Description

Episode 03: Show Notes.

There are multiple avenues that students can pursue when it comes to acquiring financial aid. But many aren’t aware that your resultant debt can vary substantially based on a few key choices, and can be greatly minimized through good advice and a personalized financial plan. Today on the show we welcome Bob Collins, WGU’s Vice President of Financial Aid, to discuss his career in financial aid and higher education along with some of the important services, funds, and scholarships that students can take advantage of at WGU. Bob breaks down some of the most recent developments at WGU, including how the WGU Online Access Scholarship helps underrepresented communities of low-income, rural students. He unpacks how the needs of younger students seeking financial aid differ from those of adult learners, and how WGU helps accommodate the needs of adult learners wishing to continue and complete their studies. Bob also sheds light on WGU’s financial literacy program, Financial Avenue, and the financial calculator that assists students on their financial aid journey and beyond. If you’re interested in learning more about WGU and some of the best ways to structure your finances for minimum debts after college, then be sure to tune in for this important conversation.

Key Points From This Episode:

• Introducing today’s guest, Bob Collins, Vice President of Financial Aid at WGU.
• How Bob’s experience as a student recipient of financial aid led to a career in higher education and financial aid.
• Bob’s history with WGU and his intimate knowledge of their financial aid delivery system.
• Learn about the fundamental principles on which the WGU financial aid program is founded.
• The needs of adult learners and how they differ from younger students.
• Demographic trends in the US and why it’s essential to address the adult learner market.
• An overview of how the WGU program supports adult learners.
• A rundown of the Responsible Borrowing Initiative (RBI) and why it was created.
• How the RBI is helping students borrow wisely with a personalized financial plan.
• The student loan calculator and how it helps you optimize your financial plan.
• How the RBI reduced overall student loan debt by 30%.
• Learn about WGU’s financial literacy program, Financial Avenue.
• The WGU Scholarship Platform, Scholarship Universe, and how it connects students to internal and external opportunities.
• How the WGU Student Emergency Aid Fund assists students in need.
• A breakdown of the WGU Online Access Scholarship and how it serves low-income, rural students.
• A rundown of the financial hardship fund and how it helps students during times of difficulty.
• Why Bob would love to see states advance an adult learner grant that doesn't have an application deadline.

Tweetables:

“It was fascinating to be able to be here from the beginning at WGU. Before the first students enrolled, I was a consultant for WGU.” — Bob Collins [0:04:01]

“If we're going to meet the needs of workforce development, we need to address the adult learner market.” — Bob Collins [0:08:19]“When we first implemented this program, the debt for undergraduate students at graduation was $21,000. After we implemented the Responsible Borrowing Initiative, we reduced that by 30%.” — Bob Collins [0:19:04]

“The state-funded programs have this artificial, unintended consequence, that doesn't meet the needs of adult learners. I'd love to see the states grow an adult learner grant that doesn't have an application deadline.” — Bob Collins [0:32:18]

Links Mentioned in Today’s Episode:

Bob Collins on LinkedIn