2009 ihep symposium on financial literacy and college ...today’s agenda best practices in student...
TRANSCRIPT
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Financial Literacy and College Success at Minority-Serving Institutions
Model ProgramsModel Programs
Lana Low, Ph.D.Retention & Financial Literacy
Research & Consulting
2009 IHEP Symposium February 26, 2009San Antonio, Texas
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Today’s AgendaBest Practices in Student Financial Literacy
First year and entering studentsSecond year students and beyondAssessment the effectiveness
Model Financial Literacy ProgramsSouth Mountain Community College – Counselor and FacultySitting Bull Tribal College – Financial Aid DirectorPrairie View A & M University – Associate Provost and Financial Aid DirectorSpelman College - Students
Your Questions
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FYIObserving Save the Trees philosophy, thus PowerPoint presentations will be available on the IHEP website.Structure of sessions Incorporating your best practicesThe panelists will be available throughout the day for any questions you don’t get answered during the discussions.
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“While freshmen and their parents are likely thinking more about tests and academics during orientation, the fact is that after graduation a student's credit rating is arguably far more important to his or her future than grade point averages.”
Why Financial Literacy?
Robert D. Manning, Ph.D., Author - Credit Card NationResearch Professor and the Director of the Center for Consumer Financial Services at Rochester Institute of Technology.
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What is financial literacy?Money Debt
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Those who believe that the only certainties in life are death and taxes can now add a third to the list:personal debt.
Karen KrebsbachUS BankerFebruary, 2006
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8
Current State of Financial Literacy
College students are not prepared to manage their personal financesParents are not providing the financial experiences students need Higher education is slow in responding to students’need for financial educationThere is uneven delivery and availability of personal finance services
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Percentage of questions answered correctly by: High School Seniors
1997 – 57.3%2000 – 51.9%2002 – 50.2%2004 – 52.3%2006 - 52.4%2008 - 48.3%
Student Preparedness: Jump$tart Financial Literacy Survey
Jump$tart Coalition 2008
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Percentage of questions answered correctly in 2008 by:High school seniors
2008 - 48.3%*College students
2008 – 62.0%College freshmen
2008 - 59.4%College seniors
2008 – 65.0%
*College scores increased with students’ rank in school.
Student Preparedness: Jump$tart Financial Literacy Survey
Jump$tart Coalition 2008
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Key Research Finding
Finance classes help more in college than high school.
http://www.extension.org/pages/Personal_Finance_Classes_Help_More_in_College_than_High_School
Jonathan Fox at The Ohio State University,August 10, 2007.
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Parental InfluencesHow America Pays for College
70 percent of students and parents said a student’s expected post-graduation income did not make a difference on their borrowing decisions?
With so many students and their parents not considering cost in the college selection process, the stage is set for student success issues.
2008 Study conducted by Gallup Organization for Sallie Mae
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Focus on the Goal:
Financial FluencyKnowledgeBehavior
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Model Programs Part 1
Entering and first-year student financial literacy programs
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Best Practices in Financial Literacy
Entrance counselingExit counselingStudent orientationParent orientationStudent success coursesSeminars/workshopsMoney management counselingPeer financial counselingCareer developmentAlumni programs
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Nationally-Recognized Programs
ParticipantsBrigham Young University →University of Arizona →University of Georgia →Iowa State University →
Montana State University →Ohio State University →Texas Tech University →Wright State University →
ProgramsFinancial Path to GraduationCredit Wise Cats Peer Financial CounselingConsumer & FinancialManagement PublicationsFamily Financial Literacy ProjectFreshmen Success SeriesRed to BlackWright Financial Path
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Brigham Young UniversityFinancial Path to Graduation
Strength: Positioning/Infrastructure• Academic planning and financial planning proceed on
parallel tracks.
• Students must file a financial plan with the Financial Aid Office before their loan eligibility is certified.
• This process informs how much students will need to borrow to finance their education and the impact on their lives after graduation.
Website: http://saas.byu.edu/depts/finaid/documents/fp2g.pdf
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University of ArizonaCredit Wise Cats
Strength: Peer-to-Peer Program
• Credit Wise Cats is a student-run group on a mission to educate students about smart spending and financial planning.
