PowerPoint Presentation

WANTED: to GraduateFinancial AidsRole in Retention

2013 RMASFAA Training CommitteeHELP!IntroductionYou (RMASFAA members) voted for it (RMASFAA blog); we (RMASFAA Training Committee) presented on it!

THANK YOU for your participation!

2013 Training CommitteeReason we are having this presentation: b/c it was the topic chosen by RMASFAA members on the RMASFAA blog on what topic they wanted a presentation on. First time the presentation topic has been chosen in this manner (by the members!). Discuss not experts just discussing available information along w/ the audiences thoughts (at the end). DMCI = Diversity, Multi-Cultural Initiatives2Why do Students Withdraw?Students who are undecided or who have a less job specific major are more likely to drop out** Source: Harvard. (2011)Unable to BalanceFamilyLOSTIllnessGPALifeJobLife happens, you get sick, family member gets sick, have a baby (or your girlfriends sister had a baby), great job offer, became too muchEmbarrassment to ask for helpInability to cope with the demands of coursework, studying, a family and jobCost of going to college really worth the time and effort in school and out of the workforce?

3Why Should Financial Aid Offices be Concerned?Movement to tie state funds to graduation rates or other performance indicators

* Source: NCSL. (2012)

Aside from the obvious because they are our students and we want them to succeed.Retention can impact institutions funding. Performance indicators are based on retaining the student.Course completion, time to degree, transfer rates, number of degrees awarded, number of low-income & minority graduates

4FAO Concern: Graduation RatesThree-Year Graduation Rates for Associate Students

RMASFAA StatesColorado: 39.3%Kansas: 34.4%Montana: 24.4%Nebraska: 30.3%N. Dakota: 37%S. Dakota: 60.7%Utah: 36.4%Wyoming: 53.9%U.S. Average: 29.2%

Total Public and Private (2009)Source: NCES, IPEDS Graduation Rate SurveySix-Year Graduation Rates of Bachelors Students

RMASFAA StatesColorado: 53.3%Kansas: 53.2%Montana: 45.2%Nebraska: 55.1%N. Dakota: 46.9%S. Dakota: 44.8%Utah: 51.5%Wyoming: 55.4%U.S. Average: 55.5%

NOTE: On BA students, no RMASFAA state is above U.S. Average5FAO Concern: Student Pipeline Rates 9th Grade to College GradTotal Public and Private, Two-Year and Four-Year (2008)

RMASFAA StatesColorado: 22.2%Kansas: 22.0%Montana: 16.1%Nebraska: 24.9%N. Dakota: 24.6%S. Dakota: 29.5%Utah: 20.8%Wyoming: 25.5%U.S. Average: 20.5%

% of 9th graders who graduate from HS on time, go directly to college, return for 2nd year and grad w/in 150% of program timeThis isnt just about traditional students either.Students generally identified as non-traditional also possess personal characteristics that increase the likelihood of withdrawal. These students tend to be older, classified as independent, enrolled part time, working more hours, and those who did not attend college immediately after high school (U.S. Department of Education, 2002, p. 12)6FAO Concern: Default RateBorrowers who do not graduate default on their loans at a higher rate than those do.

The average default rate for those borrowers with no degree is more than 4 X the rate for those with a Bachelors degree*

Loan default = no Title IV, bad credit reports, collection agency contact, IRS income tax offset, negative impacts on ability to get jobs

* Source: Nguyen, M. (2012)The background descriptors for students likely to withdraw are strikingly similar to those characteristics of borrowers likely to default. Bowen, Chingos, and McPherson (2009) found that students from low income families with less-educated parents are consistently less likely to graduate from college (p. 46). Their study also showed that men are less likely to graduate than women, with black and Hispanic males having the lowest graduation rates. These students appear to withdraw from postsecondary education as step number one, and then default on their education loans as step number two. 7Retention ProblemsvsFinancial Aid Solutions

The MONEY IssueStating financial reasons on withdrawal surveys might be easier than listing more personal or difficult reasons.Degrees of dissatisfaction and satisfaction (the latter involving esteem, relationships, etc.) are the real drivers/influencers to re-enrollment behavior. *Financial aid or cost are much more important for first purchase than repurchase decisions. *

