Newer Approaches to Facilitate Student Success with Financial Aid Programs

Transcription

1 Newer Approaches to Facilitate Student Success with Financial Aid Programs Marvin Smith, Executive Director, IUPUI Student Financial Services

2 Indiana University Purdue University Indianapolis (IUPUI) Large Urban Public Research University with student population of about 30,000 students. Recognized for Learning Communities & the First Year Experience (U.S. News). For 13 consecutive years, U.S. News has highlighted IUPUI for offering programs that help ensure a positive collegiate experience for new freshman and undergraduates. First-Time cohort just over 3,700 and New External Transfers just over 1,200 each year. Over 350 degree programs from both Indiana & Purdue Universities Approximately 40% undergraduates are Federal Pell Recipients and 35% are First Generation College Students. About 50% of First-Year students commute to campus Largest Med school in country, one of largest Nursing schools, only Dental School in Indiana, Law School, 17 schools total

3 IUPUI - One of Ten Institutions Invited to a Meeting to Discuss Beyond Financial Aid (BFA) Lumina Foundation Fall 2015 Builds on three guiding principles: 1. A large and growing number of postsecondary students face the challenges created by limited resources. In fact, approximately one in three American undergraduates receives a Pell grant and is therefore considered a low income student. 2. When institutions structure and offer all types of financial aid (including nontraditional supports) in a coherent, consumable way, students will persist longer, generate additional revenue for the institution, and graduate at higher rates. 3. Providing these supports in an intentional way is not an impossible dream. Colleges across the country are already doing it and doing it well.

4 Six Strategies To Increase Support Of Low-income Students (Lumina BFA) 1. Know the low-income students at your institution. 2. Provide supports to help low-income students overcome practical barriers. Bundled, integrated and centralized; supports beyond traditional financial aid including food assistance and health care, the provision of financial and career coaching, and implementing on-campus programs to offer services such as automotive repair, tax preparation and legal services. 3. Leverage external partnerships for service delivery on campus. 4. Empower low-income students to use available resources. Normalize and shift to an opt-out model as a default. 5. Review your internal processes. Reviewing internal processes from the perspective of low-income students can help highlight opportunities to revise and streamline those processes in ways that can better meet students needs. 6. Implement effective practices to strengthen the academic progression of all students. Without integrated supports that stabilize their finances, low-income students are at a particularly high risk of not reaching their education goals.

5 Beyond Financial Aid Challenge 1. How do we do more with less AND facilitate student success? 2. How can we provide IUPUI students more affordable housing, food, transportation, healthcare, childcare, legal services, and academic support services? 3. How can community partners help? 4. How can we connect needy students with available resources?

6 Pell Grant Recipients (SES indicator) 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 25% 29% Fall 2007 Fall 2008 % Received Pell Grant First Semester 37% Fall % 43% 42% 43% 43% 40% 40% 40% Fall 2010 Fall 2011 Fall 2012 Fall 2013 % Beginners Pell Fall 2014 Fall 2015 Fall 2016 Fall 2017

7 Pell Grant Recipients (SES indicator) 100% % Received Pell Grant All Undergraduates IUPUI IN 80% 60% 40% 42% 41% 39% 37% 20% 0% Fall 2013 Fall 2014 Fall 2015 Fall 2016 % Undergraduates Pell Fall 2013 % Received Pell in during AY Fall 2014 % Received Pell in during AY Fall 2015 % Received Pell in during AY Fall 2016 % Received Pell in Fall Semester

8 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Socioeconomic Class Matters in Student Success FT, FT Beginners One-Year Retention IUPUI IN 71% 68% 70% 72% 71% 72% 73% 74% 69% 69% 65% 66% 65% 64% 60% 60% 63% 65% Received Federal Pell Grant No Pell Grant

9 Annual Unmet Financial Need and One-Year Retention FT, FT Beginners Total Unmet Financial Need Academic Year $6,069 $6,761 (n=985) (n=995) $6,147 (n=1038) $3,821 (n=1,952) $3,224 (n=2,128) $3,049 (n=2,365) Retained IUPUI IN Not Retained IUPUI IN

10 Unmet Financial Need Academic Year Fall 2016 IUPUI Indianapolis N % of All No FAFSA on file % No Unmet Financial Need (FAFSA on file) % $1 to $1000 Unmet Need 827 4% $1001 to $2000 Unmet Need 760 4% $2001 to $3000 Unmet Need 711 4% $3001 to $4000 Unmet Need 615 3% $4001 to $5000 Unmet Need 744 4% $5001 to $6000 Unmet Need 802 4% $6001 to $7000 Unmet Need 880 4% $7001 to $8000 Unmet Need 701 4% $8001 to $9000 Unmet Need 623 3% $9001 to $10,000 Unmet Need 511 3% More Than $10,000 Unmet Need % Grand Total % * 5911 students with unmet need > $6K 10

