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OASFAA Supports 45 Years

Best Practices for Counseling Families on Education Financing Presenter: Kathy Harmon, Dean of Admission and Financial Aid, University of Dayton Moderator: Jeff Johnston, MBA Senior Account Executive, Sallie Mae. OASFAA Supports 45 Years.

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OASFAA Supports 45 Years

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  1. Best Practices for Counseling Families on Education Financing Presenter: Kathy Harmon, Dean of Admission and Financial Aid, University of Dayton Moderator: Jeff Johnston, MBA Senior Account Executive, Sallie Mae OASFAA Supports 45 Years

  2. Average Published Charges for Full-Time Undergraduates* *by Type and Control of Institution, 2013-14 (Enrollment-Weighted) OASFAA Supports 45 Years

  3. Average Estimated F-T Undergraduate Budgets 2013-14 (Enrollment-Weighted)

  4. Family Agreement with Value of College

  5. Families Work at Containing College Costs

  6. Actions Taken to Make College Affordable

  7. Expected Decline in Ohio High School Graduates in coming 15 years Source: AICUOGraph of the Week February 13, 2013

  8. Ohio Trend in Institutional Scholarships AICUO Graph of the Week July 10, 2013

  9. Families Are Asking For Help From Schools • “Start working with families in need sooner. Time is of the essence because pressured parents will do anything at the last minute to secure funding for the student, including bankrupting themselves.” • I wish we had been given more information before we got there and had to make an immediate decision to get him enrolled in school. We were not aware of the actual costs until we went to pay for them.” • “It would be a nice for the FAO to contact parents early in the admission process. My son didn’t know very much about paying for college and he’s starting to realize now how much money he will owe when he is done.” • “The FAO should get information to high school students when they are sophomores and contact them before they head to college. They should at least speak to the high school counselors so they can guide the students.” Source: Sallie Mae “How America Pays, 2011”

  10. How Well Do Students Correlate Amount Borrowed and Future Repayment Amount? Actual Monthly Cost Source: Sallie Mae’s 2009 How America Pays Survey, Page 39

  11. Planning Resources Used

  12. 4 Year Tuition Plan The University of Dayton

  13. Rationale and risk:Total transparency Shared responsibilityAwareness: 4 year cost student debt shared investment focus-graduates v incoming class

  14. Supports the mission of the University, as a catalyst for the common good Plan includes: • 4 year tuition guarantee (the student is enrolled full-time and maintains a 3.0 gpa) • Academic merit scholarship will increase each year to cover any future tuition increase • No additional fees • Textbook scholarship - $500 per semester • Focus upon on-time graduation, saving families from costs of additional semesters

  15. go.udayton.edu/transparency • Families have expressed appreciation for the information and disclosure • Prompt for family discussion of expectations and decision-making • Implementation began with 2013-14 incoming class – returning students are ineligible for the tuition guarantee but had all fees cancelled • We continue to work with families regarding special circumstance • Fewer students in financial crisis – fewer bursar holds and requests for increased aid

  16. Financial Aid Prospectus

  17. Financial Aid Prospectus

  18. Financial Aid Prospectus

  19. Financial Aid Prospectus

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