Summit seeks to remove financial barriers to student enrollment and graduation
June 8, 2021 |
Among the various barriers to student enrollment and graduation, finances are the most important. This is what CampusLogic’s four-day SHIFT Summit strives to address.
âThere are too many students who drop out of school. Why so? âAsked Gregg Scoresby, CEO of CampusLogic, who added that new research over the past six months held the answer to this question. is important. But it’s also the third reason why students don’t enroll.â¦ The number one reason is financial, so the number one reason students don’t enroll is financial and the number one reason that students do not graduate from is financial.
The SHIFT virtual meeting takes place this week, with speakers including university presidents, organization leaders, anti-poverty advocate, author and candidate for governor of Maryland, Wes Moore.
âSo I think the SHIFT Summit is designed to raise or raise awareness of what we think is a much bigger barrier to student success than most people realize, and that’s the financial frustration that most people realize. students go through, âsaid Carlo Salerno, CampusLogic’s vice president of research. âIt’s hard to focus on learning when you are constantly struggling to figure out how to pay for that thing, when you face a lot of paperwork, when there is a long and windy process, when there is has a lot of ambiguity, particular jargon. All of these things go against first generation students, they go against any student who has to figure out how to budget and plan, which is arguably one of the biggest investments they’ll ever make. .
CampusLogic Marketing Director Darren Steele compared higher education financial aid processes to the long and tedious process of renting a movie from the old Blockbuster, as opposed to easy access to streaming services. .
âIn the age of Netflix, we’re asking Gen Z students to come back to Blockbuster every time they go through the financial aid process,â Steele said. âIt doesn’t have to be that way. And this is the main reason why students don’t get degrees.
According to Steele, 33% of high school students don’t go to college because they think they can’t afford it, while 73% of dropouts say the financial aid process has affected their academic performance .
“Today there are 12 million adults who are currently repaying student loans who don’t have a degree for it, who don’t have the capacity to increase their earning capacity and repay it,” he said. Steele said.
The density of the financial process causes problems.
âWe ask them to fill out forms that they don’t understand,â Scoresby said. âWe ask them to make financial commitments without really understanding the cost. We ask them to search for scholarships where the scholarship they find can be found on the 50th page of a Google search. â¦ We ask them to stand in line, wait, endure processes that have been designed and often not improved upon for decades.
In response to these issues, CampusLogic came up with a solution: The Student Financial Success Model, which Scoresby says will help solve the issues.
âStudent financial success removes the main barrier to enrollment and graduation, which is financial frictions,â he said. âIt eliminates complexity, unlocks every dollar, charters personal paths for each student to some degree. “
Each summit participant will receive a copy of CampusLogic’s new book, Meaningless Dollars: How Student Financial Success Can Solve The College Completion Crisis, which includes a plan of the new model. The book is expected to be published in August.
On reducing complexity, Greg McKeown – author of Essentialism: disciplined pursuit at least – discussed its philosophy and how it can help higher education.
âYou try to train all the time, explore what’s essential,â McKeown said. âYou try to eliminate everything that is not essential and reduce as much as possible the things that are even in some way moderately important. And then, perform what matters most effortlessly. “
Clarity is the key to good performance, he added.
âWhat I think I have observed is that as clarity increases on teams, conflict and politics and mistrust decreases. They have an inverse relationship. â¦ So we blame âWell, it’s an interpersonal issue, it’s a personality issue, it’s a temperament issue, we’ve got the wrong person in the position. And often the real cause is that we don’t know how to win. And so what I encourage teams to do is really understand – not clearly, but really clear – what’s important now, âMcKeown said.
Ninfa Murillo, director of scholarships and financial wellness at Achieve Atlanta, spoke about the importance of educating students on how financial aid relates to academics.
âWe would say the work of helping students understand what it takes to retain financial aid and how academic success relates to financial aid is just as important,â she said. âUnderstanding, for example, the satisfactory academic progress of a new student can be very complicated and they have very little time to fully understand this concept before it can affect them. “
Arrman Kyaw can be contacted at [email protected]