* Source: Scannell, J. (2011)The MONEY Issue??It is really easy to say Im withdrawing from school because of money. Maybe you didnt do well enough last semester so your parents cut you off you are leaving school to get a job but it is because of money.Create and institute the usage of exit surveys to define, measure, and understand (Ackerman & Schibrowsky, 2007, p. 318) students who withdraw prior to graduation. Identify similarities among students who depart college early and current students who may be at high risk of withdrawal.9Financial issues may be more of a tipping point when students are already concerned with:Academic performanceCampus relationshipsFamily issuesWork situationsAssuming is always the main driver to improved retention rates is not enough* Source: Scannell, J. (2011)

The MONEY Issue??VS.4.0 GPA0 EFCHigher performing students are more likely to transfer out regardless of a financial aid package. *Thus college cost is not a variable in student selection process for higher performing students.** Source: Herzog. (2008)The MONEY Issue??In factGiving more money to high performing students wont make a difference.When you have enough money, you go wherever you want (same if you have enough brains).11Increasing financial aid packages creates only modest improvements in retention

A $1,000 increase in gift aid results in a 2-4% increase in student retention on average.*

Is a marginal benefitworth a large-scaleand costly expansion?* Source: Crockett, K, Heffron, M., & Schneider, M. (2011)

The MONEY IssueYou dont need to give EVERYONE more money. It isnt ALL about the money but money does have a part in it.Challenge: Identify more cost-effective forms of aid vs. targeting aid programs more effectively

12The MONEY IssueCollege is expensive

Cost of living has continued to go up

Families may plan for year one, but not for later years

Parent unable/unwilling to help

Cost of college has gone up 2x the inflation rate; average 5-8% per year

13Many families experiencing catastrophic financial situationsMore PLUS loans being denied*Previously looked at whether applicant had an adverse credit history for an account in the past 90 daysNow looks for delinquent accounts during last 5 years Foreclosures, bankruptcies, wage garnishments, repossessions, tax liens, past due payments.

* Source: Vergakis, B. (2013)The MONEY Issue14Use endowed funds to respond to increased need among returning students instead of only targeting to academic success Academically successful students are more likely to be retained anyways** Source: Scannell, J. (2011)Create grant programs with set criteria so new and continuing students can see stabilityHave funds that can be used on a case by case basis to holistically assess need and retentionThe MONEY IssueIn the financial aid office, strategies include revising the underlying philosophy behind packaging student aid, such as focusing on grants for the first years or removing loans entirely.

Target your money.15Colorado State University Recipient of the Educational Policy Institutes 2011 Outstanding Student Retention Program awardCommitment to ColoradoPromises grant funds at least equal to the amount of annual tuition and fees for Pell grant eligible CO residentsPromises grant funds equal to half the amount of annual tuition for CO resident students whose families earn COs median household income or lessMore information: http://www.sfs.colostate.edu/commitment-to-colorado Student Support GrantHolistic grant that helps students in financial need nearing graduation stay in school. Amount of grant is different for each student and based on multiple factors determined by the financial aid counselor.

The MONEY IssuePart of CSUs program that was recognized with the award was due to addressing student financial concerns through Commitment to Colorado and SSG. SSG does have guidelines and maximums but amount and if student is eligible is determined by discussion w/ counselor16Do a cost/benefit analysis

Identify which populations are most at risk financially. Where do breakpoints occur at various levels of unmet need?* Source: Scannell, J. (2011)The MONEY IssueIn chart: what is the cost/benefit to close the gap for the 182 students (156 + 19 +7) w/ $15000+ in unmet need to improve their 37.4% retention rate to term 3. College would need to decide how many additional students would need to be retained from that group to make it an economically sound investment.17Retention ProblemsvsFinancial Aid Solutions

The OTHER IssuesThe REMEDIAL IssueStudents not ready academically for college, put in remedial classes** Source: Elliott, S. (2013)** Source: Complete College America. (2013)

>50% of students entering 2 yr colleges and almost 20% of those entering 4 yr colleges are placed in remedial classes.**

Drains money intended to pay for college courses

Students may go into debt over these courses

Reduces students chances of success in college19The evidence is clear very few students who have this cycle ever graduate from an institution of higher education** Source: Elliott, S. (2013) ** Source: U.S. Dept. of Education (2002) According to ED, students who are more likely to withdraw are:**Students who take any remedial courseStudents with a GPA below 2.75The REMEDIAL Issue

Cycle refers to use of financial aid or going into debt to pay for remedial courses. Debt with no credit toward degree.

