Changing Higher Ed

Podcast Summary Dr. Drumm McNaughton interviews Dr. Ashley Finley, vice president of research and senior advisor to the president for the AAC&U, about how the workforce is changing and how higher education can play a part in this transformation. Podcast Highlights Employers consistently are looking for employees who have the competencies and skills created through a liberal education. Employers consistently rate individual skills such as drive and work ethic, ability to work independently, self-motivation, persistence and a sense of workplace belonging at the same level as teamwork, communications, critical thinking, and analysis. Generational differences emerge among industry leaders. Respondents under the age of 40 especially value civic engagement, global education, and diversity, and are looking for graduates who display this knowledge and skill set. To read the full show notes, visit https://changinghighered.com Resources Dr. Drumm McNaughton provides strategy and change management consulting for higher ed institutions.  The Change Leader’s Social Media Links: Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education

Podcast Summary Dr. Drumm McNaughton interviews Dr. Dave Haney, the interim president of Hiram College, about the ongoing transformation of the college to serve the needs of students and key stakeholders in its region. Podcast Highlights Targeted marketing allows institutions to share their story with prospective students who would be a good fit. This increasingly is important as students are focused on social media instead of network television or billboards. Focus on person-centered design and creating a holistic system. This enables institutions to create programs that students want and then develop an operational system that puts the students first and closes gaps between online, traditional undergraduate and graduate courses. Be involved in workforce and development efforts in the region to align college programs, courses, and offerings to help students gain the skills needed to be employed in the region. To read the full show notes, visit https://changinghighered.com Resources Dr. Drumm McNaughton provides strategy and change management consulting for higher ed institutions.  The Change Leader’s Links Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education

Podcast Overview Dr. Drumm McNaughton interviews Brian Kelly, Director of the Cybersecurity Program at Educause, about cyber risk management, and the increasing importance of including cybersecurity and cyber-hygiene in higher education’s enterprise risk management program. Podcast Highlights Disruptions in cybersecurity are becoming more common as higher education institutions increasingly see their technology systems being hacked. Ransomware attacks against colleges and universities doubled over the past year. As part of the enterprise risk management process, leaders need to consider potential cybersecurity issues. While ransomware is in the news, other worrisome issues such as research security, foreign influence from larger nation-state actors, and evolving threats that have not yet entered the higher education ecosystem, need to be considered. Research security also is critical. This entails securing both research and intellectual property. Third-party risk management also is important. Leaders need to know what data is being provided to these third parties and contractually how that third-party will use that information. To read the full show notes, visit https://changinghighered.com Resources Dr. Drumm McNaughton provides strategy and risk management consulting for higher ed institutions. The Change Leader’s Social Media Links: Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education

Podcast Summary Dr. Drumm McNaughton interviews Dr. Billy Hawkins, president of Talladega College, about how the pandemic has changed higher ed institutions and HBCUs in particular. Podcast Highlights When a crisis hits, prioritize students. Make strategic decisions and adaptions to keep students safe. By focusing on serving students during these difficult times through improving services and enhancing safety, higher education institutions can increase enrollments. The pandemic has taught higher education administrators and faculty to adapt. This ability to move with the flow and make changes needs to continue, even when the pandemic eases. To read the full show notes, visit https://changinghighered.com Resources Dr. Drumm McNaughton provides strategy and change management consulting for higher ed institutions.  Links to Articles, Apps, or Websites Mentioned during the Interview Talladega College Guest Social Media Links Billy Hawkins on LinkedIn The Change Leader’s Social Media Links Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education

