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RESEARCH TOOLS, TIPS, AND RESOURCES FOR FINANCIAL AID ADMINISTRATORS

RESEARCH TOOLS, TIPS, AND RESOURCES FOR FINANCIAL AID ADMINISTRATORS. PRESENTERS Mary Ann Coughlin, Springfield College, MA Bonnie Joerschke, Purdue University, IN Barry Simmons, Virginia Polytechnic Institute & State University, VA. WASFAA PRECONFERENCE WORKSHOP, APRIL 1, 2006, RENO, NV.

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RESEARCH TOOLS, TIPS, AND RESOURCES FOR FINANCIAL AID ADMINISTRATORS

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  1. RESEARCH TOOLS, TIPS, AND RESOURCES FOR FINANCIAL AID ADMINISTRATORS • PRESENTERS • Mary Ann Coughlin, Springfield College, MA • Bonnie Joerschke, Purdue University, IN • Barry Simmons, Virginia Polytechnic • Institute & State University, VA WASFAA PRECONFERENCE WORKSHOP, APRIL 1, 2006, RENO, NV

  2. INTRODUCTION AGENDA 8:00 a.m. INTRODUCTION AND GOALS 8:05 a.m. WHY CONDUCT RESEARCH 8:25 a.m. BASIC PRINCIPLES OF RESEARCH 8:45 a.m. IPEDS DEMONSTRATION 10:15 a.m. BREAK 10:30 a.m. NATIONAL /REGIONAL/STATE SOURCES 10:40 a.m. INSTITUTIONAL SOURCES 10:55 a.m. RESEARCH TOOLS 11:15 a.m. HANDS ON EXERCISES 11:50 a.m. WRAP UP

  3. GOALS • Become familiar with information on your campus, the internet, or from external sources that will help you answer questions about your aid recipients or funds. • Learn how to build comparative data. • Provide an overview of available and frequently used financial aid databases and their limitations.

  4. WHY CONDUCT RESEARCH?

  5. Why Research? • Compliance • Federal Quality Assurance Program • FISAP • Donor Relations • Defend/Support/Eliminate Programs • Program Creation*

  6. Benchmarking • Comparison group can be • Peer • Aspirational • Competitor • Predetermined • Natural • Traditional • Jurisdictional • Classification-based

  7. Program Creation Process • Determine/Goal Outcome • What do you want to do? • Why? • Target

  8. Program Creation Process • Build Conceptual Framework • Product • Delivery Channels • Interested/Impacted Parties

  9. Program Creation Process • Secure Funding • Public • Private • Creative

  10. Program Creation Process • Develop Infrastructure • Program Framework/Elements • Staffing & Space • Budget • IT Support • Communications/Publicity/Audience Buy-In • Institutional Sanction • External Sanction

  11. Program Creation Process • Implement Infrastructure • Training • Event Planning • Oversight • Adjustments • Coordination • Delivery

  12. Program Creation Process • Evaluate Infrastructure Outcomes • Formal/Informal • Internal/External • Quantitative/Qualitative • Feedback Loop – Cybernetic • Cycle • Distribution

  13. Basic Principles of Research

  14. BASIC PRINCIPLES OF RESEARCH • Descriptive Statistics** • Describes the basic features of the data • Simple summaries • Present quantitative descriptions in a manageable form • Descriptive vs. inferential statistics • Limitations: risk of distorting original data or losing important detail **Source: The Web Center for Social Research Methods, www.socialresearchmethods.net/kb/statdesc/htm

  15. DESCRIPTIVE STATISTICS • Most often used descriptive statistic is “central tendency or range” of a distribution of values: • Mean • Median • Mode • Range

  16. DEFINITIONS • Mean: the arithmetic average 30 + 80 + 30 + 90 + 30 + 100 = 360/6 = 60 • Median: The number in the middle of an ordered list 30 30 30 80 90 100 ^ • Mode: The number that occurs most often 30 • Range: The highest value minus lowest(100 – 30 = 70)

  17. DEFINITIONS • Standard deviation • Measures the dispersion of your data • Outlying values can distort the average or range of your data • Steps to calculate a standard deviation: • Compute the mean for the data set • Compute the deviation by subtracting the mean from each value • Square each individual deviation • Add up the squared deviations • Divideby one less than the sample size • Take the square root

  18. DEFINITIONS • Standard deviation (example) 30 – 60 = -30.0002 = 900.000000 30 – 60 = -30.0002 = 900.000000 30 – 60 = -30.0002 = 900.000000 80 – 60 = 20.0002 = 400.000000 90 – 60 = 30.0002 = 300.000000 100 – 60 = 40.0002 = 1600.000000 5000.000000/5 = 1000.000 = 31.623

  19. TRENDS • Cross-sectional Analysis • Snapshot of data at a single point in time • Longitudinal Analysis • Study of change in data over time • Trend analysis is the simplest type of longitudinal analysis—examines overall change over time; using the past to predict the future • Limitation: Does not tell “why or how” the changes occur

  20. CONSTANT DOLLARS • Dollars reported in terms of the value they had on a previous date. Measures data over time while controlling for changes owing to inflation. • Usually gives a clearer view of how something is performing over time. • Use Consumer Price Index (CPI) to adjust for inflation.

