Career College Central

Subscribe at www.careercollegecentral.com 31 THE FINANCIAL HABITS AND MISHAPS OF YOUNG ADULTS A January 2016 survey by Credit Karma and Qualtrics found most respondents made at least one major, avoidable, financial blunder before the age of 30. Check out some key results from the survey: • 68 percent of respondents overspent on credit cards, missed payments, defaulted on a loan or had an account sent to collections • 69 percent did not fully understand credit scores when they obtained their first credit card • 75 percent felt the financial mistakes they made before 30 negatively impacted their quality of life • 61 percent were turned down for a credit card as a result of their financial mistakes • 26 percent moved back home with their parents to recover from financial mistakes • 28 percent reported receiving some type of financial education before they entered college • 83 percent felt financial education could have helped them avoid their financial mistakes You are only one representative of one institution that has its own financial health to worry about, along with its students' satisfaction. Still, your admissions department can make a difference to your students. Simply by providing accurate, easily digestible information about educational funding that allows your applicants to make an informed decision, you are acting in the best interests of your students and your school. Enrolling with ease and confidence Once students are accepted to your college or university, they may struggle to confirm that investing in education is the right choice. What can your financial aid office do to support them and help them take the final step toward enrollment? Take the time to educate students on their funding sources: federal, state, institutional and private, and encourage them to complete the Free Application for Federal Student Aid (FAFSA). Enrollment managers know that when students complete the FAFSA (and send their results to the campus), they are much more likely to enroll. Every year, more than 16 million college students and their families complete the FAFSA. But filling out the FAFSA and other loan applications, understanding how financial aid works, and evaluating offers is not easy — especially when lacking parental support as many career college students may be. "A lack of reliable and transparent data on college costs and a complicated financial aid application process create an information gap that makes it difficult for students to pay for their higher education, according to a new report on overhauling the federal student aid system," said Allie Bidwell for e Chronicle of Higher Education. e report, "Improving the Financial Aid System to Increase College Completion," by America's Promise Alliance, suggests the gap could be closed by increasing financial literacy and simplifying application processes for federal student aid. Speaking their language — technology in the financial aid office By using technology to speed financial aid processing and provide better, less complicated service to students, you can help them understand their options and put them at ease with familiar apps, forms, motions and submission buttons. Automating the loan and grant application processes will also free your staff to spend more time discussing aid options with students, ultimately increasing their confidence and understanding.

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