• UA's Credit Wise Cats said they counsel people with practically any financial woe through a series of group workshops or one-on-one meetings.
Website: http://wildcat.arizona.edu/papers/98/32/01_8.html
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Iowa State UniversityConsumer & Financial Management
Strength: Use of Technology• The Internet is used to offer select information to
individuals
• One creative example of using technology to spread financial literacy is the weekly financial tips.
• Over 40,000 individuals signed up to receive weekly financial tips during a three-year period.
Website: http://www.joe.org/joe/2004october/tt5.shtml
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Iowa State UniversityGovernment of the Student Body (GSB)
Strength: Student Initiated and Funded• Funded a financial information campaign in response to press
coverage about excessive student debt.
• A recession calls for us to make tough choices, but a recession is exactly the time when economic and financial education is so critical.
• Will promote existing programs: Tip of the Week, financial literacy classes, and a Financial Counseling Clinic.
Websites: http://www.joe.org/joe/2004october/tt5.shtmlhttp://www.iowastatedaily.com/articles/2009/01/28/opinion/todays_editorial/doc498131b7bc49d601484826.txt
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Get Financially Fit: a list of websites for college students.
http://www.consumerinterests.org/files/public/Get_Financially_Fit_Education_Program_List.pdf
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PanelistsSouth Mountain Community College
Cori WashingtonCynthia Walston
Sitting Bull Tribal CollegeDonna Seabord
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Today’s AgendaBest Practices in Student Financial Literacy
First year and entering studentsSecond year students and beyondAssessment the effectiveness
Model Financial Literacy ProgramsSouth Mountain Community College – Counselor and FacultySitting Bull Tribal College – Financial Aid DirectorPrairie View A & M University – Associate Provost and Financial Aid DirectorSpelman College - Students
Your Questions
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Financial Literacy and Retention
What is the relationship between financial literacy and student retention?
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Retention Issues: Your List 2006
Institutional commitmentSophomore slumpTime managementAdjusting sociallyAffordabilityParent rolesFinancial literacy Customer serviceCareer planningGraduation vs. goal completion
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Common Institutional Goals of Financial Literacy Interventions
• Lower loan default rate• Lower average credit card debt• Decrease number of credit cards• Increase first-year retention rates• Increase graduation rates
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Where would you look to find the relationship between retention and financial literacy on your campus?
Loan DefaultStudent AttitudesDOE: Retention DataAffordability
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Predicting Loan DefaultStudent loan default studies indicate overwhelmingly that student success plays a bigger role in predicting who will default than either borrower background or institutional characteristics.
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Freshman Attitudes Report2008 Report
18.2% of students are in a bad financial position, and the pressure to earn extra money will probably interfere with studies.
28.7% have financial problems that are very distracting and troublesome.
Would like to talk with someone30.2% getting loan45.7% getting part-time job41.5 summer employment
2009 Report18.2% of students are in a bad financial position, and the pressure to earn extra money will probably interfere with studies.
29.3% have financial problems that are very distracting and troublesome.
Would like to talk with someone:31.5% getting loan47.3% getting part-time job44.3 summer employment
2008, Noel-Levitz
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Department of Education Statistics
9,000 students surveyed from 800 postsecondary institutions
approximately 3,300 did not successfully complete the program in which they were enrolled14 percent of students who left cited financial reasonsOnly 2 percent cited academic reasons
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Affordability and Retention
Carry a balance on their credit cards.Come from a family that cannot afford to pay for college without loans.Not have money to participate in the activities they enjoy.Have a lower GPA.Have reduced their course load because of debt.
Students who take longer to graduate are the least likely to be able to afford it, they are most likely to:
Barbara Wharton, 2007http://studentaffairs.osu.edu/pdfs/assess_presentation_ACPA_NASPA_07_Section3.pdf
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CSRDE 2008 Retention Awards
“A Systemic View of Academic Achievement, Academic Progress and Degree Completion: A Longitudinal Study.
“SUCCESS CHALLENGE: Placing Student Success at the Center-- Enabling In-State, At-Risk Students to Successfully Earn Baccalaureate Degrees in a Timely Fashion.