State of Indiana looking to reduce # of students who start college in remedial classes and direct them into free programs sponsored by the state instead of enrolling in college and having finaid pay for remedial classes. Indianas proposed bill states students must pass state exams or would no longer be eligible for state grants, scholarships or aid beginning fall 2014.

Academic preparation for college, measured in terms of high school grades and standardized test scores, is a critical determinant of students first-year academic performance in higher education: Satisfactory academic performance is an essential variable for students to persist through college and on to graduation (Allen, Robbins, Casillas, & Oh, 2008, p.662). Not just a remedial issue but a SAP issue.20Providing additional in-person counseling

Requiring that certain steps in the financial aid process be completed in person.

Require loan counseling for any student whose grade point average falls below a certain point. The ACADEMIC IssueNot leaving until you ask me a question.Summarize what we just talked about.Group vs. individualThe University of Texas at Austin requires students to receive counseling if they fail any course (Herr and Burt, 2005, p. 44). This obligation is an early intervention to inform students of how their current academic performance will impact their future financial aid eligibility and the potential consequences, such as default.Notifying at-risk students of specific SAP requirements in advance. Reduce the risk of students leaving due to financial aid exclusion

21The IDENTITY IssueRetention requires a degree of connection between student and institution

Students who experienced lower social and academic integration into campus life during their first year of postsecondary education were more likely than others to leave within 3 years*

Students are at higher risk of withdrawal if they begin attending higher education during any semester other than fall*

* Source: U.S. Dept. of Education (2002) Withdrawal is failure to make that connection.

Student withdrawal from higher education is not concentrated in any one semester but instead occurs at all grade levels. In one study, 44 percent of withdrawals took place after the second year (Bowen, et al., 2009, p. 35). Singell and Waddell (2010) found that withdrawals most frequently occur during the transition from spring semester to fall semester (p. 569). Students have no reason to stay, waiting for something/someone to grab their attention.

22Enhancing connections between financial aid office with academic faculty, advisors, and advocacy offices

Let other offices know that the financial aid office may have solutionsOffer presentations to faculty groups and departments

Allow others to report students they are concerned about (financial reasons).Assign a financial aid counselor liaison for each department on campus Communication can be initiated by either office

The IDENTITY Issue

Students may not want to talk to finaid office out of embarrassment, long lines, lack of knowledge, etc. Letting an instructor or TA let the finaid office know that student is having financial concerns could keep the student here.Ackerman and Schibrowsky (2007) recommend staff getting to know students individually rather than as a number, administrators showing students that the institution cares about their personal success, and faculty building relationships by earning students trust. A retention attitude means increasing communication across campus concerning changes in students enrollment status, academic progress, attendance, and payment (U.S. Department of Education, 2010, p. 3). Know their name, their story.Notice them, talk to them. Dont just send them on their way.Starfish.Culvers7:30 breakfast group

23Only 26% of 1st Gen students who graduated from high school and enrolled in college, earned a BA within 8 yrs of enrollment (68%)** Source: Musslewhite & Reeve, (2012)Nationally,1st Gen students less likely to attend & persist in college*47% vs. 85% enroll in college

Underrepresented at 4 year institutions at 34%

Only 12% will earn a BA

The NEWBIE Issue1st gen def = neither parent has BA. 47% of 1st Gen enroll, 85% non-1st gen enroll. Compared to 68% of non-1st Gen is similar situation.24Additional diversity amongst these students*Low income and more likely to be from the lowest income quartile

Age

Level of parent education (none above Associates)