11 IUPUI Need Based Aid Expansion Focus on Performance-Based Funding and Wrap-Around Aid (Supplemental Need-Based Aid) Include Ties to Student Success Support Programming Supplemental Need-Based Aid for 1. State 21 st Century Scholars (21 st Century Scholars Pledge Grant) 2. State Frank O Bannon Grant Program Higher Education Award Recipients (O Bannon Pledge Grant) 3. Pell Grant Recipients (Pell Pledge) 4. Students near graduation (Homestretch and Institutional loans) 5. Emergency grants and completion grants

12 IUPUI Institutional Gift Aid for Undergrads Undergraduate Institutional Non-Athletic Merit-based Scholarship Aid $5.97 million dollar growth from prior year 92.5% growth in funds awarded since % growth in recipients awarded since 2012 Average award of $4,458 to 5,643 recipients ($25.4 million, 72%) Undergraduate Institutional Need-based Scholarship and Grant Aid $3.67 million dollar growth from prior year 184.9% growth in funds awarded since % growth in recipients awarded since 2012 Average award of $2,134 to 4,549 recipients ($9.7 million, 28%)

13 Pledge Grant Communications Financial Aid sending letter describing IUPUI Pledge to recipients IUPUI Pledge: provide up to $2500 annually/$10k total in institutional funding as well as academic and life skills support programming Recipient Pledge: enroll full time, maintain 2.5 GPA, participate in support programming, attend early orientation Communications group with representation from Student Financial Services, Admissions, University College, 21 st Century Scholars, Orientation, etc. meeting regularly New custom website created for Pledge recipients to accept Pledge and confirm admissions acceptance Special orientation days being offered Special requirements created for sophomores, juniors, and seniors

14 Closing the Gap: One-Year Retention for Twenty First Century Scholars (TFCS) 80% 75% 70% 65% 71% 65% 74% 70% 75% 74% 74% 72% 71% 73% 73% 73% 68% 66% 75% 72% 76% 73% 60% 55% 50% 45% TFCS Not TFCS 40%

15 TFCS Institutional Aid + Programming One-Year Retention Rates 80% 70% 60% 50% 40% 30% 20% 10% 0% TFCS IUPUI Grant Recipients Retained at Any IU Campus (All Degrees) 76% (418) 75% (475) 72% (337) 64% (301) 57% (237) Participated in Peer Mentoring or Summer Bridge Did NOT Participate in Peer Mentoring or Summer Bridge 61% (194)

16 Closing the Gap: One-Year Retention Rates for African American Students 85.0% First-Time, Full-Time Beginners IUPUI Indianapolis Retained Any IU Campus 80.0% 75.0% 70.0% 65.0% 60.0% 55.0% 50.0% Overall 75.1% 73.4% 73.8% 72.7% 71.7% 74.4% 75.4% 75.5% African American 70.9% 68.8% 65.3% 66.4% 61.2% 64.9% 65.6% 73.2%

17 The IUPUI Homestretch Award Program Need-based financial aid program to incent resident students to complete bachelor s degree with a forgivable institutional loan of up to $5,000 Institutional loan is replaced by grant if student graduates as planned Student signs contract of understanding and loan promissory note In theory the additional funds permit the student to enroll full-time, possibly reduce personal work hours, and provide financial incentive for graduation Some of the students may have exhausted federal and state funding sources Funding may create an urgency to complete degree that students do not have without the incentive nudge

18 Homestretch Qualifications Target group of students meet certain criteria Fifth or sixth year of study based on first time/full time cohort year OR at/near federal student loan limits Had a minimum of 80 credits and 2.00 cumulative GPA Demonstrated financial need AFTER maximum loan offered

19 Homestretch Terms and Conditions Students awarded with offer only loan and sent correspondence of congratulations and contract Recipients required to confirm on track to graduate in 2-3 semesters with simple contract signature (no advisor signature required) Students required to accept loan offer and sign loan promissory note Funds disbursed each semester with other aid Once degree posted loan funds switched to grant funds and loan funds are automatically repaid

20 Homestretch Program Results Over last four years 349 of 557 (63%) of recipients completed undergrad degree by August in year received; even more remain enrolled and stayed on track to graduate Program is now being studied as a completion grant by Association of Public and Land-grant Universities (APLU) and Temple University through U.S. Department of Educations Institute of Education Sciences grant Results are pending but promising

21 Institutional Loan Programs Making donor-funded institutional loans available on case-by-case basis Priority to students that document in last year or semester Priority to students that have hit cumulative or annual federal loan limits Now converting institutional portion of Perkins to an institutional loan program for 18-19

