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ID. ___. M O U N T. college. MASFAA CONFERENCE. 2005. A. The First Year Experience. Presented by Linda Mularczyk, Dyan Niland, Phyllis Foote, Tom King and Melissa Constantine Mount Ida College. ID. A. M O U N T. ___. college. What is First Year Experience (FYE) ?.

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  1. ID ___ M O U N T college MASFAA CONFERENCE 2005 A The First Year Experience Presented by Linda Mularczyk, Dyan Niland, Phyllis Foote, Tom King and Melissa Constantine Mount Ida College

  2. ID A M O U N T ___ college What is First Year Experience (FYE) ? A financial counseling model that provides students with the resources and support they need for a successful transition to college

  3. ID A M O U N T ___ college The FYE Involves Everyone The term FYE is used across campus Academics Residential Life Support Services Fitness and Wellness Career Services Financial Advisement Campus Activities And MANY MORE. . .

  4. ID A M O U N T ___ college Major Players for Financial Aid FYE Financial Aid Admissions Counseling Returning Students Counseling Incoming Students

  5. ID A M O U N T ___ college Why create an FYE Model ? Inform and Educate Students, Parents, Faculty and Staff Improve Student and Parent Satisfaction Relieve Stress and Doubt of Financial Affordability Lower Cohort Default Rate

  6. ID A M O U N T ___ college Strategies Involve the Whole Campus in the FYE Model Admissions, Bursar, Faculty/Staff Involvement Faculty “Alerts”

  7. ID A M O U N T ___ college When Does FYE Begin? Begins with the Initial Contact Helps the student become aware of financial aid and the application process Where do these leads come from? Inquiries Phone Calls Applications Campus Visits

  8. ID A M O U N T ___ college When does the FYE End? Ends 6 Weeks after Fall Registration of the sophomore year The key is to maintain contact with the student to keep them involved and engaged with the campus Summer contact is important Letters from the President, Deans, Academic Advisor, Financial Counselor, Registrar

  9. ID A M O U N T ___ college Implementing the FYE The Six-Phase Action Plan Month by month breakdown of initiatives and actions to move the FYE forward This touches not only the prospective student but returning students as well

  10. ID A M O U N T ___ college Sample Action Plan Items January: Update website, begin publicity for applying for financial aid February: Host Financial Aid Nights for FAFSA completion May, June, July: Facilitate financial clearance for student arrival

  11. ID A M O U N T ___ college Big Challenge Getting Admissions Involved Admissions Counselors became more proactive in the financial aid process which facilitated the Financial Aid Office in accomplishing their goals with returning students

  12. ID A M O U N T ___ college Getting Admissions Involved (cont’d) Conduct training sessions FA process, awards and alternative solutions Provide weekly status updates Missing documents, Copies of Award Letters Encouraged Admissions to provide appropriate feedback

  13. ID A M O U N T ___ college FAO Involvement Continually reviewed the Six-Phase Plan Weekly staff meetings, refined and modified as needed, assign duties within the staff, made community outreach as necessary Focused on the importance of Financial Aid with Returning Students Personal outreach to file the Renewal FAFSA and the importance of meeting deadlines Follow up with status check----missing documents Review eligibility for aid and financing options

  14. ID A M O U N T ___ college Active Initiatives Financial Aid Night Matched with an Admissions Event Held typically during HS vacation week in Massachusetts Provides help filling out the FAFSA to prospective students and parents Extended Hours One week in February the office is open until 8:00 p.m. to accommodate families who need help beyond traditional office hours Increase personalization of the process to students Provide computer access for students in our offices

  15. ID A M O U N T ___ college Active Initiatives (cont’d) Chat University FA counselors participate in online chats with prospective students, answering questions about financial aid

  16. ID A M O U N T ___ college Advertising Initiatives Advertised to Returning and Prospective students Postcards Web Posters Table Tents Banners on campus Green Channel – on campus cable posting Calls from the Admissions Call Center

  17. ID A M O U N T ___ college Counseling Techniques Focus on applying for aid - emphasize online applications Stress the importance of filing EARLY Developed a personalized tuition worksheet that itemized costs, financial aid and alternative financing solutions

  18. ID A M O U N T ___ college 2005-2006 FINANCIAL PLANNING WORK-SHEET MUSTANG SALLY November 2, 2005 EXPECTED DIRECT EXPENSES TUITION $18,500 COMPREHENSIVE/ACTIVITY FEE $ 596 ROOM AND BOARD $ 9,830 MEDICAL INSURANCE ADDITIONAL LAB FEES TOTAL EXPECTED DIRECT EXPENSES $28,926

  19. ID A M O U N T ___ college GRANTS AND SCHOLARSHIPS PELL GRANT $4,050 SEOG $1,000 MOUNT IDA COLLEGE GRANT $4,000 PRESIDENT’S MERIT AWARD $7,000 MA STATE GRANT PRIVATE SCHOLARSHIPS OTHER $2,300 $ $ TOTAL GRANTS & SCHOLARSHIPS $18,350

  20. ID A M O U N T ___ college STUDENT LOANS SUBSIDIZED STAFFORD LOAN $2625 – 3% FEE OF $79 = $2,546 $2,546 $3,500 – 3% FEE OF $105 = $3,395 $ $5,500 – 3% FEE OF $165 = $5,335 $ UNSUBSIDIZED STAFFORD LOAN $4,000 – 3% FEE OF $120 = $3,880 $5,000 – 3% FEE OF $150 = $4,850 $ $ $

  21. ID A M O U N T ___ college Variable interest rate based on credit OTHER LOANS TYPE: PLUS gross amount – 3% fee $ 8 ,030 * See below for monthly PLUS payment TYPE: SIGNATURE Total STUDENT & OTHER LOANS $ 10,576 TOTAL EXPECTED DIRECT EXPENSES LESS TOTAL EXPECTED AID $0 * PLUS approx. monthly payment @6.10% $ 95

  22. ID A M O U N T ___ college Benefits to Returning Students Added returning students into the database in January for tracking purposes Students entered the communication funnel earlier Facilitated earlier packaging Students left school in May with a clear understanding of their financial obligations for the upcoming year Smoother Registration and Check-In

  23. ID A M O U N T ___ college Outreach to Returning Students Conduct information sessions with interest groups on campus Athletics Resident Assistants---Floor Meetings Student Government TRIO – group of first generation students Classroom visits to freshman level courses

  24. ID A M O U N T ___ college Additional Outreach Classroom announcements by faculty and staff Made FAFSA instruction sheets available Continued with Admission and Financial Aid Counselor communications

  25. ID A M O U N T ___ college Goals Increase early filing and awareness of Priority Funding Deadlines Benefit to retention efforts when students file early Decreased the number of students who were not prepared for Registration and Check-In

  26. ID A M O U N T ___ college Measurement of Success Increased volume of on time FAFSA filing and web applications Once stabilization was announced the College was able to draw federal, state and alternative funding at higher levels than previous years

  27. ID A M O U N T ___ college Outcomes 5.9% increase in the spring to fall return rate 3 years of consistent increases due to the FYE model

  28. ID A M O U N T ___ college Contact Information Linda MularczykDirector of Financial Aid617-928-4099 Dyan NilandAssociate Director of Financial Aid617-928-4780 Tom King Financial Aid Counselor 617-928-4781 Phyllis Foote Financial Aid Counselor 617-928-4755 Melissa Constantine Financial Aid Counselor 617-928-4784 www.mountida.edu

  29. ID A M O U N T ___ college Questions

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