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Presented By: Shelley Monnig Cam Thies. Financial Readiness Our First Year- Lessons Learned!. Overview. History Objective New Payment Policies Financial Readiness Requirements New Payment Options Implementation What worked well Areas for Future Improvement Results. History.

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presented by shelley monnig cam thies
Presented By: Shelley Monnig Cam Thies

Financial ReadinessOur First Year- Lessons Learned!

overview
Overview
  • History
  • Objective
  • New Payment Policies
  • Financial Readiness Requirements
  • New Payment Options
  • Implementation
  • What worked well
  • Areas for Future Improvement
  • Results
history
History
  • Limited Payment Options
  • Track down students
  • Students began classes without payment
  • Hold placed on future registration
  • Suspended meal plans
  • Reactive Financial Policies
objectives
Objectives
  • Ensure students are financially ready before beginning classes, allowing them to focus on reaching their educational goals
  • Increase payment options
  • Proactive Financial Policies
new policies
New Policies
  • July 22- Financial Aid Paperwork Deadline- students required to have all financial aid paperwork completed to avoid removal of state and federal aid
  • August 2- Payment Due Date- registration cancelled for any student not considered financially ready
  • November 15- Any student who failed to satisfy payment arrangements will be administratively withdrawn.
financial readiness requirements
Financial Readiness Requirements
  • Admission Application Completed
  • Official Transcripts Received
  • Enrollment Deposit Paid
  • FAFSA Received
  • Institutional Aid Confirmed
  • Loan Paperwork Completed (if applicable)
  • Financial Aid Package Complete
  • Contract for Payment Submitted
  • Payment Plan set or Payment-in-full received
new payment options
New Payment Options
  • Outsourced Payment Plans
  • Offered Alternative Payment Plan option for those unable to sign up for extenuating circumstances
  • International Student Wire Plan
implementation
Implementation
  • Communication – Campus Wide Effort
  • Marketing to students
  • Coach/Director and Admission Counselor Involvement
what worked well
What worked well
  • More payment plan options
  • Eagle Days – Freshman Orientation Day
  • Less financial aid documents received after start of semester
  • Office Coordination
  • Well informed students
areas for future improvement
Areas for Future Improvement
  • Increase campus-wide awareness
  • Alternative ways of communication
  • Reevaluate timing of deadlines
  • Additional group sessions
results
Results
  • August 2nd- 16% of enrolled students were not considered financially ready
  • August 16th- 6% of enrolled students were not considered financially ready
  • August 20th- cancelled 5 students; 2 of these students became financially ready and re-enrolled
  • 43% decrease in outstanding receivables for Fall at end of September
  • Currently- less than 1% of our student population is at risk of administrative withdrawal on November 15
open discussion
Open Discussion
  • What are your current payment policies?
  • Do you cancel a large # of students each semester?
  • What works best for your school?
  • What is not working well for your school?
  • How are you managing extended campus financial readiness? (Offsite locations/Online)
  • How are you contacting your students with important news? What has worked best?
contact information
Contact Information
  • Cam Thies

Collection Manager

athies@centralmethodist.edu

660-248-6205

  • Shelley Monnig

Business Services Manager

smonnig@centralmethodist.edu

660-248-6202