Strategy/Project Name:
Expanding Financial Literacy
Momentum Area:
Data & Communications
Strategy/Project Description:
Educate incoming and continuing students on financial literacy. This includes campus activities regarding understanding the FAFSA, financial aid processing, reviewing student accounts, balancing a budget, and making healthy fiscal decisions. These activities are in collaboration with the Center for Student Success and Retention and Housing & Residence Life
Activity Status:
Evaluation/Assessment plan:
The SSU Student Financial Service team (Bursar Office & Office of Financial Aid) will deliver a strategic plan for educating the incoming class regarding financial literacy to reduce the number of students on the cancellation for non-payment list at payment deadline. The team will work with FYE courses and the Division of Enrollment Management to implement a plan for student and parent engagement.
KPIs/ Goal:
- 80% of students that attended the FYE course will complete their upcoming year FAFSA by February 1.
- 75% of students that attend New Student Orientation (NSO) will have completed their upcoming year’s FAFSA, completing documents or external scholarships letters to the Student Financial Services team by their NSO session.
- 40% of the incoming student population will be engaged in RAFTr (social media platform).
- 80% of the incoming class will have their balance satisfied by the first Fall payment deadline.
Progress and Adjustments:
Academic Year 2023-2024
- The Financial Aid Office attended all FYE Fall 2023 courses to speak with the first-year students regarding aspects of financial literacy, including when to complete the upcoming year FAFSA. This activity yielded 100% completion rate of completing FAFSA by Feb 1, 2024.
- Out of the students that attended New Student Orientation (NSO) 2023 sessions, 88% completed their FAFSA prior to their respective NSO session.
- For Fall 2023, we do not have engagement data because engagement statistics started Spring 2024.
- 60% of the incoming class had their balances satisfied by the Fall 2023 payment deadline of July 21, 2023. We plan to hire 2 consultants to assist with Fall 2024 financial aid processing.
Academic Year 2024-2025
- The Financial Aid & Registrar’s Offices attended all FYE courses in September to speak with the first-year students regarding aspects of financial literacy, including when to complete the upcoming year FAFSA. Assessment will be conducted on February 2, 2025 to evaluate how many Fall 2024 first year students completed the 2025-2026 FAFSA.
- Out of the students that attended New Student Orientation (NSO) 2024 sessions, 85% completed their FAFSA prior to their respective NSO session.
- 14% of incoming students engaged in RAFTr. Students and parents were emailed an invitation to join RAFTr.
- 44% of the incoming class had their balances satisfied by the Fall 2024 payment deadline of August 9, 2024. SSU requested a cancellation extension due to the 2425 FAFSA delays to September 6, 2024. Based upon Fall 2023 results, we hired 2 consultants to assist with Fall 2024 financial aid processing. 100% incoming class had their balances satisfied by the new Fall 2024 payment deadline of September 6, 2024
Plan for the Year Ahead:
- The Financial Aid Office will attend all FYE courses in October once the new FAFSA opens to speak with the first-year students regarding aspects of financial literacy, including when to complete the upcoming year FAFSA. A coordination with the FYE coordinator will occur to re-align the course module to accommodate this in October.
- The Financial Aid Office will host virtual question and answer workshops with the incoming class regarding financial aid questions specifically targeting the new FAFSA. The recording of one or more of the workshops will be used to cultivate a strategic plan for communicating to the students that could not attend these students so that all incoming students will be educated prior to their NSO session. The Bursar's Office will create educational videos that explain the student account, payment deadline, and how your financial aid changes affect the student account. The Bursar team will work with SSU's Marketing and Student Affairs teams to advertise the education video series prior to NSO sessions.
- SSU will work with IT Services to automate the Banner to RAFTr portal interface to sync incoming student data and automatically load all students into the portal to make introduction to the portal easier. Cross departmental initiatives will be developed throughout Enrollment Management and Student Affairs for a more engaging student experience.
- During New Student Orientation (NSO) 2025 sessions, the Financial Services team will conduct personalized one-on-one appointments to discuss each student's financial plan for paying for college so that students will have their balances satisfied by the first Fall payment deadline. Collaborate with Admissions to include presentation at NSO regarding meeting the payment deadline.
Challenges and Support:
- Staffing structure to support one-on-one personal customer service touch points prior to NSO sessions and payment deadline affected KPI #2 and KPI#4.
- Communication and Marketing plans over the summer when students may no longer be as engaged in university business
Contact email:
Primary Contact:
Rebecca Phillips
