As the article above shows, your students are actively being targeted by lenders that may not have their best interests at heart. And some lenders are bold enough to simply show up on your campus in an effort to reach their audience.
What’s an FAO to do? Take the lead to keep these aggressive marketers at bay — and your students safe from predatory lenders.
Here’s how one of our advisory board members handled this growing problem. Michelle Byers of Eastern Virginia Medical School communicated to all stakeholders (the dean, the alumni, student associations, etc.) that the financial aid office has students’ best interests in mind and, as such, has a broader perspective with which to evaluate lender offerings. Byers’ office required approval for anyone coming in to speak to students.
The Dean of Academic Affairs then explained to the various groups that guest speakers must be pre-approved through his office. This allows him to review the content and check with the appropriate department prior to granting approval.
All of this goes to show what you already know: the role of the FAO is changing. Keeping up will be a challenge, but the benefit to your students is well worth the effort.