Podcast Summary Dr. Drumm McNaughton interviews Paul Friga, associate professor of strategy at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill and co-founder of ABC Insights, about how higher education leaders can strategically move their institutions forward as the pandemic eases. Podcast Highlights Higher education leaders have an opportunity to use the American Rescue Plan funding to move their institution forward in creating a new model. The pandemic has forced institutions to adopt efficiencies, many of which should continue to be used in the “new normal.” Leaders should use the American Rescue Plan funding to strategically invest in student services, efficient operations, and growth. These investments can help the institution move forward more successfully. To read the full show notes, visit https://changinghighered.com Resources Dr. Drumm McNaughton provides strategy and change management consulting for higher ed institutions.  Links to Articles, Apps, or websites mentioned during the interview Association of Governing Boards of Universities and Colleges Guest Social Media Links Paul Friga on LinkedIn The Change Leader’s Social Media Links: Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education 

Dr. Drumm McNaughton interviews Dr. Meredith Woo, president of Sweet Briar College, about the Sweet Briar Miracle, the college’s transformation using change management principles. Podcast Highlights Sweet Briar College faced a major uphill climb after alumnae successfully pushed back the board of trustees’ decision to close the institution. The college had to find ways to address and change perceived challenges, including declining interest in a liberal arts education, waning enrollment by women in women’s colleges, and the institution’s location in a rural Virginia setting. The college’s leaders started their change initiative with major overhauls of the academic program, financial decision-making and budget. The second phase of this initiative involves creating a strong focus on women’s leadership that is integrated into the liberal arts curriculum and sustainability. The college grew enrollment by 42% after announcing the changes, and continues its growth to this day. To see full show notes, visit https://changinghighered.com Resources Dr. Drumm McNaughton provides crisis management and transformation consulting services for higher ed institutions.  Links to Articles, Apps, or websites mentioned during the interview: Sweet Briar College Guest Social Media Links: Meredith Woo on LinkedIn The Change Leader’s Social Media Links: Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education

Dr. Drumm McNaughton interviews Rob Hartman, CFO at Columbia International University, about how the pandemic has changed higher ed institutions and CIU, and in many ways, for the better. Podcast Highlights A crisis or change effort can have unexpected positive outcomes. In the case of CIU, these outcomes include increased enrollment, endowment, and employee productivity. During a change effort, create a committee with membership that spans the campus and can work through consensus. This effort can develop a powerful plan for change while also building engagement and support among institutional stakeholders. During times of change, leaders will emerge when using creative problem-solving. This was evidenced by CIU’s students who volunteered to deliver meals to their quarantined classmates. To read the full show notes, visit https://changinghighered.com Resources Dr. Drumm McNaughton provides strategy and change management consulting for higher ed institutions.  Links to Articles, Apps, or websites mentioned during the interview: Columbia International University Guest Social Media Links: Rob Hartman on LinkedIn The Change Leader’s Social Media Links: Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education

Dr. Drumm McNaughton interviews Dr. Ted Mitchell, president of the American Council on Education, and former undersecretary of education for the Obama Administration, about what to expect from the Biden Administration and higher education policies. Sample Show Notes The Trump Administration and the Biden Administration both have tried to provide financial support to COVID relief to higher education. Funding is coming directly to higher education and is being allocated to states, who then provide support to state colleges and universities. The question becomes whether the amount of federal relief is enough to help institutions who have tenuous finances. Some believe that the funding that is really needed by colleges and universities is approximately $100 billion. Many institutions are faced with mounting costs related to moving instruction online, thinning out and/or closing residence halls, increasing COVID testing, and providing PPEs to faculty, staff, and students. Many institutions also do not have students on campus, so those sources of revenue have dried up. Higher education CFOs are expressing concerns about how to pay for these increasing costs in the future. Higher education still faces an enrollment cliff based on the downward trend in the number of 18-year-olds. However, it is important to note that only about half of these individuals opt to attend college. There are several strategies that colleges can use to try to bolster the enrollment, including deepening the college-going rate among high school graduates, increasing college retention rates, and reach out to non-traditional college dropouts who have attended college but have not completed their degrees. Neg Reg, HEA, Title IX and gainful employment are expected to be topics for discussion among federal policymakers. Resources Dr. Drumm McNaughton provides strategy and change management consulting for higher ed institutions.  Links to Articles, Apps, or websites mentioned during the interview: American Council on Education Guest Social Media Links: Ted Mitchell on LinkedIn The Change Leader’s Social Media Links: Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education To see full show notes, visit https://changinghighered.com Keywords: #changinghighered #thechangeleader

