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Collaboration Strategies for Financial Aid and Development Offices

Discover effective collaboration techniques between financial aid and development offices presented at the 2012 CASFAA Annual Conference. Kay Soltis from Pacific Lutheran University and Jack Edwards from Stanford Graduate School of Business outline the roles and challenges faced by both offices, discussing strategies to enhance communication, coordinate scholarship funding, and ensure timely award disbursement. The session emphasizes the importance of understanding student needs, eligibility criteria, and fostering relationships with donors for successful financial aid management.

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Collaboration Strategies for Financial Aid and Development Offices

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  1. Collaborating With Your Development Office Presented By: Kay Soltis, Director of Financial Aid Pacific Lutheran University Jack Edwards, Director of Financial Aid Stanford, Graduate School of Business 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  2. Agenda • School Profiles • Financial Aid Office Role • Development Office Role • Challenges • Efforts • Questions and Answers 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  3. Pacific Lutheran University • Undergraduate and graduate liberal arts institution • 122 year old institution established by Scandinavian immigrants • Need blind admission • 4-1-4 = Fall, J term, Spring • Summer leader 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  4. PLU Profile • Enrollment 3500 (3476), 200 graduates and approximately 250 in study away programs on every continent in the world • Institutional financial aid budget of $43,465,000 and total financial aid administered $85,000,000 • 98% receive some form of financial aid • 85% receive "need-based" aid 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  5. Stanford, Graduate School of Business Private Graduate Professional Business School 3 Academic Programs MBA – 2 year program MSM – 1 year program PhD – 4 – 5 year program Admissions is Need Blind 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  6. GSB Profile Enrollment MBA = 820 fulltime students MSM = 81 fulltime students PhD = 104 fulltime students 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  7. GSB Profile Fellowship Funding - $18,000,000 annually through 380 Endowed and Expendable Funds, total financial aid administered, $39,000,000 MBA Students: 55% - 60% MSM Students: Not Available PhD Students: Full COA 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  8. Responsible for assisting in administering endowed/restricted aid • Coordinate with the Business Office each year (usually prior to year end) to determine the dollars available for each fund • Identify students meeting the criteria of individual scholarships PLU Financial Aid Office Role 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  9. PLU Financial Aid Office Role • If departmental scholarship, coordinate with the department to identify eligible students • If selected by a departmental committee identify if the student is qualified (along with need-based aid) • Coordinate to notify the student recipients - some departments choose to send separate notifications 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  10. PLU Financial Aid Office Role • If Financial Aid Office identified the recipient notify department allowing them to notify the student recipient. • Award individual scholarships and send a revised "Offer of Financial Aid" and send information to the recipient of a "Thank You" note to the donor • Log requirement of a "Thank You" note into our FAMS 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  11. PLU Development Office Role • Work with the Financial Aid Office staff to obtain input when generating new scholarships • Provide donor profile and scholarship criteria, including renewability criteria • Obtain notification of recipients by fund to ensure funds are awarded in a timely manner • Notify donors of the recipients of their scholarships 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  12. PLU Development Office Role • Coordinate the receipt of "Thank You" notes from recipients • Update the Financial Aid FAMS • Work with the Financial Aid Office when a Development Officer meets with a donor to obtain as much information as possible • Coordinate to obtain reports from the FAMS - working together to get the best information to the recipient, department and the donor. 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  13. Know who my students are • Understanding Need vs. Merit • Determine eligibility and award funding • Reports • Open Communications • Be Available • Meeting with Development • Directors Meeting • Staff Meetings GSB Financial Aid Office Role 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  14. GSB Development Office Role • Work directly with donors • Coordinate Thank you letters • Consult with Financial Aid First • Be Open to a No answer • Open Communications 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  15. PLU Challenges • Identifying funds available for new award year • Getting awards done timely, ideally in the initial award - rather than as a revision, eliminates the perception of "no benefit to the student" • Encouraging students to generate "Thank You" notes 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  16. Working closely with our Business Office to obtain funds availability as soon as possible after the institutional audit • Generating administrative reports and providing access to Development staff • Working with Development to assist when issues arise in obtaining recipients, communicate with donors • Meeting once a month or every six weeks to touch base -- communications PLU's Efforts 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  17. GSB Challenges • Short window for matching process • Getting students to complete To Do’s in a timely manner • Finding the right match for donor funding • Coordinating matching process 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  18. GSB Efforts • Looking at using an external program for matching fellowship funds 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

  19. Q&A 2012 CASFAA Annual Conference December 8 – 11, 2012 Anaheim, CA CASFAA Annual Conference

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