“The Attack of the Killer Courses: How Course Taking Patterns Affect Retention”
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A National Call to Action
President Advisory Council on Financial Literacy: 2008 Annual Report
Recommendation Conduct additional research into the feasibility of requiring college students to take a course in financial literacy or pass a competency test as a condition of receiving government-backed student loans.
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Successful financial literacy and retentionpractices must provide students with the tools they need to survive –before they know they need them.
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Model Programs Part 2
Financial literacy programs for second year students and beyond
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Boston College:“Successful Start” Financial Literacy Program
Sponsored by: Office of Student ServicesMission Statement: financial management for lifeWorkshops: all aspects of financial managementAre You Ready for the Challenge? borrowing and using credit responsiblyDid You Know? credit pitfalls and warnings
http://www.bc.edu/offices/stserv/meta-elements/pdf/brochure.pdf
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Successful Start (continued)Are You Ready for Additional Help? websitesUpcoming Workshops: “Are you ready for that job offer?”Past Workshops: Example “How will I survive?”What People Are Saying: testimonials
http://www.bc.edu/offices/stserv/meta-elements/pdf/brochure.pdf
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University of North TexasStudent Money Management Center Runs a Web site and offers one-on-one meetings and group educational sessions.Targets workshops to certain groups – freshmen, graduating seniors, and many moreMoney management topics, such as budgeting, apartment leases, credit cards and credit reports, college and living expenses, car buying, student loan repayment strategies and affording study abroad programs. Administered by Division of Student Development Works closely with Office of Financial AidAdministers two loan programs to help students with unanticipated expenses that endanger their re-enrollment
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Stanford UniversityMary Morrison, director of funds management in financial aid office“How to live without your parents’ money”Enlightenment called for when student asked, “Where do I get my W-2 cashed?”One student convinced that the payroll department was stealing money withheld from her check.Uses practical approach: bag of groceriesBest taught to seniorsBig project is planning budget to match average starting salary of Stanford graduate.
http://chronicle.com/temp/reprint.php?id=53vn46yrjgnz5snjn6c6py6lz5ynl0js
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PanelistsPrairie View A&M University
Dr. Carlos Clark
Spelman CollegeMichelle JenkinsJocelyn Mason-Saffold
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Today’s AgendaBest Practices in Student Financial Literacy
First year and entering studentsSecond year students and beyondAssessing the effectiveness
Model Financial Literacy ProgramsSouth Mountain Community College – Counselor and FacultySitting Bull Tribal College – Financial Aid DirectorPrairie View A & M University – Associate Provost and Financial Aid DirectorSpelman College - Students
Your Questions
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“What gets measured gets done!”
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Recent survey at professional development conference
What are your goals related to financial literacy activities? What are your financial literacy activities? How are you evaluating your activities?
Surveys to monitor progressTrack student debt loadsWondering how to evaluate Use suggestions students make# of usersStudents themselves help me evaluateWe just launched the program……Mmmmm good?
2008 Kim Brown & George CovinoAAMC Session
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What Do We Measure?
Changes in student engagement scoresMotivation levels of freshmenAcademic success goals of studentsChanges in student expectations and satisfactionChanges in student achievement
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Measurement Tools of Choice
Surveys
Focus groups
Interviews
Case studies
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Model Programs Part 3
Assessing the effectiveness of financial literacy programs
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A Simple Approach to Assessment
A Case Study: The University of Hawaii at Manoa
Source: Journal of Family and Consumer Science, 2007, Vol. 99, No 3. Financial Information Project: Assessing the Financial Interests of College Students.
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The “I – 4” Paradigm
Information Inquiry Intervention Impact
Financial Literacy
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What do we know about financial literacy?What do we know about our students?What do we know about our institution?
Information Inquiry Intervention Impact
Financial Literacy
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UH Manoa: InformationTwo out of three students leave college with debt.The effects of college debt are far-reaching.There has been a significant increase in bankruptcy filings by the under age 25 group.80% of undergraduate students have between one and four credit cards.High school students have limited access to financial education other than what they learn from parents.81% of parents rated their money practices as poor.Only 10% of students in the Family and Consumer Sciences upper division classes had any formal money management coursework
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What do we need to know?How do we find out?What will we do with the information?
