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Student Financial Services Update

The Student Financial Literacy Task Force is refining a program to improve financial aid information and student loan debt awareness on all IU campuses. New initiatives and resources aim to enhance financial wellness for students. Contact Marvin Smith for feedback and assistance.

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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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