LINKS TO JUMP AHEAD: 

Successful launch of new OSU Student Financial Readiness Program
Major Milestone Achieved: OSU Submits F&A Rate Proposal to DHHS

Successful launch of new OSU Student Financial Readiness Program

The Controller’s Unit and Student Account Services is excited about the success of the new Student Financial Readiness program, a collaboration of multiple units including Financial Aid, Office of the Registrar, Admissions, and the Center for Advancing Financial Education (CAFÉ) hosted by the College of Business.

The program offers expanded payment plan options; provides tuition, fees and anticipated financial aid at least four weeks earlier than before; uses new threshold policies on student accounts to identify financial needs earlier; and provides students with access to financial literacy education. These actions are intended to:   

  • Support students anywhere within OSU to successfully complete a degree or credential at Oregon State while helping them manage costs; 
  • Provide clear, transparent information to students about the costs of college, payment deadlines and strategies to approach budgeting;  
  • Offer expanded support and educational resources surrounding financial literacy and well-being.

Outcomes and Successes 

  • 400+ admitted students and families attended a newly created financial wellness webinar
  • 68% of incoming students completed a new financial wellness survey and, of those, 46% indicated a desire to speak with someone at OSU about paying for college 
  • CAFÉ met with 300+ students over summer and fall to provide financial education
  • 1,532 students utilized payment plans for fall 2023 (50% increase) 
  • 2,137 new grants for a total of $2.3M  were awarded to accommodate financial needs for the new account threshold
  • 169 students opted to utilize the program’s one-time Rebalance, Register, Repay program 
  • 96% of students that benefited from these programs that were enrolled in fall 2023 are registered for winter 2024.

The feedback from grant recipients tells the story better than statistics can: 

  • "Without this grant, I would not have been able to continue my education at OSU due to my financial troubles." 
  • "Before I was awarded this grant, my future at OSU was unclear. With it, I was able to find financial stability and continue my education without worry." 
  • "This grant allows me to pursue my education and be on track for graduating in Summer 2024 without any major financial hassles regarding my education. This is incredibly important to me as I am low income and an independent student." 
  • "I was able to register for winter term, and am on track to graduate this spring!" 
  • "This grant helped me tremendously!! Especially after the drastic change of registration balance requirements."

 Kudos to all the staff, stakeholders, and students that made this program a success for our students and their families.

Major Milestone Achieved: OSU Submits F&A Rate Proposal to DHHS

OSU recently announced the successful submission of the Facilities and Administrative (F&A) rate proposal to the Department of Health and Human Services (DHHS). Mark Fryman, Director for Financial Accounting leads this annual effort with Charlotte Rooks, Manager of Analytical Operations within the Controller’s Unit. Developing the proposal is an important way the Division of Finance and Administration supports OSU's research community. In addition, teams from Space Management; the Valley Library, University Facilities, Infrastructure, Operations and the Division of Research and Innovation were actively involved in the development and submission of F&A rate proposal. Notably, David Jacobs and Michael Simonson from Space Management were instrumental in conducting the required space survey to support the proposal this past summer.

Charlotte Rooks explained importance of the F&A Rate Proposal to the university's research funding framework: "The F&A rate proposal is a detailed document we craft for federal authorities as we negotiate indirect cost rates for organized research and other sponsored activities.” She highlighted the proposal's role in covering essential 'overhead' costs that support research projects. "In essence, it communicates to federal agencies how much OSU requires for standard expenses utilities which are above and beyond direct research costs." Rooks stressed the proposal's significance: "Securing this funding, estimated to be around $55 million annually, is crucial. It's a critical component of of our ongoing efforts to not only sustain but also enhance OSU's research capabilities. This reflects our university's commitment to advancing academic research while ensuring financial sustainability."

The university’s federal F&A rate is renegotiated every four to five years. The development of this year’s proposal was a complex, multi-year process, involving extensive collaboration across various departments within the university, which highlights OSU's commitment to collective achievement and interdisciplinary cooperation.

While the submission of the proposal marks a significant achievement, it is not the conclusion of the process. The university awaits responses from DHHS and will engage in further work leading toward a negotiation for a final rate for the next few years. These negotiations will have a substantial impact on OSU's overall budget.

Last Updated: 
02/19/2024