SUNY Student Emergency Fund
The financial aid system often falls short when it comes to supporting students who are at risk of dropping out of school because of financial crises caused by, or that result in, unexpected one-time expenses. These include rent arrears, medical expenses, homelessness or threat of eviction, and back-up transportation or car repairs. One-time costs associated with these sudden events are often less than $1,500.
Emergency grants programs are often constrained in funding resources and cannot meet the demand for aid, which leads institutions to limit marketing of the availability of funds in fear of opening the floodgates. Furthermore, these programs often do not track the impact of their aid dissemination on student retention, making it difficult to identify best practices.
We conceived of and funded a Student Emergency Fund to help six State University of New York (SUNY) campuses provide students facing a financial emergency with emergency grants. The Fund has already shown dramatic improvement in retention and graduation rates: combined persistence and graduation rates total 91%, 86%, and 88% (undergraduate, first-time, full-time, baccalaureate and associate seeking students) one, two, and three semesters after receiving funds, respectively. Comparatively, the SUNY retention rate for the same cohorts of students was 70%, 49%, and 36%, respectively.
Campuses are also seeing a catalytic impact, including an increase in fundraising from other sources (with one senior class donating its senior gift to the program) and increases in the numbers of students coming forward seeking help and obtaining other forms of campus assistance who had not come forward in the past.