Value and Affordability Committee Update 3/12

February 14, 2013

Members: Brian Speer, Mary Ann Naso, Linda Brittain, Freya Burnett, Brian Ecker

The communication plan was discussed and we expect to communicate a new plan after Premier Weekend, March 23 and 24, 2013.  The message to current students is that no student will pay more than the lowered book price of $23,745.  An analysis of net tuition goals will be completed by the Financial Aid Department.  We will look into the impact of moving to a dollar amount of aid from a percentage. Financial literacy will be included in the first year seminar. There will be lectures design around financial literacy along with seminars presented by external parties (e.g. banks).  It was discussed that financial literacy programming offered thru career services should begin as a freshman.

 

February 25, 2013

Members: Brian Speer, Mary Ann Naso, Linda Brittain, Freya Burnett, Leslie Hoover, Brian Ecker

The media push for the value and affordability implementation continues to be the focus of the Communication Department.  The Communication Department is in the process of putting together an affordability brochure.  New names for scholarship merit awards and using a fixed amount for each award as opposed to a percentage was discussed.  We also discussed the idea of creating a full tuition award.  Scholarship amount would be fixed for the total time at the school.  Financial literacy will be included in the first year seminar.  The group talked about including outsourced programs around financial literacy.  The course work will include follow-up assignments to look at what will happen after the student graduates.  We will evaluate including some financial literacy programming in the senior year.

March 7, 2013

Members: Mary Ann Naso, Freya Burnett, Leslie Hoover, Brian Ecker

The committee reviewed some suggested edits to the draft scholarship documents previously discussed.  The working draft of the debt buyback program was reviewed in detail.  It was agreed to add a pledge component for the students/parents to agree to only borrow what was necessary for their annual educational expenses and the continuous full time enrollment criteria was subject to appeal.  A review of information on financial literacy has been started.  Freya has talked with Anne and plans to include financial literacy as part of the senior year.  One idea is to present financial literacy topics in a seminar format for upper classmen.  We discussed the idea of scheduling ongoing seminars each fall seminar to help with financial training around topics like budgeting, mortgages, car loans, and retirement.  Leslie to ask seniors what would be helpful to know as they plan to leave college.  We will want to sell these training seminars as a benefit to student.