May 14, 2018 – Santa Fe College was awarded the Innovation of the Year Award from the League for Innovation for developing and implementing a new system to help reduce student loan debt. The collaboration between SF’s Financial Aid and Information Technology Services (ITS) helped reduce student debt from $10.1 million to $8.3 million in a one-year period. The system also helped students make the most of their financial aid so they get the most from their education. A four-pronged approach ensures students’ progress in their academic programs without gaps in financial support.
- Every student awarded financial aid receives an informational video that explains the process of getting student loans, the rights students have to accept or decline loans based on their need, and the savings of choosing subsidized loans over unsubsidized ones.
- SF provides students with the opportunity to easily decline more expensive unsubsidized loans.
- Students are given advice on budgeting by a financial literacy adviser.
- And SF improved student access to subsidized loans by changing its allocation model for each semester.
SF’s Financial Aid and ITS departments were presented with the award at a special presentation Wednesday. The recipients were: Kamia Mwango, Ginger Gibson, Deborah Mills, Annette Hernandez, Rebecca Hall, Rhett Butler, Cathy Hyde, Deborah Scarboro, Deby Barth, Jeri McMillan, Susan Stalnaker, Peggy DeBow, Renee Williams, Sheree Locke, Chavon Crumpton, La’Kesha Ruff, Maura Daquila, Stephanie Holt, John Chapman, Bill Penney, Nasrin Rezaei and Byron Burdette.
Congratulations on helping put students first at Santa Fe College.