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Guiding Student Success through Financial Education. Presented to Association of Community College Trustees October 3, 2013. Presenters. Eleanor “Ellie” MacKinney , CAS Vice Chair Board of Trustees Community College District 509 David Sam, PhD, JD, LLM President

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guiding student success through financial education

Guiding Student Success through Financial Education

Presented to

Association of Community College Trustees

October 3, 2013

presenters
Presenters

Eleanor “Ellie” MacKinney, CAS

Vice Chair

Board of Trustees

Community College District 509

David Sam, PhD, JD, LLM

President

Elgin Community College

Kimberly Wagner

Managing Director, Student Financial Services

Elgin Community College

Amy Perrin

Director, Financial Aid & Scholarships

Elgin Community College

challenges prior to 2007
Challenges Prior to 2007

Noel Levitz Student Survey

Financial Aid Services consultant

Compliance issues

Student dissatisfaction towards the Financial Aid Office

Lack of productivity and customer service to students

transformation
Transformation

Reorganization move to the Business & Finance Division

Culture shift to student-centered approach

Office-structure change without hiring additional staff

ecc programs succeed
ECC Programs Succeed

Bringing national recognition to our community

2013 Bellwether Award Alliance for College Readiness

2013 NACUBO Innovation Award ECC Financial Literacy Program

financial education is important
Financial Education Is Important

Federal loan debt tops $1 trillion

55% of ECC students have the highest amount of need

Increase in FAFSA applications, which shows students are searching for resources

And…

financial education is important1
Financial Education Is Important

63% of freshman at two-year colleges indicate they have financial problems that will interfere with their school work

32% of freshman at two-year colleges indicate they have financial problems that are very distracting and troublesome

(Source: 2013 Noel Levitz Freshman Attitude Report for Two-Year Colleges)

financial literacy program background and history
Financial Literacy Program: Background and History

2009-Made available new initiative funds to create a financial literacy program

2009-Purchased online financial literacy module

2010-Spring and fall events, with support from local credit union, held to highlight “Paying for College”

2011-Began one-on-one loan counseling

2012-Collaborated with ECC’s Alliance for College Readiness to expand outreach to parents

2012-Conducted Student Survey

2013-Introduced “How to Win at Life”

online module
Online Module

Partnered with Decision Partners

Fulfilled TRIO financial literacy requirement

Offered in College 101 course

Made available to public

Interactive 90-minute course

Students complete a monthly budget, short- and long-term financial goals and a financial self-assessment

Course includes credit card debt, identity theft, money- savings tips, financial stress, spending habits, and budget-to-actual tracking

events
Events

Over 75 Outreach Opportunities!!

FAFSA Completion Workshops

College Night

Parent Summit

High School Presentations

College Smart Fair

Classroom Presentations

College Goal Sunday

Money Smart Week

How to Win at Life Game

transformation of financial aid office
Transformation of Financial Aid Office

Map out financial aid and scholarship process-make the changes

Communicate and collaborate with other departments

Connect students with scholarship and work study opportunities

Early awarding

Efficiencies in packaging aid = students are not required to pay out-of-pocket and/or set up a payment plan

Loans are not automatically packaged to cover costs

Mandatory loan counseling, which is above and beyond the federal requirement

Provide individualized exit counseling

mandatory one on one loan counseling
Mandatory One-On-One Loan Counseling

Beginning in spring, 2011, students are required to meet with a Financial Aid Loan Advisor before loan is packaged

Student’s personal budget is reviewed and discussed

Loan amount needed is discussed

Loan basics are reviewed (percentage rates, loan types, repayment options, repayment schedule, rights and responsibilities)

Obtain cumulative loan balances (from all schools attended)

Consequences of default are discussed

ecc s exit counseling is optional for now
ECC’s Exit Counseling is Optional (for now)

Meet with students in small groups or individually

Review repayment options, repayment schedule and their cumulative loan balance

Provide contact numbers to loan provider and servicer

questions
Questions?

www.elgin.edu

Kimberly Wagner

Managing Director, Student Financial Services

Elgin Community College

Phone: 847-214-7124

E-mail: kwagner@elgin.edu

Amy Perrin

Director, Financial Aid & Scholarships

Elgin Community College

Phone: 847-214-7217

E-mail: aperrin@elgin.edu