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Advancing Student Success Through Financial Aid Literacy

Definition. "Financial literacy" is the understanding of basic concepts of moneyNecessary skills to handle personal financesDuring a lifetimeConcepts includeBudgetingSavingFunding collegeBuying a home or an automobilePercentage rates on credit cardsPlanning for retirement. Why is financial aid literacy important?.

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Advancing Student Success Through Financial Aid Literacy

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    1. Advancing Student Success Through Financial Aid Literacy Dwight Horsey, Assistant Vice President for Student Affairs/Director of Financial Aid, Millersville University of Pennsylvania Mary Miller, Senior Vice President, Education Services Group, Pennsylvania Higher Education Assistance Agency (PHEAA)

    3. Why is financial aid literacy important? Few students have any money management skills Time is money Finishing an education and on time The economy has changed Literacy skills have life long implications

    4. Why is financial aid literacy important? Pennsylvania Public 4-Year and Private Non-Profit 4-year Average Debt: $23,613 Ranking for PA: 6 (1 being the highest) MU 2007-08 Avg. debt $17,896

    5. Why is financial aid literacy important?

    6. Millersville Results

    8. Recent Scenarios I dont have enough money to pay my rent so I need additional financial aid. I didnt have time to study because I work full time. Both my parents lost their jobs so I have to take out another student loan. My husband and I raise thoroughbred horses and cant afford to pay tuition this semester.

    9. MU STUDENTS SPEAK OUT: 93% of students surveyed want Millersville to offer personal finance education to students 74% of participants want personal finance education, if offered at MU, to be voluntary for students 39% of students surveyed preferred an online tutorial format for this personal finance education.

    10. Issues More students are applying for financial aid 20% increase at MU Budget concerns facing states and postsecondary institutions Student loan repayments represent the largest financial obligation students face upon graduation

    11. Shared Information A higher education is attainable and affordable Remove the fear from the process Applications FAFSA and other Apply for all types of financial aid Deadline dates Scholarship searches Payment plans Change in financial circumstances

    12. PHEAAs Role in Financial Aid Literacy Middle School Planning, preparing and paying for college Middle School Counselors Students Secondary School Counselor Workshops Financial Aid presentations FAFSA Completion Sessions Postsecondary School Debt Management Default Prevention

    13. PHEAAs Role in Financial Aid Literacy Financial Aid Community Workshops On-line resources Default Prevention Tools Participation in association training events/conferences Community organizations Workshops Training of Trainers Financial Aid Presentations FAFSA Completion Sessions Other Partnerships PDE/Project Grad USA College Access Challenge Grant Gear Up

    14. Best Practices Discouraging credit card companies on campus Freshmen Year Experience Workshops, websites, on-line courses, videos, on-demand media Staff dedicated to debt management Students actions impact your school Retention Default Integrated part of campus life

    15. Other Populations Graduate Students Different set of circumstances Less grants/scholarships available Larger non-traditional population Managing employment, families and education

    16. Resources PHEAA.org PASFAA.org EducationPlanner.org Youcandealwithit.com Finaid.org http://www.mymoney.gov/education.shtml Pennsylvania Jump$tart Coalition (http://www.pajumpstart.org) http://www.cashcourse.org/millersville/Default.aspx

    17. References 2006 Credit Card Study, Nellie Mae Corp. Student Debt and the Class of 2007, The Project on Student Debt Credit Card Use by College Students contributors; Frances C. Lawrence, Alumni Professor, and Jennifer J. Burczyk-Brown, Former Research Associate, School of Human Ecology, LSU AgCenter, Baton Rouge, La.; Rebecca C. Christofferson, Former Graduate Student, Department of Experimental Statistics, LSU AgCenter, Baton Rouge, La.; Sheri R. Fair, Extension Agent, LSU AgCenter, Gonzales, La., E. Barry Moser, Professor, Department of Experimental Statistics, LSU AgCenter, Baton Rouge, La.; Jeanette A. Tucker, Associate Professor, School of Human Ecology, LSU AgCenter, Baton Rouge, La

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