22 Jaguar Completion Grants/Scholarships Limited to $1000 Application required Must have maximized loan eligibility Trying different approaches to tie program with counseling Will be expanding in Fall as part of APLU/Temple research project with randomized assignment New IUPUI faculty/staff fundraising effort

23 Aid/Services for Students Facing Financial Challenges Emergency Grant Programs in Student Financial Services and in schools Expanded approach to emergency financial aid programs to more widely advertise and normalize the fact that IUPUI student face various financial challenges Even if a student does not qualify for a particular program, we have found the counseling we can provide is effective in helping the student weigh and explore different aid options Encourage referral of students to Student Financial Services Financial Challenges website

24 Past Due Balance Counseling In the middle of semester before next semester registration cycle we work with Bursar to identify students with bills of $200+ preventing future enrollment Communication strategies (unique s and phone calls) based on seven categories: #1 Verification Group: Have not completed Federal aid verification #2 MPN or Loan Counseling Needed: Have not completed MPN or Entrance Counseling #3 Offered Loan: Have not accepted offered federal or institutional loan #4 Declined Loan: A federal or institutional loan is in declined status #5 Not Meeting SAP: SAP status is bad and appeal not approved or processed #6 Owes $200-$1000: Student could conceivably come up with relatively small past due #7 Everyone Else: Students who does not fit in the other categories

25 Raise.me

26 What is Raise.me? Raise.me is an online planning tool designed to show students the minimum amount of aid they can expect to be offered from the colleges and universities they follow by earning various micro-scholarships. The purpose of Raise.me is to help students set goals throughout their high school career, that will move them toward meeting requirements for Admission-Based Scholarships and/or institutional grants. By knowing in advance the estimated amount of institutional aid they will receive, they can better choose what college to attend and plan for education related expenses, etc. Raise.me micro-scholarships amounts are INCLUDED in ANY IUPUI institutional awards They are not separate scholarships that stack but a minimum guaranteed award amount. Raise.me is a valuable pipeline building tool for student recruitment.

27 What are micro-scholarship and what are the requirements for earning them? Micro-scholarship values usually range from $25-$750. Micro-scholarships are meant to incentify and reward students for participating in activities that will best prepare them to be successful in college. Example: Earn $120 for each AP, IB, Honors or Advanced course (up to $1,200 maximum). They can also be used to encourage students to participate in precollege activities on your campus. Example: Earn $750 for attending a summer program at IUPUI.

28 Raise.me and IUPUI IUPUI currently has approximately 30,000 followers on Raise Me. 30% Seniors 25% Juniors 25% Sophomores 20% Freshmen 55% Non-resident 30% First Generation 16% High financial need

29 Current Senior Cohort 9185 followers 3870 submitted portfolios (42%) 1954 applied for admission to IUPUI (21%) 1882 are admitted (96%) 904 submitted portfolios (46%) 128 are non-resident (7%) 503 automatically qualified with enough aid to cover AW award (56%) 401 were offered additional institutional aid to cover AW award (44%) Additional awards should serve to increase yield for fall semester

30 University Innovation Alliance 2014 initiative of President Obama Mission: increase the number of students who stay in college and graduate within six years, regardless of where they are within the socioeconomic spectrum 11 large research universities Arizona State University Iowa State University Oregon State University Ohio State University University of Central Florida University of Texas-Austin Georgia State University Michigan State University Purdue University University of California, Riverside University of Kansas

31 University Innovation Alliance UIA member institutions serve large numbers of first generation, lowincome students Lead America s efforts to regain its educational edge and increase economic opportunity and mobility Have been recognized for aggressively driving innovations to serve more students with quality programs at sustainable cost Work together to leverage strengths and maximize impact

32 Student Success Initiatives High expectations; believe every student has ability to succeed and graduate. Our job is to ensure all have an equal opportunity to do so Committed to helping students reduce time and cost of degree Help them navigate right academic path to grow knowledge, pursue passion, and discover purpose Focused on closing opportunity gaps for lower-income, first-generation, and underrepresented minority student populations

33 Student Success Initiative Create well-planned campus-wide success initiatives Encourage student-centered success strategies in departments Create continuous improvement mind-set Foster collaboration across units Mine data to assess and inform activities

34 Early Success of UIA 9/25/17 Article in Inside Higher Ed When the alliance began three years ago, the goal was to graduate an additional 68,000 undergraduates by 2025 and have at least half of those students come from low-income families. The total number of undergraduate degrees awarded by the members has increased by 9.2 percent since from 79,170 to 86,436. The alliance is expected to exceed public attainment goals, with an additional 94,000 graduates by

35 Early Success of UIA IHE article