Affordability Taskforce

Meeting notes – October 21, 2011

Overview:

Regent Buchanan thanked the members for agreeing to serve.  Tyler Trevor let a brief review of the charge to the committee and the data that has been gathered and shared with the Board of Regents.  Members engaged quickly in a lively discussion of other data points needed and how the group should move forward.

Desired Data:

• For each campus, get the amount of total financial aid processes versus the amount spent on tuition and fees as a way of identifying financial aid that is used to cover living expenses. (Ron Muffick and Rikki Jones will confer on how to get this information.)
  
• Look at trends in student course loads
• Consider intrusive advising as a way to encourage 15-credit course loads for those who need financial aid. [Assure that students have necessary support services to manage 15-credit loads.]

Financial Literacy:

• Financial Literacy Education should be coordinated and intentional and should be directed at both first-year students and students ready to graduate.
• Use Student Financial Services (SFS) – especially “Get Money Smart.”
• Financial Awareness
• Increase participation in 529 or other long-range family education savings plans.
• Support SAF efforts (e.g., Know How to Go) to raise awareness with pre-college students and their families.
• Financial aid services at each campus should be efficient and effective, and best practices should be shared across the system.

Agenda Items for next Meetings:  (Next scheduled meeting will be Friday, December 16th – 11 AM call)

• Report on your own campus efforts and/or investigate models at other campuses for designating a percentage of increases in tuition for need-based financial aid.  [How are above-projections enrollments utilized?]
• Consider ways to broaden our discussion to engage legislators or others – decide whom to invite to the meetings.
• Begin discussion of tuition decision timing and possible changes to tuition policy.
•  Identify other policies/practices that may need to be changed.
• Strategize ways to communicate to the public about a complex topic.