Retention When Financial Aid Just Isnt Enough Michelle

Retention. When Financial Aid Just Isn’t Enough Michelle Standridge Sandy Neel

Common Financial Aid Issues Impacting Retention § Misconception that FAFSA will cover all costs § Lack of funding § Annual limits § Aggregate limits § Out of State students § Not completing the aid process § Verification § Incomplete FAFSA § Satisfactory Academic Progress

IPEDS Data for the 2021 Submission Percentage of First time (bachelors)students who started in fall 2019 and returned in fall 2020 66% Transfer out rate within 150% of degree time: 29% Graduation Rate (This was year is out of norm, our average is usually in 40%) 58%

First Generation

Common Misconceptions with FAFSA • • Only have to file 1 time No deadlines FAFSA is only for poor people FAFSA is only for smart people If I file FAFSA all my costs will be covered FAFSA is only loans My parents aren’t paying so I don’t have to put them on FAFSA

Common Misconceptions with FAFSA • • • Most schools negotiate aid packages If I pay a scholarship/FAFSA planner I will get more aid My EFC is what I have to pay out of pocket FAFSA is too long and confusing I haven’t filed my taxes so I can’t file my FAFSA Private schools are too expensive

LACK OF FUNDING Annual Limits: • Pell determined by FAFSA and Annual Pell Chart • State grant amounts determined by KY Legislature • KEES determined by High School GPA • Student loans start at $5500 annually for dependent students and increase by grade level • Remember we award assuming full time so drops and no shows can have a huge impact on a student’s aid and tuition balance

LACK OF FUNDING Aggregate Limits: Pell Grant maximum of 600% of degree KY State grants maximum of 4 years KEES maximum of 8 semesters Student loans aggregate borrowing of $31, 000 dependents/$57, 500 independents • Remember that withdrawals may help a GPA, they may have negative impact on a students funding • •

Challenges for Out of State Students • Not Eligible for KY state grants ($5880 total) • Many surrounding states have grant funding if students stay in state • Indiana – Frank O’Bannon Grant • - 21 st Century Scholar • - Earn Indiana • Tennessee – Tennessee Hope • - TSAC Grant • Ohio – Ohio College Opportunity Grant

VERIFICATION Spalding has contracted with KHEAA for students to complete verification. Their system and call center are very student friendly. • Students don’t log on to KHEAA in time to complete verification to know if they will have enough funding • Students never submit all required documents • Students never call KHEAA or Spalding to ask for help • Student wait until semester is over to work on verification

Missing Information Requests Spalding has automatic communications that go out on a periodic basis to notify students of errors or missing information on the FAFSA. Financial aid office is directly contacting students who have marked wrong degree or grade level. Financial aid cannot be processed until these items are corrected. • • financialaid@spalding. edu va@spalding. edu workstudy@spalding. edu bursar@spalding. edu

Satisfactory Academic Progress (SAP) Federal Aid usage requires periodic checks to determine if students using aid are making adequate progress to complete their degree. Spalding checks only once a year, at the end of the academic year. Undergraduate students must have a 2. 0 cumulative GPA and must complete 67% of their cumulative total hours attempted. They also must be on track to complete their degree within 150% of the program hours. Can appeal SAP but approval not guaranteed.

Satisfactory Academic Progress (SAP) APPEAL LETTERS Appeals for exceptions to SAP should include a well written letter explaining what happened during the year that caused the student to not make the progress and what will be different should the appeal be approved. Students are encouraged to include supporting documents such as (but not limited to): Medical documents Death Certificates Divorce Decrees Academic Success Plan

Staff – What Can We All Do To Help • Reinforce the FA office is here to help and very approachable • Just ask…have you filed your FAFSA • Help with Academic plans…if a student fails SAP, proof of meetings and study halls go a long way to show steps to improve • Work with students to ensure they are only taking courses required • Direct students to FA when they talk about withdrawing • Complete the Census/No Show each semester in a timely manner • Encourage students to use all resources when writing a SAP appeal letter (advisor, writing center, FA, etc)