A Look at Financial Aid During Suicide Prevention Awareness Month

By Jessica Lizardi, MPA, AFC

September is Suicide Prevention Awareness Month, a time dedicated to raising awareness about mental health. As Financial Aid Administrators, it's important to reflect on how our interactions with students can impact their mental health and explore how financial aid practices, particularly satisfactory academic progress (SAP) appeals, intersect with mental health.

The Intersection of Financial Aid and Mental Health

Financial pressures can have a dramatic effect on students' mental well-being, impacting their ability to focus on their studies and maintain academic progress. The ongoing worry about tuition fees, housing, living expenses, transportation, lack of family support or stability, and other financial obligations can lead to increased anxiety and stress, which in turn can affect students' academic performance and overall mental health.

In recent years, the concept of "financial trauma" has been brought to the table for research and scholarship. Rakim Sabree, AFC, author, speaker, and Forbes Columnist, defines financial trauma as "any instance observed or experienced that has a negative impact on the way you view, interact with, or believe about money".

How SAP Appeals Reveal Mental Health Issues

SAP appeals are a critical process for students facing financial aid suspension due to insufficient academic progress. Appeals often require students to disclose personal and financial challenges, which may include mental health issues. This process can reveal cyclical financial trauma and lack of support in students' family or community systems. For many students, this is not just about proving financial need, but also about revealing personal struggles that impact their academic performance.

The appeal and advisory process can uncover underlying mental health issues for college students that might not be visible through academic records or classroom interactions. Students may share in their appeals that mental health challenges, such as ADHD, depression, or anxiety, have affected their ability to maintain satisfactory academic progress.

When mental health issues are disclosed through SAP appeals, it provides an opportunity for institutions, particularly Financial Aid Administrators, to offer necessary referrals to support and accommodations. Understanding the connection between mental health and academic performance can help institutions tailor their support services more effectively and keep students in school to graduate.

Strategies for Inclusive Financial Aid Practices

To support students' mental health, institutions can adopt practices that address both financial and emotional needs:

Integrated Support Services: Institutions should offer integrated support meetings that combine financial aid counseling with academic counseling, incorporating mental health services as needed. This approach helps address the interconnected issues of financial stress and mental health, providing a more holistic support system.

Flexible Financial Aid Options: Implementing flexible financial aid options can ease some of the pressures on students. Emergency grants, mental health support funding, and adaptable repayment plans can help alleviate financial and emotional stress.

Enhanced Outreach and Education: Increasing awareness about the availability of financial aid resources and financial wellness education is only the first step. Incorporating mental health support into these processes is crucial. Institutions should educate students on how to seek help for both financial and mental health issues, ensure that SAP policies, including appeal processes and Financial Aid Advisory meetings, are supportive and compassionate, and provide ongoing training to staff on how to express empathetic responses while still meeting compliance requirements.

Professional Development for Financial Aid Administrators

As part of enhancing support for students, financial aid administrators can benefit greatly from additional training and certification, such as the Accredited Financial Counselor (AFC) designation from the Association for Financial Counseling & Planning Education (AFCPE). This program integrates financial literacy with mental health awareness, equipping professionals with the skills to address clients' emotional and psychological needs while guiding them through financial decisions.

"When considering things like financial trauma it's important to remember the following: You may be the professional, but they are the expert on their lives. The impact of the student's observations and experiences with money from as early as childhood can be compounded by negative money experiences and beliefs from previous generations. The effect of this financial trauma can show up in the student without them being conscious of it. It's important to take a trauma-informed and trauma-sensitive approach to how (or if) their needs are met beyond simple financial education concepts and directives. Unconscious body language, the words you use, and how welcome you make the student feel can impact their levels of financial stress, financial anxiety, and create lasting financial trauma in students." - Rahkim Sabree, AFC® and Financial Therapist

Conclusion

As we observe Suicide Prevention Awareness Month and National Recovery Month this September, it's crucial to recognize the role of financial aid in supporting students' mental health and recovery. By integrating financial support with mental health resources and adopting compassionate practices in SAP appeals, institutions can help mitigate the impact of financial stress on students' well-being. The Student Success Fund at OCC and the resources provided by professionals like Sabree and AFCPE are prime examples of how targeted support can make a difference. Together, we can foster a more supportive and equitable environment that allows all students to thrive academically and personally.

