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Financial Aid

Kris Alban

Financial literacy will likely become a mandatory initiative for colleges in the near future. 

USA Funds and Truckee Meadows Community College in Nevada have partnered to promote a holistic approach to student loan debt management

DeeAnn Wenger

There are two major concerns that seem to be the most popular worries of students and the general public: The rising cost of tuition and student debt.

This program provides materials that allow college financial aid offices to develop high-quality financial literacy training events with minimal effort. The program’s mini-modules present material in small chunks of content on a wide range of topics, including managing credit, saving and investing, building spending plans, understanding employee compensation and meeting college costs.

Reader Testimony: 
“Using the TG Financial Literacy Program with our students has made a huge difference in their understanding and approach to financial aid. It has allowed our students to give good advice to their parents and to have a better understanding of their family financial situation.” —Rhonda Gardinier, director, Upward Bound Program, Washington State University
Year: 
2013

Despite jarring news headlines depicting students with six-figure debt levels, the average student borrower’s debt burden is not necessarily devastating.

Among graduates in 2011 who borrowed to pay for higher education, the average loan debt at graduation was $26,600, according to the Project on Student Debt. Only 1.5 percent of borrowers owed $100,000 or more in 2007-2008, according to an analysis by Mark Kantrowitz, publisher of Edvisors Network.

For a school to operate at peak efficiency—and best serve students—it is necessary for various administrative departments to understand the purpose and daily operations of other offices. In particular, the activities and regulations that impact the financial aid office can have widespread effects on the rest of the campus. With that in mind, here are 10 tips to help all departments work cohesively with the financial aid office:

Casual observers of the 2013 National Association of Student Aid Administrators conference in Las Vegas this summer may have felt as if they were seeing double, with all the talk of “prior-prior year” income tax.

College students with no loan debt are more likely to lead a richer social life that involves partying, studying less, and forming relationships that will last long after graduation, a pair of University of Indiana sociologists says.

Stable funding of federal Pell Grants, one of the nation’s main financial aid programs for low-income students, would increase affordability and accessibility, according to many groups with a stake in higher education. But despite its decades-long history of assisting financially needy students, the program also faces perennial threats to its funding.

The NASFAA task force provides recommendations for smarter borrowing:

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