by Tom O'Hare | Jan 24, 2024 | College Planning, College Readiness, Financial Aid, Uncategorized
As soon as the ball dropped and we entered 2024, the wheels of motion went into action to begin the annual performance review process. Human Resource Departments working with Department Heads, Managers, and employees across organizations hailed the end of another year with an eye on the new—a time to assess the successes and shortcomings at multiple levels: organization, department, and workforce.
A good review process can be a very effective exercise for all involved. It helps identify an employee’s strengths and weaknesses during the year and map out key performance indicators for the new year. Employees use the time to run their “how am I doing” checklist with an eye on a possible promotion, salary increase, and incentives to retain valuable talent.
What if there is nothing to offer? How will an organization retain its key performing employees? What happens when health, dental, 401 matching, free coffee, gym, and parking incentives don’t work? The fear of losing employees, not to mention struggling to recruit, becomes very real.
What to do?
The SECURE 2.0 ACT has created a new opportunity for employers to meet the emotional and financial need-pain point of each employee facing the economic challenges of the rising cost of college and education debt. Young recent graduates, parents of high school and college-age students, and those who pursue life-long learning all experience stress and worry about managing their financial well-being. Saving, planning, funding college, upskilling, managing educational debt, and budgeting for life’s needs create stress and anxiety, often resulting in questionable financial decisions.
Employer programs offering education enrichment, guidance, and financial support can cure many employee pains. Here are four benefit programs every employer and member-driven organization should consider offering.
- Allocate education assistance benefits to tuition reimbursement or pay down education debt.
- Shift the employer matching contribution of a 401(k) and 403(b) to a pay-down payment.
- College planning assistance through dedicated 1-1 advising and counseling programs or subscription-based e-learning portals.
- Access to education debt advisors to assist with program clarity, mediation, and guidance.
Offering programs through an organization’s EAP Program, managed by Human Resources and delivered by industry experts, sends a message of commitment to a workforce and, in return, is rewarded by a motivated and loyal workforce.
Consider adding a college planning resources to your EAP. Pivotal College Years is an online college planning portal for students, parents, and recent graduates. The portal is a single source of information before, during, and after college. Valuable resources are available through the online College Planning Portal, Workable College Planning Workbook, and our YouTube Channel, all of which provide support and guidance throughout a family’s college planning journey. Learn how you can bring this valuable resource to your organization.
by Tom O'Hare | Jan 11, 2024 | Uncategorized
We closed 2023 with many positive events and changes in the higher education industry. We experienced a slight increase in enrollment, a new view of the need for a Gap Year, the introduction of a new Better FAFSA, and a state, Massachusetts, taking the lead to shine an intense light on our state’s need for tuition equity and affordability programs.
Here is a look at the new year and some of the many things students, parents, employer-employees should have on their radar.
Added to already robust affordable education pathways, this month, Massachusetts became one of a few states to offer in-state tuition and financial assistance to students and families new to our area. Added to new programs already in place, students and families can obtain their education pathway regardless of age and socioeconomic background. Whether you follow a traditional path, are 25+ and want to restart, or are new to the state and country, Massachusetts has game-changing options for the education-seeking individual and family.
Public and small private colleges will continue to experience financial instability. Institutions chasing to stay modern and competitive while experiencing roller coaster enrollment have economic challenges. The institution will eliminate low, under-enrolled majors, reducing faculty and support staff to address financial shortcomings. While this may happen and parents need to make the ASK, institutions in the medium-sized sector can offer amazing educational opportunities, sometimes better than those listed in the major rankings.
Colleges are reportedly preparing to allocate new resources to Gen P students. Students now on campus who lived through COVID-19 as it overshadowed their high school years. The experience has left many with challenges affecting their academics and life skills development. Colleges realize the need and will begin to put teeth into the services. While we wait, if you need help, go to your campus’s faculty advisor and the Academic Services Center. Seek out assistance. Don’t wait; no one will be tapping you on the shoulder!!
Elite, highly selective institutions with oversubscribed demand but limited enrollment slots will continue to find increasing tuition, fees, and housing costs easy. Consumers, students, and parents should be asking, what is Plan B? Paying for college is not just savings in the bank, it’s what school is on a student’s radar. As the saying goes, it’s not where you go to college; it’s how you go!
National testing is going digital with the introduction of the PSAT this past October and the SAT in March. This change can lead to a slight uptick in schools returning to the requirement as part of their admission standards. If your a current 11-grade student looking to take the SAT in March, register today.
The sale of student names by national testing organizations and school-based software is a big business. Colleges buy names by state, school systems, GPA, and other criteria. Then, they mail students and families glossy marketing material and introductory emails. They call it recruitment, and it will continue. It is a valued way for students and families to uncover a missing gem. However, the average college has only a 1% awareness of a student (family) and their potential as a college student. Reverse the process. For every college that ends on narrowed list of potential options students should find their college counselor, introduce themselves, and start building a relationship.
The Biden Administration and the US Department of Education introduced a new FAFSA, streamlining the number of questions, strengthening the link with the IRS, and switching to a Student Aid Index calculation. At its core, the FAFSA is an application to help determine a family’s eligibility for financial aid and a way to open the lines of communication with financial aid offices. Failure to complete and file the application (FAFSA) can prevent you from reaching your goal of higher education.
Repayment is back at the forefront for all federal student loan borrowers, former students, and parents. If you are struggling, wondering, or need help, go to www.studentaid.gov, log on, and use this powerful site. It’s your gateway to information about your accounts, repayment options, and sanity. Or call 800-433-3243.
Finally, consider a new ask if you are working on your annual performance review. It is time for employers to extend education benefits and tuition assistance to help employees with college planning needs, student loan repayment, and support to achieve educational goals. A movement that associations, organizations, and businesses should be introducing to their workforces.
Do you need help with your college planning checklist, calming stress and fears, managing education loan repayment, or hosting an onsite employee education and enrichment session? Schedule a conversation. Get College Going, a North Shore-based full-service education advising practice, shares four decades of expertise and experiences before, during, and after college. Visit www.getcollegegoing.com to schedule a conversation.
