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Moving Beyond Financial Aid, one student at a time - A new toolkit from Lumina Foundation

Financial Wellness
May 17, 2018

It was a long and winding road that led to the final release of Lumina Foundation’s Beyond Financial Aid report at a recent Launch & Learn event. Attended by enthusiastic leaders from across higher ed, the program served to unveil the expanded report, which includes a comprehensive self assessment for institutions, as well as provide a platform for conversations around interweaving commitment to all students’ #basicneeds into both the moral fiber and financial landscape of our institutions. A livestream of the action was simulcast to an engaged virtual audience, and all agreed that the highlights of a day of inspiring content were the student speakers: representatives from Kentucky’s The Student Voice, Jeliah Logan and Sahar Mohammadzadeh, and University of Michigan Student Lauren Schandevel, who was recently featured on NPR’s All Things Considered for launching a community-curated resource for navigating her institution as someone “not rich”.

#BeyondFinancialAid trended on Twitter with those in attendance posing critical questions and key takeaways. Explore the feed and download the report toolkit to begin your institution’s journey to better supporting student success. 

Join us to continue the #BeyondFinancialAid conversation at the upcoming Symposium on Collegiate Financial Well-being. The full #SCFWB18 schedule is posted and includes sessions for #SApros at all levels who are driving toward #studentsuccess. 

Beyond Financial Aid

How colleges can strengthen the financial stability of low-income students and improve student outcomes

Collected Quotes from the report: 

“Since 1980 the total [cost of attendance] has increased by 162% at four-year public colleges. During this same 35-year period, median household income grew by only 12%, and for families in the bottom 40% the average household income increased by only 4 percent.”

“The average Pell grant today covers only 33% of the cost of attending a public four-year college as compared to roughly 73% in 1980.”

“38% of students with additional work, financial or family obligations leave school in their first year.”

At Georgia State, a one-point increase in retention is equivalent to 320 students, and the average annual bill in tuition and fees is $9,000/student: 320 x $9,000 = $2.88 milion. So for every one point we increase retention, the university nets $2.88 million.  If these students enroll for more than one additional year (and most do), the gains are even higher.

Timothy M. Renick, vice provost and vice president for enrollment management and student success

“In a 2009 demonstration project, low-income students were given up to $1,000 for each of two semesters. Those who received the assistance had term-to-term retention rates that were 30% higher than the control group.”

“The current smorgasbord of discrete, disconnected programs at most institutions has manifest as “solution-itis” instead of a culture of support.” How do we combat this?

“Redefining faculty and staff roles to focus more holistically on students and getting buy-in from faculty and staff to take on these roles.”

Amazing result from Seminole State College: “The average amount of support provided to address a student’s financial crisis is approximately $750. Of the students who received emergency funds, 100% stayed enrolled in their current term, and 85% could continue to the next semester.”

We call all students who leave, and cost and finances are at the top of the list of their reasons for leaving.  We need to do what we can to keep the students here and help them to complete. We need to do it from a moral standpoint and as a way to support our community.

College president Jeffrey Rafn from Northeast Wisconsin Technical College

#BeyondFinancialAid Highlights

In Indy today for @LuminaFound #BeyondFinancialAid Launch & Learn! Join us at 10AM ET via livestream (https://t.co/J7E6ZED2cN) for FREE to explore the new report. #HigherEd #ClassIdentity #BasicNeeds #CollegeHunger #EmergencyAid @NASPAtweets @FirstgenCenter @NASPAscihe #SAPro pic.twitter.com/mh57lWY65I

— Sonja Ardoin, Ph.D. (@SonjaArdoin) May 16, 2018

“The average Pell grant today covers only 33% of the cost of attending a public 4-year college as compared to ~73% in 1980.” What is your institution doing to move #BeyondFinancialAid ? #firstgenforward #emergencyaid#basicneeds #studentsuccess #SAChat #SApros #communitycolleges