Dr. Drumm McNaughton interviews Dr. Frank Rojas, COO at Los Angeles Pacific University, about myLAPU, an initiative that put their curriculum on students' smartphones. Sample Show Notes Three-fourths of students in online programs want to use their mobile devices to engage in coursework. However, only 13% have done so, which indicates a significant demand. MyLAPU was launched as a human-centered design project to remove the need for students to be connected to the internet via desktop or laptop to do their classwork. This new approach created a platform so the university can meet students both where they are at and when they are online so they can complete their coursework. LAPU began the design process with market research to understand what students wanted and needed, as well as how they interfaced and interacted with their learning environment. The project also assessed how to use mobile technology in a meaningful way to meet students’ needs through utilizing good methodology and leveraging andragogy research on how adults learn. Resources Dr. Drumm McNaughton provides distance and online education consulting for higher ed institutions.  Links to Articles, Apps, or websites mentioned during the interview: Los Angeles Pacific University Guest Social Media Links: Frank Rojas on LinkedIn Twitter: @LapacificU The Change Leader’s Social Media Links: Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Sponsor: Perdia Education To see full show notes, visit https://changinghighered.com  

Student loan debt is impacting millennials’ a pressing topic as students graduate from higher education having significant debt. This podcast will feature Steve Ferguson and Jay Patel, who have developed a new way for students to pay off their debt in significantly less time than that currently takes. Drowning in Debt The cost of education has gone up in real dollars as per inflation, due to multiple reasons, such as Prop 13 and state budget cuts to higher education. At the same time, the cost to students has increased significantly, as state funding to education has dropped and students are required to pay. Traditionally, people paid for an education out-of-pocket and from savings. However, the amount that students and families have to pay has gone up significantly more because there is less state government contribution. Title IV came into existence in 1965, and student loans came into play in the 1980s. These loans filled a gap and helped more people go to school. However, colleges and universities significantly increased the cost of tuition as federal funding for loans became available. This led to the advent of the current debt-load issue where student debt is now $1.7 trillion. This is the largest amount owed by society collectively behind mortgages. Over the years, the Department of Education has increased the amount of borrowing available to students. That money is mostly used to pay for tuition, but it also can be used to cover other expenses, such as the cost of housing. Starting around 2008-09, many private lenders such as Wells Fargo, CitiBank and Bank of America got out of the student loan business, causing the federal government to increasingly fill that gap. Since then, the student debt issue has skyrocketed. The nation is at $1.7 trillion in outstanding debt and 45 million borrowers in the U.S. have some Title IV debt. The average debt is over $37,000, and it is crippling for individuals to come out of college with this level of debt load. According to recent numbers, there are 60,000 borrowers who are over 62 years of age who have a combined total debt of $18.5 billion owed to the federal government. That is over $300,000 per borrower. This group is close to qualifying for Social Security while having a large outstanding student loan. Another significant threat to the nation’s economy is the debt load for the 25-34 year-old age group, which currently stands at about $90 billion. There are 310,000 borrowers who owe roughly $300,000 per borrower. These significant debt loads can potentially impact the ability for individuals to start families, buy houses and cars, etc. While many of these individuals who have these debts used these funds to earn a graduate degree, undergraduates also are coming out of school with $30,000-$40,000 in debt. These smaller amounts also impact individuals’ ability to buy a house and start a family. Innovation in Student Debt Repayment There hasn’t been a lot of innovation in student loan repayment previously. Many suggest that loans can be paid in a decade, but in reality that time period extends to 20-30 years. SLR 67 is a new type of investment vehicle that is used to pay for education. This savings and investment program uses a different strategy that came out of conversations with more than 800 stakeholders, including individuals, brokers, dealers and universities. This investment vehicle is designed for students and their families to repay their current or future loan