Information Inquiry Intervention Impact
Financial Literacy
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UH Manoa: InquiryStudents were asked to complete a survey:
What kind of financial information would be of interest to college students?How would students prefer the information be delivered?
Faculty and staff completed parallel survey:Included those who counsel or teach students in the area of money management.Questions focused on interest, preferred presentation, and delivery
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UH Manoa: Inquiry (continued)
Financial information of interest to students:Investing for the future. Getting ahead financially after graduation. Avoiding credit problems. Budgeting income and expenses.
Information of interest to faculty staff:BudgetingAvoiding credit problemsMaking the most of student loansAvoiding ID theft, fraud, and scams
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UH Manoa: Inquiry (continued)How students prefer to receive financial information:
As part of a financial aid interviewAs part of special event with free foodAs part of extra credit in a university classThrough a websiteAt the university’s New Student Orientation program
Faculty and staff choices for delivery of information:As part of special event with free foodThrough a websiteAs part of extra credit in a university classAs part of a financial aid interviewAt the university’s New Student Orientation program
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What did we learn?What can/should we do about it?
Information Inquiry Intervention Impact
Financial Literacy
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UH Manoa: InterventionValidated student interest in a variety of financial topics and they have definite ideas on how they would like to receive the information.
Concluded that students are interested in learning about financial futures; faculty and staff focus on the present.
Identified a cadre of faculty and staff to collaborate on delivery of programs that reach a wider college student audience.
Recognized the importance of surveying intended audience and their teachers before selecting a program.
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UHM: Intervention (continued)Began with a pilot financial education project.Peer financial educators were selected.Utilized common interests indicated by students and faculty/staff in the selection of a curriculum. Twelve curricula were reviewed for relevance and quality of materials.
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What worked? What didn’t?What’s the payoff for the student? What’s the payoff for the institution?
Information Inquiry Intervention Impact
Financial Literacy
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UHM: ImpactWorkshop Participation
20 sessions for 500 students offerednew-student orientation workshops, dormitory programs freshman seminars ad hoc requests
Workshop Evaluations471 students gained new knowledge and understanding of basic personal financial management. When compared with non-participants, workshop attendees had increased their awareness of money management practices.
Workshop participants demonstrated greater awareness on 13 of 20 indicators, with significant differences on five of those indicators.
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UHM: Impact (continued)Program Growth:
Shilder College of Business faculty now incorporate the materials in training peer educators and other students pursuing financial planning as a career.
Students can get class project credit for developing, offering and assessing financial education units for their peers
Offering program online
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Where is your focus?
Information Inquiry Intervention Impact
Financial Literacy
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2009 IHEP/MSI Symposium 1
2009 Symposium on Financial Literacy and College Success at Minority Serving Institutions:A Report on Tribal Colleges
Donna M. SeaboySitting Bull College
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2009 IHEP/MSI Symposium 2
History of Sitting Bull College
• Located on Standing Rock Sioux Reservation
• Main campus located in Fort Yates, ND• Additional sites in McLaughlin and
Mobridge, SD
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2009 IHEP/MSI Symposium 3
History of Sitting Bull College
• Chartered by Standing Rock Sioux Tribe on 9-21-73 as Standing Rock Community College
• One of the original five tribal colleges established
• Accredited through Higher Learning Commission of the North Central Associations of Colleges and Schools
• Name changed to Sitting Bull College 3-6-96
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2009 IHEP/MSI Symposium 4
Who Are Our Students?
• Average 300 students/semester• 71% Female/29% Male• 90% Native American• 73% Single• 31 Average Age
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2009 IHEP/MSI Symposium 5
Sitting Bull College Strategic Plan
Goal Number 4 (ended July 08): To Increase Retention Objectives
• Increase semester completion rate from 67% to 70%.• Increase retention rate from 38.3% to 41.3%.• Increase persistence rates from 59.8% to 62.8%.
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2009 IHEP/MSI Symposium 6
Sitting Bull College Strategic Plan
New strategic Plan July 2008:Goal Number 2: To have created opportunities for students to
actively participate in student centered initiatives by 2013. Objective 2: To have increased retention 2% per year using the 2005-2006 benchmark of 39.8% through 2013.
