How can you help students with financial challenges as an academic advisor?

As a lecturer in a developing country higher education space for more than 18 uninterrupted years, I have learned that many students in public universities just struggle with financial difficulties. So as a mentor and supervisor, I strive to apply for research grants and fundings so I can support such students with their research projects and little allowances. I mentor them to apply for funding opportunities to support their education. I nominate them for scholarships. Recently I did that for 3 undergraduate students for a scholarship scheme in my university through the support of our benefactor & pan-African Vice Chancellor and they were awarded the scholarships. I try my best to give a helping hand within my reach with personal finances

In my experience, I have learned that few students from low income group hesitate to share their financial problems to us immediately. During mentoring we will identify the financial struggles and stress in them. In this situation, I have approached many organization / trust as well as alumni for sponsoring tuition fee to the needy students. Lot of peoples have supported in this regard and we ensure that every student has an equal chance to pursue their dreams.

Students with financial challenges are very common on campus and I have had personal experience during my time at Veritas University. I was an academic advisor to new students in Marketing Department and I noticed one particular student who was very brilliant, came on scholarship(tuition fees only) but having issues with living expenses. In my own little way, I was helping the student with beverages and also money for printing of assignments and other daily needs that would make the student focus on campus. At a time, the scholarship fund got terminated because the funder couldn't afford it so I introduced the student to agencies where money could be sourced.

As a career guide since the last decade, one practice that works everywhere is to " high aim and tonned approach". The majority of students are facing these issues while looking for answers to their financial needs: 1. Lack of awareness about free upskilling or practise tools or options which may lead them to paid internships or part-time jobs. 2. Total ignorance on basic to advance skill set needed for targeted outcomes. When offered a network that helps with mentoring with passion, struggle is changed to an era of opportunities. This can be done with the help of alumni, faculty and industry network. 3. Scalable career plans- this is a very less used practice. How about creating milestones? . This put less strain on resources.

Identify potential grant opportunities available for your institution via industry, local communities corporations, etc. In addition, provide informationals, flyers, and financial resources to all entering and returning students in thier welcome, orientation and continuing student packet.

I've helped students by talking with the publisher representatives. I've gotten them to waive fees for the students for the curriculum. While it's not a lot, every little bit helps. It also has the added bonus that your student sees that you are looking out for their best interest. This can help them have a more positive view of your institution and give them a deeper incentive that they are viewed as important, and there are people at their institution that care about them and will help them achieve their education goals.

As a former principal and college faculty head, I had advised students and parents alike for the scholarship issue. I came across parents asking me for a particular scholarships which a university offer to foreign students, I replied to the parents after checking the details of the scholarship which only open to a particular group of students. I also will advise them that Government may offer them scholarships if they are willing to study certain subjects or some foreign companies will spare some funding for the potential candidates willing to undertake some jobs upon graduation, such as environmental related study or research. Borrowings from banks are also an option, if they can find the guarantors.

I keep students informed on their academic progress and maintain transparency about their future unit needs. This provides students with the ability to better plan. They shouldn't be blindsided by a term with additional units or length of the program. Although my role is to advice on academics, I keep myself informed on general fin. aid policies, so that I can help alleviate tension from students during fin. aid's high traffic periods. We have yearly workshops with the fin. aid dept. and have 'Cheat-sheets' with FAQs. In addition, knowing private scholarships and grants that are specific to my students and the programs that I support is key. This information can be found by networking with orgs like NACADA or at conferences.

I think it’s important that education around financial aid and credits earned per semester is A HUGE gap to fill as it relates to receiving/not receiving funding and academic probation status.

Academic Advisors develop academic recovery plans to help students return to good standing, with step by step GPA recovery counseling, repeat course advice, and ongoing academic coaching. Advisors provide the academic road map. It’s a student’s responsibility to follow the directions or ask for questions and help when they take an alternate route.

As a student advisor, I always encourage my students to reach out to their professors and their mentors. A lot of times there are grant or scholarship opportunities that come about from connecting with a mentor or a faculty member that are not readily available to the public.

It's essential to appreciate the challenge of advancing in an academic career amidst financial difficulties. A meaningful way to highlight this is by clearly celebrating when goals are achieved despite the obstacles. The students' efforts deserve that pat on the back and acknowledgment.

I've worked in enrollment management for 30+ years and I think the single most important thing an advisor can do when told about financial difficulties is volunteer to walk the student to the Office of Financial Aid and ensure the student does what is needed to speak with a member of the financial aid team. Taking immediate action to connect the student with a financial aid expert is the best way to serve the student and be an advocate. Help the financial aid professionals do their job. So, learn where the Office of Financial Aid is on your campus and commit to walking any student who expresses concern about finances to the Office of Financial Aid immediately.

In my experience, students gravitate to their academic advisor. Financial aid is a complex system. I've been an enrollment management leader throughout my career and just keeping up with it is mind boggling. To me, two things are critical for the academic advisor. Item #1 is SAP - that is Satisfactory Academic Progress. Financial aid has one definition and academic policy has another. They may (in my opinion, should) be the same, but that's not always the case, leading to greater confusion for staff and student. ANYWAY... students need to know how to maintain SAP, and if they get dinked, how to get back on it in one term. The other is directing them to the FA office as no one else on campus knows the details of their financial situation.

Knowing what financial assistance is available on your campus is a great start. Many student clubs and organizations offer scholarships and the opportunity to earn extra income through internships or participation. Know what type of assistance is needed. Is the assistance for basic needs, tuition, books? Does your I institution have emergency funds students can apply for? Are there pantry's on campus to help offset some cost? Being aware of what's available on campus and who to direct students to based on their financial need is the best thing you can do.

Financial need is an outcome. It is preceded by the process which estimates the validity of the outcome. Time to compare the critical difference between ‘wants” and “needs.” EXAMPLE: How much money do you “think” you need? Let’s say, $10K. You may really need $7K. Instead of eating expensive Fast Food and caffeinating your life-ride with “cafe-mocha-no foam lattes” consider shopping for moderately-priced, healthy groceries for self-prepared meals. And try brewing your own coffee, pored into a thermos for the day. Congratualtions, you just earned $3K in “life-stock” which means any loan (and its interest) will be 30% less. HOMEWORK List your daily activities, ADLs and IADLs, and think about ways to economize with alternative behavior.