  21. CONSTANT DOLLARS • Consumer Price Index • Measure used to track change in prices for common household goods over time • Can be used to compare dollar amounts between years using “constant dollars” • Producedby the Bureau of Labor Statistics • www.bls.gov/cpi/

  22. CONSTANT DOLLARS • Conversion Formula: • Multiply the lst year dollar value by a factor whose numerator is the average annual CPI of the 2nd year and whose denominator is the average annual CPS of the lst year. OR - Use the CPI inflation calculator developed by the BLS; automates the calculation and illustrates the process of inflating and deflating dollar amounts from year to year. www.bls.gov/cpi/

  23. CPI INFLATION CALCULATOR

  24. IPEDSTHE INTEGRATED POSTSECONDARY EDUCATION DATA SYSTEM

  25. BREAK

  26. NATIONAL/REGIONAL/STATE SOURCES

  27. NATIONAL/REGIONAL/STATE SOURCES • Common Data Set – CDS • Tom Mortenson Pell Report Card • CPS Sample • State and Other

  28. NATIONAL/REGIONAL/STATE SOURCES--CDS

  29. NATIONAL/REGIONAL/STATE SOURCES--CDS • 40 pages • 10 sections • 8 pages instructions

  30. NATIONAL/REGIONAL/STATE SOURCES--CDS • A General Info • B Enrollment Data • C First Time Freshmen • D Transfer Activity • E Academic Offerings • F Student Life • G Expenses • H Financial Aid • I Faculty/Class Size • J Degrees Conferred

  31. NATIONAL/REGIONAL/STATE SOURCES--CDS H. FINANCIAL AID • Please refer to the following financial aid definitions when completing Section H. • Awarded aid: The dollar amounts offered to financial aid applicants. • Financial aid applicant:Any applicant who submits any one of the institutionally required financial aid applications/forms, such as the FAFSA. • Indebtedness:Aggregate dollar amount borrowed through any loan programs (federal, state, subsidized, unsubsidized, private, etc.; excluding parent loans) while the student was enrolled at an institution. Student loans co-signed by a parent are assumed to be the responsibility of the student and should be included. • Institutional and external funds: Endowment, alumni, or external monies for which the institution determines the recipient or the dollar amount awarded.

  32. NATIONAL/REGIONAL/STATE SOURCES--CDS • Financial need: • As determined by your institution using the federal methodology and/or your institution's own standards. • Need-based aid: • College-funded or college-administered award from institutional, state, federal, or other sources for which a student must have financial need to qualify. This includes both institutional and non-institutional student aid (grants, jobs, and loans).

  33. NATIONAL/REGIONAL/STATE SOURCES--CDS • Need-based scholarship or grant aid: • Scholarships and grants from institutional, state, federal, or other sources for which a student must have financial need to qualify. • Need-based self-help aid: • Loans and jobs from institutional, state, federal, or other sources for which a student must demonstrate financial need to qualify.

  34. NATIONAL/REGIONAL/STATE SOURCES--CDS • Non-need-based scholarship or grant aid: • Scholarships and grants, gifts, or merit-based aid from institutional, state, federal, or other sources (including unrestricted funds or gifts and endowment income) awarded solely on the basis of academic achievement, merit, or any other non-need-based reason. When reporting questions H1 and H2, non-need-based aid that is used to meet need should be counted as need-based aid.

  35. NATIONAL/REGIONAL/STATE SOURCES--CDS • Note: Suggested order of precedence for counting non-need money as need-based: • Non-need institutional grants • Non-need tuition waivers • Non-need athletic awards • Non-need federal grants • Non-need state grants • Non-need outside grants • Non-need student loans • Non-need parent loans • Non-need work

  36. NATIONAL/REGIONAL/STATE SOURCES--CDS • Non-need-based self-help aid: • Loans and jobs from institutional, state, or other sources for which a student need not demonstrate financial need to qualify. • Scholarships/grants from external sources: • Monies received from outside (private) sources that the student brings with them (e.g., Kiwanis, National Merit scholarships). The institution may process paperwork to receive the dollars, but it has no role in determining the recipient or the dollar amount awarded. • Work study and employment: • Federal and state work study aid, and any employment packaged by your institution in financial aid awards.

  37. NATIONAL/REGIONAL/STATE SOURCES • Mortenson Pell sample data set to be inserted

  38. NATIONAL/REGIONAL/STATE SOURCES • Tom Mortenson Pell Report Card

  39. NATIONAL/REGIONAL/STATE SOURCES • CPS draws a sample of applicants quarterly for qc and research purposes

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