Financial Aid

1. Financial Aid Informed Budget Process: FY 2013 IBP Progress Report & FY 2014 IBP Budget Request

2. FY 2013 IBP Progress ReportFor Projects Funded July 1, 2012 • No base or one-time funding received.

3. FY 2014 Base Request • Technician II – Evening – Financial Aid – Priority #1 • Improve Student Access and Success – This position assists students in applying for and completing all required paperwork and requirements to retain eligibility. This position is critical to the office maintaining accessibility to students in the evening hours. • Dollars Requested $25,145 (salary) + $24,235 (benefits) = $49,380. • The Financial Aid Office has funded this position through an Administrative Cost Allowance for the last year and a half. These funds are diminishing and will no longer be available. • The viability of this position can be measured by tracking student use of the financial aid office during late afternoon and evening hours.

4. FY 2014 Base Request • Specialist II, Student Assistance – Priority #2 • Improve Student Access and Success – This position will assist students through email and in person in completing the FAFSA, understanding financial aid requirements and financial literacy. In addition, this position will also complete all requests for information that come from Workforce Services, Native American tribes and apartment complexes (to name a few). • Dollars Requested: $30,924 (salary) + $25,678 (benefits) = $56,602

5. Base Request (cont) • More students are graduating with increased loan debt and students don’t understand the intricacies of borrowing. This position will conduct financial literacy training and assist students with understanding the actual cost of borrowing. In addition, this position will assist students with learning how to complete the FAFSA and will be available to help them understand the process of applying for aid. • Project Outcome Measurements • The Financial Aid Office will monitor the number of financial literacy projects created and the number of students who participate. These numbers will be used to determine if a change has been made in various areas: • Number of students not returning to have additional questions answered; • Number of students defaulting on student loans; • Number of repeat emails.

6. FY 2014 One-Time Request • UHEAA Default Prevention Program – “Borrow Wisely” • Advance a Culture of Evidence and Accountability. • Dollars Requested: $24,000 • The Department of Education is transitioning to a three year Cohort Default Rate. The determination of this rate affects SLCC’s ability to offer loans to students. Based on the information for the 2009 year, our default rate has increased to 10.6%. This program, sponsored through UHEAA, will work with SLCC students who are close to going in to or are already in default to keep them current and give them alternatives to defaulting on student loans and adversely affecting their credit.

7. One-Time Request (cont) • Project Outcome Measurements • UHEAA will contact SLCC students through email, regular mail, phone calls and text messages. Measurement of outcomes will be based on the cohort default rate and its tendency to rise or fall, based on their efforts.

8. FY 2014 Remodel Request • South City Campus Financial Aid Office Expansion • $40,000 (This is an initial request. Additional funds will be requested in subsequent years.) • The Financial Aid Office has the opportunity to expand its existing location on the South Campus. In addition to moving the telephone operations to this campus, our office will also allow a space for a Veterans Office employee. • Project Outcome Measurement: A larger location will allow us to help more students. Moving phone services to the South City Campus will also allow for growth at the Taylorsville Redwood Campus.

9. Questions?