Minority; more likely to be Black or Hispanic

* Source: Musslewhite & Reeve, (2012)The NEWBIE Issue

Sequestration*Federal college access programs such as TRIO and GEAR UP decreasedHispanic-serving institutions expected to lose about 5% of funding dedicated to developing these institutionsLittle Big Horn College in MT is already discussing ways to soften the blow of cuts in grant funding, any of which could indirectly impact retentionHistorically black colleges will be impacted by a reduction in funding which is used to fund student services, faculty & staff development, facilities improvements and recruitment efforts which impact retention.Tribal colleges and universities, Hispanic-serving institutions and historically black colleges and university have even more to contend with than the average school with cuts from the separate federal grant funding they rely on to operate.* Source: Domonell, K. (2013)Are financial aid staff equipped to work with all populations? Are we trained to understand cultural uniqueness so that we can respond appropriately?Are school administrators educated to understand the special challenges minority students encounter?

25Participation in Pre-Collegiate & Bridging Programs (TRIO programs)Upward Bound, Talent Search, Black Issues Forum, Lorenzo de Zavala session, etc At CSU a $2,500 annual Partnership Award (renewable) is awarded to incoming freshman who have participated in one of the above mentioned programsThese types of programs are shown to work for First Generation & minority populations

The NEWBIE IssueThese types of programs work for 1st Gen/minority populations. CSU Partnership is renewable for 4 yrs provided reqs met.

Students and families with the least knowledge on college and associated costsEncourage first generation college students to participate in Higher Ed and to promote diversity in student populationAdditional funding aids in retention of this group

26Colorado State University First Generation Award$4,000 per year, renewable up to 5 yearsStudents parents must NOT have received a bachelors degreeMust demonstrate financial needMust demonstrate potential for academic success

Outreach and Support Programs DepartmentProvides University connectionThe NEWBIE IssueCSU First Gen award is an application process with a due date of Mar 1st for new incoming freshmen or transfer students. Must be CO RESDepartment and staff who run First Gen program know all students by name and track them very carefully, have connection with them27Colorado State University (CSU)Recipient of the Educational Policy Institutes 2011 Outstanding Student Retention Program awardCommitment to ColoradoPromises grant funds at least equal to the amount of annual tuition and fees for Pell grant eligible CO residentsPromises grant funds equal to half the amount of annual tuition for CO resident students whose families earn COs median household income or lessMore information: http://www.sfs.colostate.edu/commitment-to-colorado Student Support GrantHolistic grant that helps students in financial need nearing graduation stay in school. Amount of grant is different for each student and based on multiple factors determined by the financial aid counselor.

The NEWBIE IssuePart of CSUs program that was recognized with the award was due to addressing student financial concerns through Commitment to Colorado and SSG. SSG does have guidelines and maximums but amount and if student is eligible is determined by discussion w/ counselor28Social media/networking for financial aid outreachThe COMMUNICATION IssueEverybodys doing it. Set up a Facebook page or a Twitter account to get the word out to these Millennials and Social Media-friendly parents

Have schools main Social Media site (official) send out status reports and tweets of important financial aid events and deadlines Have the main site share your pages status updatesMaking student contacts through various mediaIncreasing opportunities for communication, expanding access to informationParents more in touch with social media these days29

CSU Warner College of Natural Resources, Social Media Case StudyWhat has worked: Unique photosStories/posts about student, alumni & facultyCross promotingBeing a good friend (responding/liking to posts on page, tagging other campus departments)Like ads Generally $10/wk or $350 lifetime

Less successful: Open ended questionsExternal newsVideosPosting more than 1-2 times a day, 7 days/wk

The COMMUNICATION IssueLike ads on the right side of FB page. Talk about the weather, post photos; WCNR paid $50 Jan 1-10, result 64 new page likes ($0.78/like), 30Enhancing connections between financial aid office with academic faculty, advisors, and advocacy officesLet other offices know that the financial aid office may have solutionsAllow others to report students they are concerned about (financial reasons).Offer presentations to faculty groups and departmentsAssign a financial aid counselor liaison for each department on campus Communication can be initiated by either officeThe COMMUNICATION IssueStudents may not want to talk to finaid office out of embarrassment, long lines, lack of knowledge, etc. Letting an instructor or TA let the finaid office know that student is having financial concerns could keep the student here.31Lack of student and family knowledge of financial aid programs and the financial aid office

A 2012 report states that:

College students are generally mentored by their parents and ignore experts (especially online experts).** Source: Millennial Branding & StudentAdvisor.com, (2012)The IGNORANCE IssueIf family doesnt know about finaid, less likely the student will and less likely to seek help from finaid office as they view parents as mentor.32Start early! Educate!

