival

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Big Challenge

Getting Admissions Involved

Admissions Counselors became more proactive in the financial aid process which facilitated the Financial Aid Office in accomplishing their goals with returning students

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Getting Admissions Involved (cont’d)

Conduct training sessions

FA process, awards and alternative solutions

Provide weekly status updates

Missing documents, Copies of Award Letters

Encouraged Admissions to provide appropriate feedback

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FAO InvolvementContinually reviewed the Six-Phase Plan

Weekly staff meetings, refined and modified as needed, assign duties within the staff, made community outreach as necessary

Focused on the importance of Financial Aid with Returning Students

Personal outreach to file the Renewal FAFSA and the importance of meeting deadlines

Follow up with status check----missing documents

Review eligibility for aid and financing options

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Active InitiativesFinancial Aid Night

Matched with an Admissions Event

Held typically during HS vacation week in Massachusetts

Provides help filling out the FAFSA to prospective students and parents

Extended HoursOne week in February the office is open until 8:00 p.m. to

accommodate families

who need help beyond traditional office hours

Increase personalization of the process to students

Provide computer access for students in our offices

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Active Initiatives (cont’d)

Chat University

FA counselors participate in online chats with prospective students, answering questions about financial aid

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Advertising Initiatives

Advertised to Returning and Prospective students

Postcards Web

Posters Table Tents

Banners on campus

Green Channel – on campus cable posting

Calls from the Admissions Call Center

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Counseling Techniques

Focus on applying for aid - emphasize online applications

Stress the importance of filing EARLY

Developed a personalized tuition worksheet that itemized costs, financial aid and alternative financing solutions

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2005-2006 FINANCIAL PLANNING WORK-SHEETMUSTANG SALLY

November 2, 2005

COMPREHENSIVE/ACTIVITY FEE

EXPECTED DIRECT EXPENSES

TUITION

ROOM AND BOARD

MEDICAL INSURANCE

ADDITIONAL LAB FEES

$18,500

$ 596

$ 9,830

TOTAL EXPECTED DIRECT EXPENSES $28,926

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TOTAL GRANTS & SCHOLARSHIPS $18,350

SEOG

GRANTS AND SCHOLARSHIPS

PELL GRANT

MOUNT IDA COLLEGE GRANT

PRESIDENT’S MERIT AWARD

$4,050

$1,000

$4,000

$7,000

MA STATE GRANT $2,300

PRIVATE SCHOLARSHIPS $

OTHER $

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$2625 – 3% FEE OF $79 = $2,546

STUDENT LOANS

SUBSIDIZED STAFFORD LOAN

$3,500 – 3% FEE OF $105 = $3,395$5,500 – 3% FEE OF $165 = $5,335

$2,546

$

$

UNSUBSIDIZED STAFFORD LOAN

$

$4,000 – 3% FEE OF $120 = $3,880

$

$5,000 – 3% FEE OF $150 = $4,850

$

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TYPE: PLUS gross amount – 3% fee

OTHER LOANS

* See below for monthly PLUS paymentTYPE: SIGNATURE

$ 8 ,030

Variable interest rate based on creditTotal STUDENT & OTHER LOANS

$ 10,576

TOTAL EXPECTED DIRECT EXPENSES LESS

TOTAL EXPECTED AID $0* PLUS approx. monthly payment @6.10% $ 95

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Benefits to Returning Students

Added returning students into the database in January for tracking purposes

Students entered the communication funnel earlier

Facilitated earlier packaging

Students left school in May with a clear understanding of their financial obligations for the upcoming year

Smoother Registration and Check-In

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Outreach to Returning Students

Conduct information sessions with interest groups on campus

Athletics

Resident Assistants---Floor Meetings

Student Government

TRIO – group of first generation students

Classroom visits to freshman level courses

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Additional Outreach

Classroom announcements by faculty and staff

Made FAFSA instruction sheets available

Continued with Admission and Financial Aid Counselor communications

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Goals

Increase early filing and awareness of Priority Funding Deadlines

Benefit to retention efforts when students file early

Decreased the number of students who were not prepared for Registration and Check-In

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Measurement of Success

Increased volume of on time FAFSA filing and web applications

Once stabilization was announced the College was able to draw federal, state and alternative funding at higher levels than previous years

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Outcomes

5.9% increase in the spring to fall return rate

3 years of consistent increases due to the FYE model

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Linda Mularczyk Director of Financial Aid 617-928-4099

Dyan Niland Associate Director of Financial Aid 617-928-4780

Tom King Financial Aid Counselor 617-928-4781

Phyllis Foote Financial Aid Counselor 617-928-4755

Melissa Constantine Financial Aid Counselor 617-928-4784

www.mountida.edu

Contact Information

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Questions