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2009 IHEP/MSI Symposium 7
Results
2006-2007 Outcomes• Semester completion rate
– Fall 06 63.2% – Spring 07 56.9%
• Persistence rate 64.8% Retention rate 40.3%
2007-2008 Outcomes• Semester completion rate
– Fall 07 54.3% – Spring 08 56.1%
• Persistence rate 54.5% Retention rate 53.3%
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2009 IHEP/MSI Symposium 8
Results
2008-2009 Outcomes• Semester completion rate
– Fall 08 62.3% • Persistence rate 66.7%
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2009 IHEP/MSI Symposium 9
PSY 100 Psychology ofStudent Success
• Orientation course that is mandatory for all new students and should be taken during their first semester at SBC.
• Course is designed to make the adjustment to college life a pleasant experience.
• Financial literacy is an important component of the course.
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2009 IHEP/MSI Symposium 10
PSY 100 Financial Literacy Component
Unit One: Charge It Right –using credit cards responsibly.Unit Two: To Your Credit – reading a credit report and building/repairing credit history.Unit Three: Pay Yourself First –identifying ways to save money and introducing options for saving toward their goals.Unit Four: Money Matters –managing money by preparing a personal spending plan and identifying ways to decrease spending and increase income.
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2009 IHEP/MSI Symposium 11
Progress
Reason for Withdrawal: Financial Difficulties17 (15%) Fall 2005 115 drop slips6 (8%) Spring 2006 77 drop slips5 (5%) Fall 2006 105 drop slips0 (0%) Spring 2007 71 drop slips2 (2%) Fall 2007 94 drop slips3 (5.5%) Spring 2008 54 drop slips2 (3.1%) Fall 2008 63 drop slips
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2009 IHEP/MSI Symposium 12
American Indian Higher Education Consortium (AIHEC)• Regular Members (32)• Associate Members (4)• International Members (1)• Survey Participants (14)
www.aihec.org
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2009 IHEP/MSI Symposium 13
$ U R V E Y
• Is your college providing financial management education to its students?– 8 YES– 6 NO– 0 NOT SURE
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2009 IHEP/MSI Symposium 14
$ U R V E Y• Tell me what you do to provide this service
to your students.– Required academic course– Orientation/Workshops– Local Bank Representatives– Entrance/Exit Loan Counseling
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2009 IHEP/MSI Symposium 15
$ U R V E Y• Have you assessed its effectiveness?
– 0 YES– 2 NO– 12 NOT SURE
• What were the results of your assessment?– n/a
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2009 IHEP/MSI Symposium 16
$ U R V E Y
• Do you plan to expand or change your methods for providing this service to your students? How?– TRIO is setting up workshops on debt
management and credit card use– New Position with specific duty of
establishing financial education program– Access local JumpStart Coalition resources
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2009 IHEP/MSI Symposium 17
$ U R V E Y
– Try to set up IDA (individual development accounts) for specific savings objective
– Set up workshops on budgeting and using local resources
– Work with students in applying for financial aid early to meet deadline dates
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2009 IHEP/MSI Symposium 18
$ U R V E Y
• How often do you disburse financial aid?– 12 Once per term (federal and A*CF) – 2 No response (federal and A*CF)– 4 Multiple disbursements (stipends)
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2009 IHEP/MSI Symposium 19
Summary
• Financial education is an issue in Indian Country that is being addressed – however, it appears on a small scale.
• Don’t need to reinvent the wheel– USA Funds Unlock the Future– Money Smart– Jump$tart
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SOUTH MOUNTAIN COMMUNITY COLLEGE
MARICOPA COMMUNITY COLLEGE DISTRICTCORI WASHINGTON, CHAIR
DIVISION OF COUNSELING, HEALTH, AND WELLNESS
CYNTHIA WALSTON, ADJUNCT COUNSELING FACULTY
Personal Money Management for College Students
CPD108
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CPD STANDS FOR
COUNSELING AND PERSONAL DEVELOPMENT
OUR MOTTO
“GOT A LIFE? BECAUSE LONG AFTER GRADUATION, YOU’LL STILL HAVE A LIFE©”
What is CPD?
