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Presented By: Shelley Monnig Cam Thies

Presented By: Shelley Monnig Cam Thies. Financial Readiness Our First Year- Lessons Learned!. Overview. History Objective New Payment Policies Financial Readiness Requirements New Payment Options Implementation What worked well Areas for Future Improvement Results. History.

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Presented By: Shelley Monnig Cam Thies

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  1. Presented By: Shelley Monnig Cam Thies Financial ReadinessOur First Year- Lessons Learned!

  2. Overview • History • Objective • New Payment Policies • Financial Readiness Requirements • New Payment Options • Implementation • What worked well • Areas for Future Improvement • Results

  3. History • Limited Payment Options • Track down students • Students began classes without payment • Hold placed on future registration • Suspended meal plans • Reactive Financial Policies

  4. Objectives • Ensure students are financially ready before beginning classes, allowing them to focus on reaching their educational goals • Increase payment options • Proactive Financial Policies

  5. New Policies • July 22- Financial Aid Paperwork Deadline- students required to have all financial aid paperwork completed to avoid removal of state and federal aid • August 2- Payment Due Date- registration cancelled for any student not considered financially ready • November 15- Any student who failed to satisfy payment arrangements will be administratively withdrawn.

  6. Financial Readiness Requirements • Admission Application Completed • Official Transcripts Received • Enrollment Deposit Paid • FAFSA Received • Institutional Aid Confirmed • Loan Paperwork Completed (if applicable) • Financial Aid Package Complete • Contract for Payment Submitted • Payment Plan set or Payment-in-full received

  7. New Payment Options • Outsourced Payment Plans • Offered Alternative Payment Plan option for those unable to sign up for extenuating circumstances • International Student Wire Plan

  8. Implementation • Communication – Campus Wide Effort • Marketing to students • Coach/Director and Admission Counselor Involvement

  9. What worked well • More payment plan options • Eagle Days – Freshman Orientation Day • Less financial aid documents received after start of semester • Office Coordination • Well informed students

  10. Areas for Future Improvement • Increase campus-wide awareness • Alternative ways of communication • Reevaluate timing of deadlines • Additional group sessions

  11. Results • August 2nd- 16% of enrolled students were not considered financially ready • August 16th- 6% of enrolled students were not considered financially ready • August 20th- cancelled 5 students; 2 of these students became financially ready and re-enrolled • 43% decrease in outstanding receivables for Fall at end of September • Currently- less than 1% of our student population is at risk of administrative withdrawal on November 15

  12. Questions?

  13. Open Discussion • What are your current payment policies? • Do you cancel a large # of students each semester? • What works best for your school? • What is not working well for your school? • How are you managing extended campus financial readiness? (Offsite locations/Online) • How are you contacting your students with important news? What has worked best?

  14. Contact Information • Cam Thies Collection Manager athies@centralmethodist.edu 660-248-6205 • Shelley Monnig Business Services Manager smonnig@centralmethodist.edu 660-248-6202

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