faster. The SLR 67 has an interactive broker so when the student or family opens an account, they receive an automated investment strategy management plan over a specified time period. They can select a one-time investment or recurring investment. This gives individuals flexibility based on their income. The contribution program builds the principal to pay off the student loan. Using two basic financial principles—time/value/money and compounded interest—to accelerate what is put toward the principal. This program also is going to be marketed to employers to consider as a match for their employees. This could significantly increase the amount of money that could go into this product to help pay off student loan debt. This could be an employee retention tool, especially if it becomes tax-deductible for employers. The product has been launched and an account can be created and quickly funded so the automated strategy will take over. The company is focusing initially on the higher earner who has high debt but will expand the product’s scope in the future. Three Recommendations for Higher Education Leaders Ferguson and Patel suggested three takeaways for higher education leaders: From a university standpoint, institutions are measured on their repayment rates. They have an obligation to monitor their repayment rates to ensure that they don’t come under a 30% cohort default rate. This is a real issue for smaller institutions because just a few borrowers can affect the institution’s cohort default rate. The college or university also has a social and moral obligation to provide information to help students repay their debts since the institution was the one that profited. Employers also benefit from the students who enter their workforce. Therefore, employers can step up and help their employees figure out creative ways to repay the student loans through creating a match program. This financial tool brings innovation to a part of society that hasn’t had much. This tool is trying to help all parties, whether they are large borrowers or individuals who have smaller student loans. Bullet Points The cost of higher education has increased significantly over the years due to multiple reasons, which has led to larger student debt. Traditionally, people paid for higher education out-of-pocket and from savings. Title IV loans didn’t come into play until the 1970s. There was a significant increase in the cost of tuition as these federal funds became available. Over the years, the Department of Education has increased the amount of borrowing available to students. That money is mostly used to pay for tuition, but it also is available for students to cover for other expenses, such as the cost of housing. As private lenders dropped out of this market, the federal government stepped in and took over a larger share. Title IV filled a gap and helped more people go to school, but also led to this debt-load issue where Title IV debts are now $1.7 trillion. This is the largest amount owed by society collectively other than mortgages. The nation is at $1.7 trillion in outstanding debt and 46 million borrowers in the U.S. have some Title IV debt. There are 60,000 borrowers over the age of 62 who have a combined total debt of $18.5 billion owed to the federal government. That is over $300,000 per borrower. The debt load for the age group comprising 25-34-year-olds is about $90 billion. There are 310,000 borrowers who owe roughly $300,000 per borrower. These are significant debt loads that can potentially impact the ability for families to start, people to buy houses and cars, etc. While many individuals who have large student loan debts used these funds to earn a graduate degree, undergraduates also are coming out of school with $30,000-$40,000 in debt. There hasn’t been a lot of innovation in student loan repayment previously. Many suggest that loans can be paid in a decade, but in reality that time period extends to 20-30 years. SLR67 is a new type of investment vehicle that is designed to pay for higher education or student loan debt that uses an interactive broker. When the student or family opens an account, they receive an automated investment strategy management plan over a specified time period. Using two basic financial principles—time/value/money and compounded interest—this financial tool accelerates what is put toward the principal. This program is starting with the wealthier graduates—doctors and lawyers—who have larger student debt, but will eventually be offered to graduates with smaller student loan debt burden. Guests Social Media Links: LinkedIn Steve Ferguson: https://www.linkedin.com/in/stevefergs/ LinkedIn Jay Patel: https://www.linkedin.com/in/jayk-patel-4232712/ The Change Leader’s Social Media Links: Website: https://changinghighered.com LinkedIn: https://www.linkedin.com/in/drdrumm/ Twitter: @thechangeldr Email: podcast@changinghighered.com Keywords: #studentdebt #university #highereducation #education