Increasing outreach to middle schools for family financial planning

More financially ready students & families

The IGNORANCE Issuebeginning the flow of information before students enroll and continuing it through the start of loan repayment. Tie academics to money.Off campus, postsecondary institutions should work with K-12 education systems, parents, and the surrounding community to raise expectations of pursuing and achieving a college degree.Before students even arrive on campus, they should feel the effects of retention strategies. Success in higher education begins with an expectation of success (U.S. Department of Education, 2002, p. 19), and postsecondary schools can help instill the goal of graduating from college. Postsecondary institutions should be visible sources of information in the K-12 education system, in intervention programs such as GEAR UP, in college and career fairs, in PTA groups, in parents workplaces, and in the community (U.S. Department of Education, 2000, pp. 12-20). Viewing college as the next educational step raises students own expectations that they will attend higher education and graduate.33Financial literacy campaign for new and continuing studentsClassroom workshops

On-line programs

Publications

Emails

The IGNORANCE IssueRequire completion of an annual program

Peer-to-peer counseling/presenting

Students w/ lower GPA and withdraws have an increased risk of dropping out. Intervene early with a financial literacy program to try to retain student and avoid consequences of not completing a degree.

Other financial literacy efforts should be directed toward all students.

Singell and Waddell (2010) point out that extending retention resources to all students wastes valuable time and money on those students who were never in danger of withdrawing, while not providing services to everyone risks allowing a student to drop out of school without giving the institution an opportunity to retain them (p. 547).

Example strategies include: requiring all students to complete an online financial literacy program or attend a financial literacy course every year (Gross, Ingham, & Matasar, 2005, p. 20; U.S. Department of Education, 2000, p. 29), incorporating financial learning opportunities into traditional campus activities such as contests or games (National Association of Student Financial Aid Administrators Graduate/Professional Issues Committee, 2005, p. 23), providing entrance and exit loan counseling to borrowers one-on-one (Dillon & Smiles, 2010, p. 10), opening a financial counseling center on campus that operates 24 hours a day, requiring in-person exit counseling for every student who withdraws.

34Cecil Community College (MD)Campaign to increase financial aid awarenessInformational workshopsTargeted mailings Phone calls to students eligible for financial aid but had not enrolledCampaign resulted in financial aid participation rate increase of 33 - 39% in two yearsRetention rates of financial aid recipients increased slightly at 1%College expansionsIncrease staff & computer support in learning centersRetooled career & job placement services

* Source: Center for Community College Student Engagement.(2006)REACH OUT ExampleA financial literacy campaign is the best way to keep students informed of all aspects of fiscal responsibility from credit card usage to tuition payment plans, as well as the problems associated with dropping out of college. Basic information typically provided during freshman orientation courses on independent living/real world survival could be extended with ongoing training and counseling programs to the upperclassmen (Pinto & Mansfield, 2006, pp. 30-31).

Duke University recommends offering a variety of workshops on a range of topics such as budgeting, financial planning, retirement, disability insurance, and credit scores (National Association of Student Financial Aid Administrators Graduate/Professional Issues Committee, 2005, p. 22). The federal government recommends providing information on debt management, repayment options, and earnings potential during all levels of enrollment through a variety of methods including publications, email, online, and in classes (U.S. Department of Education, 2010, p. 3).

