Feature

Subcategory of CFO News

7 keys to managing campus compensation

Common sense solutions to equitable pay scales and compensation packages

When the topic of higher ed salaries draws public attention, more often than not the focus is on presidents or football coaches. But behind the scenes, the real challenge for college and university leaders lies in crafting compensation practices to recruit and reward the talented faculty and staff who make up the heart of every institution.

As colleges come out of the recession, many are now expected to make up for years of stagnant salaries. Administrators also face the competition for top faculty talent, the push for greater salary equity, and other pressures.

Who has a stake in student debt?

Parents are important stakeholders in improving the financial literacy of college students

The interest in financial literacy has expanded beyond the financial office, which is where Lyssa Thaden, financial education content manager at American Student Assistance, used to focus her pitches.

“Now, at a stakeholder meeting, I’ll have someone from the financial aid office but also someone from admissions and enrollment management,” says Thaden, who consults with school sponsors of SALT, ASA’s financial literacy program. “The marketing folks show up, the residence life people show up, and even alumni.”

How financial literacy programs control student debt

Best way to wrangle runaway loan debt is making students masters of basic money management

A spooky cloud of crimson smoke dramatizes the dread of overwhelming student debt in “The Red,” a short movie thriller created for SALT, the American Student Assistance financial literacy program for students and alumni.

Less dramatic but noteworthy still, college students logging onto the National Endowment for Financial Education’s CashCourse can take a “Financial Realities” quiz to test their knowledge. In the opening question, they’re asked what will have the worst impact on their finances: gourmet coffee drinks, borrowing money, or spending without a plan.

Financial literacy: Mandatory or voluntary?

Financial literacy should be an automatic part of the financial aid process or academic curriculum, expert says

“If you build it, they probably won’t come.” That’s Sara Wilson’s take on the launch of the typical campus financial literacy program. As financial literacy project manager at USA Funds, she knows firsthand how many students participate and what they think later as they look back.

While numerous post-graduation surveys by the company show students regret not learning more about personal finance while they were in school, they also tend not to access financial literacy information when it’s offered on a completely voluntary basis, Wilson says.

Gaining traction for your financial literacy program

Institutions are beginning to respond to the need for financial literacy programs, despite the fact that financial literacy doesn't fall under any one college department’s responsibility.

Today’s students are facing higher costs, greater debt and continually changing financial aid policies, yet many don’t have a clear understanding of how their financial decisions can impact their education and their future. Institutions are beginning to respond to the need for financial literacy programs, but face a major hurdle gaining traction and commitment on campus, stemming from the fact that financial literacy does not naturally fall under any one college department’s responsibility. Instead it has many touch points of concern during a student’s college experience.

Delivering cellular services on campus

With a 342-acre campus that has more than 11,000 students and more than 430 buildings; making mobile phones work everywhere is a tall order for Yale University.

College-age students have grown up with mobile phones, and they’re used to having them work when and where they want. With a 342-acre campus that has more than 11,000 students and more than 430 buildings; making mobile phones work everywhere is a tall order for Yale University.

Why colleges should care about student loan debt

Examining the institutional case for getting national student debt numbers under control

Student loan debt is topping $1 trillion, and borrowers aren’t the only ones with reason to be concerned. While higher education leaders aren’t responsible for the loans, they also have a stake in getting rising debt and default levels under control.

Megan McClean, director of policy and federal relations for the National Association of Student Financial Aid Administrators, says the first reason for concern about debt is simply that administrators care about students and want them to succeed.

The default-dropout connection

When the Debt Reduction Task Force at The University of Texas System was gathering data for a report released last December, one of the most surprising findings for chairman Scott Kelley was the strong correlation between students who default and those who don’t complete their degrees.

Food that makes the meal

While location is key when it comes to campus dining, students also appreciate delicious, unique food options. Here are some schools that have added meal options that have become a hit with students:  

Colleges connect once-decentralized functions to improve efficiencies

Institutions may share services with other institutions, but the idea can be implemented within a single institution as well, either through a single shared services center or through multiple offices on campus.

The team that first explored bringing a shared services model to the University of Michigan couldn’t help but notice some vast inefficiencies when it broke down the $325 million being spent on IT. Excluding the university’s massive health system, the analysis revealed multiple networks, data centers, and server closets, with 35 different email systems and more than 150 organizations maintaining computers for faculty and staff.

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