Resources

Success Stories and Initiatives

·         The Student Success Fund at Oakland Community College (OCC): The Student Success Fund at OCC is supported through employee contributions, where staff members contribute directly from their paychecks. This fund provides emergency financial support to students facing unexpected financial challenges. This resource can be crucial for students dealing with mental health issues, as it helps alleviate some of the financial stressors that impact their academic performance and overall well-being. Learn more about OCC’s Student Success Fund.

·         Rahkim Sabree AFC© and Financial Trauma expert provides 1:1 coaching, financial literacy workshops and more specifically relating to financial literacy and mental health for students and professionals. https://www.rahkimsabree.com/

·         The Center for Collegiate Mental Health (CCMH): CCMH integrates mental health services with student success initiatives, offering a holistic approach that includes financial literacy and mental wellness. Explore CCMH's resources.

·         Purdue University Health Coaching: Purdue University offers health coaching services that integrate mental wellness with personal and financial health management. Read more about their health coaching.

·         Money Masters Blog: Money Masters provides insights into how financial management can impact mental health and offers resources for improving both. Explore their blog.

·         National Research and Training Center on Community Living (NRTC): NRTC offers resources for financial wellness, particularly for individuals with disabilities, integrating mental health considerations. Check out their financial wellness resources.

·         Center for Health and Social Change: This organization provides strategies for building financial wellness while also addressing mental health. Visit their financial wellness resources.

·         Trellis Strategies Survey: Trellis Strategies conducts surveys on student financial wellness and mental health, providing valuable data and insights. Access their survey findings.

·         Inside Higher Ed on Financial Wellness: Inside Higher Ed discusses the importance of making financial wellness a priority in student success strategies, highlighting how integrated approaches can support students’ overall well-being. Read more on Inside Higher Ed.

Financial Wellness and Counseling

• Oakland Community College Student Success Fund: Learn about how OCC’s Student Success Fund supports students facing unexpected financial challenges. Learn more.
• Center for Collegiate Mental Health (CCMH): Provides resources and insights into integrating mental health services with student success initiatives. Explore CCMH’s resources.
• Purdue University Health Coaching: Offers health coaching services that combine mental wellness with personal and financial health management. Read more.
• Money Masters Blog: Provides information on the connection between financial management and mental health, with resources for improving both. Explore the blog.
• National Research and Training Center on Community Living (NRTC): Offers resources on financial wellness and mental health, particularly for individuals with disabilities. Check out their resources.
• Center for Health and Social Change: Provides strategies for building financial wellness while addressing mental health. Visit their resources.
• Trellis Strategies Survey: Offers valuable data and insights on student financial wellness and mental health. Access the survey findings.
• Inside Higher Ed on Financial Wellness: Discusses the importance of prioritizing financial wellness in student success strategies. Read more.
• University of Illinois Chicago Financial Wellness: Provides resources and programs focused on financial wellness and mental health. Explore their resources.
• Association for Financial Counseling & Planning Education (AFCPE): Offers information on financial counseling certification and its benefits for addressing mental health and financial issues. Learn more about AFCPE.

Suicide Prevention

• National Suicide Prevention Lifeline: Provides 24/7, free, and confidential support for people in distress. Call 988 or visit.
• Crisis Text Line: Offers free, 24/7 support for those in crisis via text message. Text HOME to 741741.
• Suicide & Crisis Lifeline: Connects individuals in crisis with trained counselors who can provide support. Call 988.
• The Trevor Project: Provides crisis intervention and suicide prevention services to LGBTQ+ youth. Learn more.
• American Foundation for Suicide Prevention (AFSP): Offers resources and support for individuals dealing with suicidal thoughts and for those who have lost someone to suicide. Visit AFSP.
• National Alliance on Mental Illness (NAMI): Provides education, support, and advocacy for mental health issues, including suicide prevention. Explore NAMI’s resources.

Author Bio

Jessica Lizardi, MPA, AFC is a Financial Aid Advisor at Oakland Community College in Auburn Hills, Michigan. She has earned multiple certifications from the National Association of Student Financial Aid Administrators (NASFAA) and was designated as an Accredited Financial Counselor (AFC) by the Association for Financial Counseling & Planning Education (AFCPE) last year. Currently, Jessica is a counseling student specializing in disability sciences at the University of Southern Florida (USF).  She currently leverages her financial aid background and counseling studies to offer comprehensive advising support, with a deep interest in supporting historically marginalized groups, ensuring all students have the resources, equal access and emotional well-being necessary for their academic and personal success.