Professional Memo



| | |

| |Financial Aid Office |

Memo

To: Roger Miller, Dennis Bertch, Meily Lightcap, Michael McCall, Steve Doherty, Carol Heeter, Makida Coulter, Mike Collins, Erick Martin, Laura Cosby, Rick Garthe, Lauren Beresford, Ashley Zelner

From: Sue Newington

CC: Institutional Effectiveness Council, Nancy Young (Archives)

Date: 11/17/2014

Re: Financial Aid Advisory Council Minutes – October 9, 2014

Present: Miller, Cosby, McCall, Doherty, Lightcap, Collins, Zelner, Newington

Absent: Bertch, Martin, Coulter, Beresford, Heeter, Garthe

Approval of Minutes Minutes from October 13, 2013 were approved as submitted.

Welcome and Introductions

Membership

Miller distributed an updated listing of Council membership. He welcomed Ashley Zelner to our council as our student representative.

Financial Aid Advisory Council Charge

Miller distributed a copy of the Financial Aid Advisory council’s charge, as described in the KVCC Governance/Communications Manual and encouraged by the Department of Education Administrative Capability rules.

Old Business

Federal Title IV Program Review - September 3-6, 1996 Update

Miller reported this program review is still outstanding.

Federal Title IV Program Review – May 19-22, 2014 Update

Miller reported we are waiting on the summary report from this recent program review. The review team sited deficiencies with our Drug & Alcohol Abuse Prevention Program. These deficiencies have been addressed and submitted to the Department.

National Student Clearinghouse Update

McCall reported that enrollment records should be sent today to the National Student Clearing House. There were issues regarding “missing data”, and it took time to resolve these issues.

HigherOne Update

Lightcap distributed a disbursement summary comparing the last 4 years in regards to number of students who received a refund and the total dollar amount received each semester. A question was asked regarding the number of students who requested a “quick check”. It doesn’t appear many students requested their refund this way. This will be a topic at the next advisory meeting.

Faculty Seminar Days – Presentation

Miller thanked Rick Garthe for getting him on the agenda for Faculty Seminar Days to discuss ECARs, attendance monitoring, bad debt, and high default rate. There were two sessions. Those in attendance had a lively discussion. This prompted an invitation to address these topics at a Leadership Council meeting

2011 3-Year Cohort Default Rate

Miller distributed summary chart showing our 3-Year Cohort Default rate, which is at 32% for 2011. Since our last meeting in April, 2014, many things have developed: Default Management Task Force, RFP was released which resulted in signing a contract with Inceptia to provide default management services to our post-school student loan borrowers, we developed an In-School Team to look at what we can do during the in-school stage of the loan cycle to improve “responsible” borrowing. On September 30, the door closed on the 2012 cohort. We’re hoping the effort we extended and the number of days we’ve had Inceptia on board will be enough to lower our 2012 CDR below 30%. We’ll know in mid-February when the “draft” 2012 CDR’s are released.

New Business

Satisfactory Academic Progress Update – Winter and Summer 2014

Newington distributed the winter and summer semester Satisfactory Academic Progress summary reports. Cosby mentioned the College is reviewing a draft for a college policy regarding probation. This draft will be shared at the next meeting.

Newington reported students who were on suspension and had submitted an appeal, were given a tuition delay to hold their next semester’s classes giving financial aid staff time to review their appeal.

2014/2015 Financial Aid Update

Newington distributed a copy of the Financial Aid Office Terms and Conditions which all students receiving financial aid are required to read and accept through their My Valley account. The front page reflects the changes that were new to financial aid students for 2014/2015. There were three major changes: 1) The Financial Aid Office established a “freeze date” for Pell Grant awards. For fall semester this was September 19, 2014. This meant the students’ enrollment was frozen as of this date. Any enrollment adjustments, increase or decrease, their Pell Grant would not be adjusted , 2) Cost of attendance budgets will be decreased if student is not enrolled full-time. This may decrease loan eligibility. 3) Pell Grants and TIP awards are determined on credit hours, not contact hours.

Scholarship Update Newington reported that she had not yet received a listing from Louise Anderson regarding funding availability for the KVCC Foundation-Sponsored scholarships. These scholarships are usually promoted in October for the fall semester.

KVCC Foundation Funding 2014/2015

Miller reported the KVCC Foundation approved $325,000 to award scholarships to students through the KVCC Foundation Assistance fund for 2014/2015.This was a $25,000 increase from 2013/2014. Miller thanked Steve Doherty for all his efforts with the KVCC Foundation Board to allow the Financial Aid Office to continue receiving funding for students. Having these funds available to assist students is not only beneficial to the students, but also to financial aid advisors who are meeting with students to discuss financial aid options. Newington reported the majority of our funding this year has already been exhausted due to the high number of contact hours students were enrolled in, and who did not have adequate other financial aid funds to cover the additional costs.

Independent Audit (A-133) 2014/2015

Miller reported the A-133 audit was finished by Plante and Moran, and there is no sense of any findings in the Financial Aid Office.

Constitution Day Compliance 2014

Miller reported that colleges are required to recognize Constitution Day on an annual basis. This observance day is always scheduled for September 17 but may be earlier or later if this day falls on a weekend. Miller gave kudos to Dennis Bertch for coordinating activities in support of this requirement. Activities were scheduled at AWH as well as on the TTC.

2014/2015 FISAP

Miller reported the FISAP was submitted on September 30, 2014. He gave kudos to Meily for her part in getting this submitted by the October 1 deadline date. If needed, a FISAP edit is due by December 15.

Other

Agenda Items Next Meeting Miller asked for any agenda items for next meeting be submitted to himself or Newington. He asked that the following be placed on the agenda for the next meeting:

College’s Academic Probation Policy Update

Higher One Cards being mailed

Impact of contact hours on our unrestricted funding

Next Meetings

Thursday, December 11, 2014 – room 5740

Thursday, February 12, 2015 – room 4380

Thursday, April 9, 2015 – room 4380

(all meetings will start at 3:00 pm)

Meeting Adjourned

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download