Reengineering of Student Services was the primary focus of the Bursar's Office during the year. The reengineering process will result in the creation of a Student Services Center in the main building and a reorganization and possible relocation of this office and other MIT offices responsible for student services.
This was the first year of MIT's participation in Direct Lending, a federal loan program. Although entering this new program was stressful, the elimination of red tape for students made our efforts worthwhile.
In FY96, student loans receivable totaled $60,487,446 at fiscal year end. These notes were funded by $16,047,951 of MIT loan funds established by friends and alumni of the Institute; $27,114,121 of federal funds in support of the Perkins Loan Program; and $15,325,374 borrowed from the Student Loan Marketing Association; and $2,000,000 borrowed from local banks.
MIT's cohort default rate on Perkins/National Direct Student Loans was 1.1 percent in 1994 and 1 percent in 1995. MIT's default rate on Stafford/ Guaranteed Student Loans was 2.6 percent in 1994 and 2 percent in 1995. We are very proud of our performance over time in this area.
Much time was devoted to system work and business procedures to handle our first year in the Direct Lending program. Technical requirements of upcoming Reengineering initiatives mandated the purchase of new desktop computer systems for the entire office.
This was the first full year on MITSIS, the student information system. We are pleased with many of its features. For example, MITSIS has made it possible for us to expanded our electronic communications with students. We are now able to send e-mail to specific populations.
We have begun to revise our statement and as a result, we have been able to eliminate some paperwork. The elimination of the Student Payment Information Card has increased staff efficiency and saved many hours of work for our staff.
Student tuition, fees and other charges totaling $255,463,387 were billed, an increase of 6% from last year. Servicing approximately 10,000 student accounts required 254,722 transactions to the student accounts receivable system. Income from late payment fees was $137,344; income from finance charges was $151,665.
There were 192 active Parent Loan Plan accounts. A total of $1,489,860 was disbursed during the year and $1,405,422 in principal was collected. The PLP receivable at the end of the fiscal year was $1,980,990.
Carolyn Bunker and Sandra Chauncey served as performance evaluation trainers for the V.P. Administration staff. Mary Barry, Barbara Johnson, Lynn Flury, and Lan Wang served as Ambassadors at Commencement exercises in June. Lynn Flury was a member of the Student Services Reengineering Redesign Team. Carolyn Bunker is a member of the Financial and Academic Services Transition Leadership Team. Sandra Chauncey and Carlene Chisom-Freeman are team leaders for Student Services Reengineering.
The following changes in staff occurred in FY96:
Annette Brown left her position as Senior Office Assistant in May 1996.
Cheryl Baranaukas was appointed Senior Office Assistant in May 1996. She came to us from the Purchasing Office at MIT.
Carolyn Bunker was promoted from Associate Bursar/Financial Systems to Bursar on July 1, 1995.
Huey Chang was appointed Analyst /Programmer III on November 1995. She came to us from Yale University. She left her position in May 1996 when she was promoted to Senior Analyst/Programmer on the MITSIS staff.
Sandra Chauncey was promoted from Assistant Bursar/Loan Collection to Associate Bursar/Student Services on July 1, 1995.
Shawn Dunn will be appointed Analyst/Programmer III July 1, 1996. He comes to us from the Student Financial Aid Office at MIT.
Jim Galvin retired from his position as Assistant to the Bursar/Student Services in May 1996.
Sarah Hernandez was promoted from Senior Office Assistant to Assistant to the Bursar/Loan Collection in November 1995.
Barbara Johnson was promoted from Assistant Bursar/Information Systems to Associate Bursar/Financial Systems in September 1995.
Erin McCoy was appointed Senior Office Assistant in January 1996. She graduated from MIT in June 1995.
Kevin Paulding left his position of Office Assistant in May 1996 when he was promoted to a technical position in the Office of Sponsored Programs.
Lan Wang was appointed Financial Officer in March 1996. She came to us from Rogal, Inc.
Eleanor Wolcott was promoted from Assistant to the Bursar to Assistant Bursar/Alumni Services on September 1, 1995.
MIT Reports to the President 1995-96