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Why do students enroll?
Loans are NOT auto-packaged in the financial aid process at SMCC.
All student loan borrowers MUST complete an on-line loan counseling session.MUST complete a detailed budget for the academic year.MUST take CPD108, a personal Money Management course taught by Counseling Faculty from SMCC sometime within the academic year. Materials utilized are ‘Life Skills’ provided by USAF/SallieMae.MUST complete an Exit Counseling session between their freshmen and sophomore year, even though they are continuing their education with SMCC. Previous generational values and behaviors
that influenced current college students
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Additional Student Loan Requirements
Students must request student loans by a separate process; complete and additional in-person group counseling session.provide a program of study to the FA Office.review their NSLDS (National Student Loan Database System) record annually to understand their aggregate loan indebtedness.Students who leave, drop out or graduate are required to complete the Exit Loan Counseling again as well.
stay within a reasonable community college loan level of indebtedness. With the new increases, effective July 1, 2008, SMCC recommends dependent students stay within a $12,500 aggregate and independent students stay within a $25,000 aggregate. These levels may be exceeded; however, a close review of each student’s goals, aspirations and indebtedness is evaluated on a case-by-case basis.
Students who are in repayment and delinquent receive communications from SMCC through Debt Manager, a USAF/SallieMae default prevention product.
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Previous generational values and behaviors that influenced current college students
Family Responsibilities
Full time employment
First Generation College Student/Adult Student
Lack/no experience with large sums of money or access to money
Poor/no experience with money management
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South Mountain Community College
Default Information
The above graph indicates the default percentage at SMCC .
Note: 2002 & 2003 had 0 default rate.
The above graph denotes the actual number of student loans
awarded and defaults.
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Now that we have you in class…
GOOD MORNING. TELL US WHY YOU’RE HERE
TOP 5 RESPONSES
I DROPPED IT LAST SEMESTER AND I CAN’T GET MY LOAN
FINANCIAL AID MADE ME
I CAN’T GET MY REFUND CHECK UNTIL I TAKE THIS CLASS
I NEEDED ONE MORE CREDIT
I HAD NOTHING ELSE TO DO AT 8:00 AM ON A SATURDAY MORNING☺
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CREATING CPD108
PRESENTATION OUTLINE: PART 1
Course inception• Initiation and collaboration with the Financial Aid Office of SMCC
Goal and Purpose for collaboration• Why is there a need for this course?
Maricopa District Counseling Instructional Council • Steps in establishing new course.
Course Development• Course Description: Counselors’ focus on emotions connected with
attitudes, behaviors, and thinking about money
• The official course competencies and outline.
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TEACHING CPD108
PRESENTATION OUTLINE: PART 2
• Guided Imagery
• Life Planning
• Budgeting
• Educational Planning
• Academic Success
• Occupational Projections
• Where does my income come from?• Cashflow Quadrant
• Current economic situation• How is the current economy affecting you?
Utilizing USAFunds and other resources
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COURSE INCEPTION:Initiation and collaboration with the Financial Aid Office of SMCC
Financial Aid PerspectiveIn 1989, South Mountain Community
College decided to cease participation in the student loan program with a default
rate at 23%
Typical reasons for not repaying loan
But I didn’t graduate…I’m not working…
I’m still in school, but part time…I thought it was a grant…
Inez Moreno-WeinertFinancial Aid Director
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COURSE INCEPTION:Initiation and collaboration with the Financial Aid
Office of SMCC
Counseling Perspective
Emotions associated with money and debt
•Personal responsibilities associated with money
•Family obligations
•Work responsibilities
•Current/past debt any other related concerns
•Freedom and status
•Distress – “Retail Therapy”
Delayed Gratification/Immediacy
Magical Thinking/Freedom to Spend
•It’s similar to my IRS refund
Lack of Respect for the value of money
Cori WashingtonCounseling Center, Director
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FINANCIAL AID GOALSFINANCIAL AID GOALS COUNSELING GOALSCOUNSELING GOALS
Decrease default rate
Financial literacy
Loan responsibility
Healthy money management
Delayed gratification
Detaching emotional ties to money
GOAL AND PURPOSE FOR COLLABORATION
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Course Development
COLLEGE MONEY MANAGEMENT IS DESIGNED TODesigned to assist students in examining values related to spending, borrowing, and
saving money.