35Life CoachingPrograms available for a price available online (ex: universitylifecoach.com)Stresses goal setting, action planning, resourcing & accountabilityOffer programs on campus available to studentsPrice can be hundreds of dollars, not reasonable for a cash-strapped college student

REACH OUT ExampleOn-line programs can be completed when students have time (from home), and dont have as many staffing or funding concerns. 36Salish Kootenai CollegeTakes students on financial aid probation due to academic probation, and provides one academic quarter of intensive intrusive advising & skill buildingProvides academic help when students may not know how (or be willing) to ask for itProvides connection with faculty in academic majorImproved persistence rates were shown for these students

REACH OUT ExampleKansas State UniversityOffers free financial counseling to students to help with budgeting and managing debtMet with 220 clients on campus Fall 2012 semester, and hope to reach 400 for 2012-2013 yearOffers group financial presentations covering budgeting, credit, student loan repayment and financial planningFor 2011-2012, 94 presentations were given that reached 3,800 individualsFor 2012-2013, 73 presentations have been given thus far

REACH OUT ExampleKSU does peer-to-peer mentoring, and then has a professional on staff full time.

KSU contacts students that are admitted on exception and informs them of specific financial aid requirements for their first academic yearThese students are also placed on an academic plan (through the Universitys requirement) for their first few semester.

Texas Tech found that the key to a successful program is peer-to-peer counseling, putting fellow students in the position to mentor and make presentations on topics chosen via focus groups (Smith, 2008, pp. 8-9). 38Sitting Bull College (ND)Holds Health & Financial Fairs each semester, bringing in local area services to educate studentHolds Student Summit each semester to allow students to ask question and visit with representatives from various departments on campus

REACH OUT ExampleTeam up with other departments on campus

39The BOTTOM LINE * Source: Singell, L.D. & Waddell, G.R. (2010)Students who are high risk for withdrawal remain high risk throughout their college enrollment*May not be cost (or time) effective to target this groupStudents who are the most high risk may also be the least responsive to retention efforts*$ may be better spent to target other groups

Higher educations tools for combating withdrawal and default extend beyond in class or on campus activities. If a student does drop out, the registrars office can hold their transcript until the student contacts the financial aid office for counseling to help prevent the same student from later defaulting on their education loans (Dillon & Smiles, 2010, p. 6; U.S. Department of Education, 2000, p. 35).

Its hard. You have to keep trying. Hard to see which of your efforts resulted in the desired effect.

40Group DiscussionSpecific aid?Targeting specific groups or case-by-case?Campus Connections?Outreach?What is your office doing to aid in retention?

