What are the best practices for advising students struggling with financial aid?

1 Know the basics

You don't have to be an expert on every aspect of financial aid, but you should be familiar with the common terms, types, and sources of funding available to your students. You should also know how to access and interpret your students' financial aid information, such as their award letters, cost of attendance, expected family contribution, and loan status. Having a solid foundation of financial aid knowledge will help you answer your students' questions, refer them to the appropriate resources, and avoid giving inaccurate or misleading information.

2 Communicate effectively

Communication is essential to establishing trust and rapport with your students, especially when discussing sensitive topics like money. You should communicate regularly, proactively, and empathetically about their financial aid situation. Speak in a clear and simple manner, avoiding jargon and acronyms, and confirm your students' understanding. Some of the ways you can effectively communicate with your students include sending reminders and updates about relevant deadlines and opportunities, providing feedback on their applications and appeals, listening to their concerns and challenges while acknowledging their emotions, explaining the implications of their financial aid decisions, and referring them to other sources of assistance when needed.

3 Collaborate with others

When supporting your students with financial aid, you don't have to go it alone. You can collaborate with other professionals and departments on campus who have expertise, experience, or resources related to financial aid. This could include working with the financial aid office to clarify policies, procedures, and eligibility criteria, or the bursar's office to verify payments and balances. Additionally, you could partner with the registrar's office to confirm enrollment status and credits, the career center to help students find scholarships or grants, and the counseling center to assist students with stress or anxiety related to financial aid or other personal issues. All of these collaborations can help your students receive the support they need.

4 Educate and empower

As an academic advisor, your ultimate goal is to help your students achieve their educational and career aspirations. To do this, you should provide them with reliable information, tools, and resources to plan, manage, and monitor their financial aid. Additionally, teaching them the skills and strategies to budget, save, and reduce their expenses and debt is essential. You should also encourage them to explore and apply for various types of financial aid, such as scholarships, grants, loans, or work-study. Furthermore, you can help them evaluate and compare their financial aid options and scenarios to weigh the costs and benefits of each. Additionally, supporting them to negotiate, appeal, or request additional or alternative financial aid if necessary is important. Lastly, celebrating their achievements and successes and motivating them to persist and complete their degree is essential.