Identify financial priorities and responsibilities associated with debt.
Develop and follow a personal budget plan and learn strategies for maintaining a financially balanced personal life.
COURSE DESCRIPTION
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THE 10 OFFICIAL COURSE COMPETENCIES
1. To prioritize personal needs and wants
2. Explain the concept of delayed gratification
3. Track monthly income and expenses
4. Develop a personal budget plan
5. Identify strategies for reducing personal debt
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THE 10 OFFICIAL COURSE COMPETENCIES
6. Identify money saving strategies
7. Determine the cost of obtaining an Associate’s and Bachelor’s degree
8. List responsibilities associated with federal student aid
9. List responsibilities associated with using credit cards
10. Describe ways to balance financial commitments related to school, work and relationships
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Guided Imagery
The Perfect Day!It is five or ten years from now. Imagine yourself enjoying a day in
which you are doing everything and anything you want to. You have no financial or time restraints except
the ones you give yourself.
In writing, describe your perfect day from the time you get up until the
time you go to sleep!
Enjoy!
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LIFE PLANNING
Creating a Budget (Modules 1: USAFunds)
• Needs vs Wants
• Impulse purchases/retail therapy
• Monthly expenses
• Monthly income
• Annual credit reports
• Credit Cards
• FAFSA
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EDUCATIONAL PLANNING
(USA FUNDS MODULE 3)
EDUCATIONAL PLANNING
(USA FUNDS MODULE 3)
ACADEMIC SUCCESS
(USA FUNDS MODULE 3)
ACADEMIC SUCCESS
(USA FUNDS MODULE 3)
FAFSAOther Financial Aid Requirements
Curriculum Requirements
GPA
Major Requirements
Transferring/Graduate School
Requirement
Time ManagementStudy Skills
Note takingLearning Styles
Campus ResourcesRegistration and AdvisementLearning Resource CenterLibraryTechnology Center
Understanding ExamsExtra Curricular Activities
LIFE PLANNING
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OCCUPATIONAL PROJECTIONS(USA FUNDS MODULE 4)
OCCUPATIONAL PROJECTIONS(USA FUNDS MODULE 4)
Interest inventory
Major and degree requirements
Occupational and workforce
projections
Alternative incomes by developing individual financial plans. (Robert Kiyosaki)
LIFE PLANNING
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EmployeeEmployee Self EmployedSelf Employed
Good ThingsHealth/Life Insurance
Sick/vacation days
Guaranteed pay for work
Job descriptions
Bad Things• Not able to
make decisions
• Little freedom
• Bad bosses and coworkers
• Taxes
Good ThingsMake most decisions
Can set prices and income
Set work schedule
Hire/fire employees (if applicable)
Tax benefits
Bad Things• Bad employees
• Personal illness (If you don’t work, you may not be paid)
Cash Flow Quadrant
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Business OwnerBusiness Owner InvestorInvestor
Good ThingsLittle input
Significant financial gains
Control and work freedom
Taxes
Bad ThingsBad/lazy employees
Double taxes (certain businesses)
Natural/man made disaster
Good Things• Make all
decisions
• Create business cycle
• Can stay at home and still make money
Bad Things• Bad business plan
• Market change
• Natural/Man made disaster
• Taxes
Cash Flow Quadrant
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EMPLOYEE BUSINESS OWNER
SELF EMPLOYED INVESTOR
Works the system Creates the system
Which side of the quadrant do you want to be on!
Cash Flow Quadrant
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What’s Going On?What’s Going On? Typical Student Responses:Typical Student Responses:
Have students list what’s happening in their personal lives that has been affected by the economy.
Housing Crisis
Economic slump (workforce decline)
War
Immigration
Current Economics
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Additional Resources
ADDITIONAL RESOURCESBooks:
Who Moved My Cheese?
Dr. Spencer Johnson, M.D.
Rich Dad, Poor Dad
Robert Kiyosaki
Cash Flow Quadrant
Robert Kiyosaki
Web locations:
www.usafunds.org/toolkit
www.annualcreditreport.com