What works and what doesnt?ReferencesAckerman, R., & Schibrowsky, J. (2007-2008). A business marketing strategy applied to student retention: A higher education initiative. Journal of College Student Retention: Research, Theory & Practice, 9(3), 307-336. Allen, J., Robbins, S. B., Casillas, A., & Oh, I.-S. (2008, November). Third-year college retention and transfer: Effects of academic performance, motivation, and social connectedness. Research in Higher Education, 49(7), 647-664. doi: 10.1007/s11162-008-9098-3Bowen, W. G., Chingos, M. M., & McPherson, M. S. (2009). Crossing the finish line. Princeton, NJ: Princeton University Press.Center for Community College Student Engagement. (2006). Act on Fact: Using Data to Improve Student Success. Austin, TX: The University of Texas at Austin, Community College Leadership Program.Complete College America. Spring 2012. Remediation: Higher Educations Bridge to Nowhere.. Retrieved from: http://www.completecollege.org/docs/CCA-Remediation-final.pdf. pp. 2-3.Crockett, K., Heffron, M., Schneider, M. (2011). Targeting Financial Aid for Improved Retention Outcomes. Noel-Levitz and American Institutes for Research. Retrieved from: http://www.air.org/files/LA_PELL_STUDY_report_1011.pdf Dalton, D., Moore, C. A., & Whittaker, R. (2009, Spring). First-generation, low-income students: Strategies for success at Lyndon State College. The New England Journal of Higher Education, 23(5), 26-27. Dillon, E., & Smiles, R. V. (2010, February). Lowering student loan default rates: What one consortium of historically black institutions did to succeed. Washington, DC: Education Sector.Ellitot, S. (2013). Indiana legislature bill aims to boost college readiness by typing financial aid to state exams. Retrieved from: http://www.indystar.com/article/20130124/NEWS05/130124042/Bill-aims-boost-college-readiness-by-tying-financial-aid-state-exams?gcheck=1&nclick_check=1 Gross, J. P. K., Cekic, O., Hossler, D., & Hillman, N. (2009). What matters in student loan default: A review of the research literature. Journal of Student Financial Aid, 39(1), 19-29. Harvard Graduate School of Education. (2011). Pathways to Prosperity Study.References cont.Henderson, S., Tatum, J. (2009). Beyond Leveraging: Financial Aids Role in Executing SEM Recruitment and Retention. 19th AACRAO Enrollment Management Conference. Univeristy of Michigan-Dearborn. Retrieved from: http://handouts.aacrao.org/sem19/finished/T0215p_J_Benfield%20Tatum.pdf Herr, E., & Burt, L. (2005). Predicting student loan default for the University of Texas at Austin. Journal of Student Financial Aid, 35(2), 27-49. Herzog. (2008) Journal of Student Financial Aid. 37(3)Millennial Branding and StudentAdvisor.com. (2012). Millennial Branding and StudentAdvisor.com Release New Study on Student Career Development. Retrieved from: http://millennialbranding.com/2012/11/student-career-development-study/NCHEMS Information Center for Higher Education Policymaking and Analysis, http://www.higheredinfo.org/National Association of Student Financial Aid Administrators Graduate/Professional Issues Committee. (2005). Debt management strategies: For graduate and professional students. Student Aid Transcript, 16(1), 20-23.National Conference of State Legislatures (NCSL). (2012). Performance Funding for Higher Education. Retrieved from: http://www.ncsl.org/issues-research/educ/performance-funding.aspx Nguyen, M. February 2012. Degreeless in Debt: What Happens to Borrowers Who Drop Out. Retrieved from: http://www.educationsector.org/publications/degreeless-debt-what-happens-borrowers-who-drop-outO'Neal, S., & Kent, C. (2002). Take one small step: Traveling the path to default reduction. Student Aid Transcript, 13(4), 8-15.Pinto, M. B., & Mansfield, P. M. (2006). Financially at-risk college students: An exploratory investigation of student loan debt and prioritization of debt repayment. Journal of Student Financial Aid, 35(2), 22-32.Sallie Mae. (2008). 2007 Survey of Parents of College-Bound Freshmen. Retrieved from: http://www.rmasfaa.org/docs/exchange/200803/rme6.htmlScannell, J. (2011). The Role of Financial Aid and Retention. Retrieved from: http://www.universitybusiness.com/article/role-financial-aid-and-retentionReferences cont.Singell, L. D., & Waddell, G. R. (2010, September). Modeling retention at a large public university: Can at-risk students be identified early enough to treat? Research in Higher Education, 51(6), 546-572. doi: 10.1007/s11162-010-9170-7Smith, M. (2008). Right on the money: Training students in financial literacy. Student Aid Transcript, 19(3), 6-10. Steiner, M., & Teszler, N. (2005, January). Multivariate analysis of student loan defaulters at Texas A&M University. Round Rock, TX: Texas Guaranteed Student Loan Corporation.Time Ideas. (2012). 8 Ideas to Improve Higher Education. Retrieved from: http://ideas.time.com/2012/10/18/8-ideas-to-improve-higher-education/#slide/tie-funding-to-graduation-rates/?&_suid=13594909150780032817017170189644USA Today. (2013). Which colleges offer the best value? Retrieved from: http://www.9news.com/news/article/314987/339/Which-colleges-offer-the-best-value- U.S. Department of Education. (2000, October). Ensuring student loan repayment: A national handbook of best practices. Washington, DC: Office of Student Financial Assistance.U.S. Department of Education. (2002, November). Short-term enrollment in postsecondary education: Student background and institutional differences in reasons for early departure, 1996-98. Washington, DC: National Center for Education Statistics.U.S. Department of Education. (2010). Default prevention and management. Washington, DC: Federal Student Aid.Vergakis, B. (2013). Feds loan changes hamper black college enrollment. Associated Press. Retrieved from: http://news.yahoo.com/feds-loan-changes-hamper-black-162929184.html Wilmsen, E. (2011). Educational Policy Institute honors CSU with 2011 Outstanding Student Retention Program award. Today @ Colorado State. Retrieved from: http://www.today.colostate.edu/story.aspx?id=5727