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Student Financial Services Update

Student Financial Services Update. Campus Center Suite 250. IU Financial Literacy Task Force.

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Student Financial Services Update

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  1. Student Financial Services Update Campus Center Suite 250

  2. IU Financial Literacy Task Force • The Student Financial Literacy Task Force, chaired by MaryFrances McCourt, University Treasurer, is working to refine objectives for a comprehensive financial literacy program to be implemented on all Indiana University campuses. One area of focus is the information provided to students about financial aid and student loan debt. • Jack Tharp has been named Senior Director of Financial Literacy

  3. Undergraduate Student Loan Debt Figures represent the percentage of the undergraduate class who graduated with a bachelors degree during the referenced year who started as first- time students. The loan debt figure represents borrowing while enrolled at the institution through federal and private programs. Source: The Common Data Set (CDS) http://www.iu.edu/~uirr/reports/compliance/common/index.shtml

  4. Percent of Degree Recipients with Loans

  5. Transparency Initiatives • More explanation of IUPUI college costs: http://www.iupui.edu/~finaid/recaid/coa/ • The Department of Education Shopping Sheet will be used as the IU award letter or a supplement to the award letter starting in the 2013-14 award year. • The Shopping Sheet is a joint effort of Consumer Financial Protection Bureau and Department of Education to provide students and families with information about their financial decision to attend a certain college in a standardized format that allows for comparisons across institutions. See website... • http://collegecost.ed.gov/shopping_sheet.pdf

  6. Plans • All IU campuses will send an annual loan notification statement • Grants and loans will be separated on the financial aid award notice • Federal Loans will be placed in ‘offer’ status, requiring acceptance by the student

  7. Plans • The FAC will review a standard methodology for calculating cost of attendance • The FAC will review different cost of attendance (COA) set-up options in the Student Information System for improved cost calculations. • A new financial literacy web site will be used by all campuses

  8. Activities • Loan debt communication • Special nonresident counseling initiative • IUPUI Student Financial Wellness Council formation • Program and presentation coordination • Peer to peer program development

  9. Funding Initiatives • Emergency Funding Coordination • Pell Replacement Funding • Institutional Loan Development

  10. Closing Ideas, suggestions, problems, feedback regarding Student Financial Services? Let me know…. Marvin Smith, mlsiii@iupui.edu

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