— NASPA (@NASPAtweets) May 16, 2018

Danette Howard of @LuminaFound: “Simply put, we can’t serve our low income students well if we don’t know who they are.” What is your institution doing to move #BeyondFinancialAid ? #firstgenforward #emergencyaid#basicneeds #studentsuccess #SAChat #SApros #communitycolleges pic.twitter.com/pogjfNJBQu

— NASPA (@NASPAtweets) May 16, 2018

4.8 million college students were parents in 2014. 43% of student parents were single moms. 89% of those single moms were low-income. #BeyondFinancialAid

— AE Duke-Benfield (@AEDukehighered) May 16, 2018

Student academic, financial, and personal needs are all critical to improving student success #BeyondFinancialAid @LuminaFound @UNCF @UNCFCPI #HBCUs

— Ed Smith-Lewis (@EdwardSLJr) May 16, 2018

"Today's students require today's solutions" @ClareCady #BeyondFinancialAid @LuminaFound

— Dr. Dhanfu E. Elston (@DrElston) May 16, 2018

@Jimmieka_Mills from my hometown of #Oakland telling her story of perseverance, triumph, and success and why #BeyondFinancialAid matters @LuminaFound @UNCF @UNCFCPI pic.twitter.com/3c6IyCmJIQ

— Ed Smith-Lewis (@EdwardSLJr) May 16, 2018

Humbling story from @Jimmieka_Mills @HCCDistrict #BeyondFinancialAid. Strong example of why @CompleteCollege strategies should be implemented AT SCALE. Students demand it. #Mathpathways #CoreqWorks #ABetterDeal #GuidedPathways pic.twitter.com/gvqBAR0VPm

— Dr. Dhanfu E. Elston (@DrElston) May 16, 2018

So glad to be at the launch of @LuminaFound #BeyondFinancialAid - inspiring to hear from so many people (and students!) engaged in promoting success for low-income students pic.twitter.com/Fs4kqPNmlb

— LindseyReichlinCruse (@lindseyreichlin) May 16, 2018

#BeyondFinancialAid “is an opportunity to change the rules of engagement between today’s students and institutions,” Thomas Major Jr. of @LuminaFound

— Elizabeth Marquardt (@emarquardt1970) May 16, 2018

#BeyondFinancialAid exists to provide opportunities for #HigherEd to measure how they are supporting low-income students, build partnerships, focus on unmet needs to fill gaps, and assist students to attainment." -Thomas Major Jr. @LuminaFound @NASPAtweets @NASPAscihe

— Sonja Ardoin, Ph.D. (@SonjaArdoin) May 16, 2018

Thomas Major: "We see so many of our partners here today. They let us know - this is what works, this is what doesn't. This is about beginning the conversation, with an eye toward continuous self-improvement." #beyondfinancialaid
More Live Coverage: https://t.co/0wbFZHkP2h pic.twitter.com/D3DHzd7XoW

— Lumina Foundation (@LuminaFound) May 16, 2018

Sahar Mohammadzadeh and Jeliah Logan, Student Voice Team, join Thomas Major to talk about the policy changes that can drive student success. #beyondfinancialaid
More Live Coverage: https://t.co/0wbFZHkP2h pic.twitter.com/ca3KkAWtfu

— Lumina Foundation (@LuminaFound) May 16, 2018

Sahar Mohammadzadeh notes all the jargon related to #HigherEd and policy-making. @LuminaFound #BeyondFinancialAid | How can we reduce this jargon so more folks can engage in these conversations and decisions?

— Sonja Ardoin, Ph.D. (@SonjaArdoin) May 16, 2018

Panelist @ameliaparnell of @NASPAtweets notes the Federal Reserve Bank study as a marker for the need of #EmergencyAid in #HigherEd and names the need to describe issues in plain language for people to see their prevalence. @LuminaFound #BeyondFinancialAid

— Sonja Ardoin, Ph.D. (@SonjaArdoin) May 16, 2018