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Why Financial Literacy is an Important Part of your Default Management Strategy

Why Financial Literacy is an Important Part of your Default Management Strategy.

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Why Financial Literacy is an Important Part of your Default Management Strategy

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  1. Why Financial Literacy is an Important Part of your Default Management Strategy Learn how FL is used as a definitive approach to default management and prevention. Learn about marketplace resources that can enhance or direct your efforts. Measureable outcomes should be a consideration priority – so how do you measure?

  2. Newly Reported CDR • What’s the trend? • Why are many rates up?

  3. Default Prevention vs Management • Let’s talk management first • In house efforts • Focus on 30 day delinquencies • Outside resources and third parties • Likely need more expertise to reach 60, 90 and defaulters • Annual costs • What’s your goal and how are you measuring success or ROI? • % in next 6 months • 30,60,90 delinquencies • Defaults • Importance of grace period? As a step toward prevention, iGrad can assist in reaching these students to begin changing behavior

  4. Risk Reduction Management • ID those students at risk of defaulting • Risk identifiers are unique to institutions – What are yours? • Did you know students “at risk” who fall-off just one time, tend not to get back on track • iGrad can assist in identifying and reaching these students to begin changing behavior • Targeted customized modules • Timely and relevant financial literacy content

  5. Financial Literacy is the #1 Proactive Approach to Default Prevention! • Why continually feed the fire? • Establish a limited target approach to managing delinquencies and defaults, BUT… • Focus on default prevention/risk management by developing a financial literacy initiative! • Impacting your students, staff and alumni!

  6. Begin or enhance current prevention efforts! • Create your plan – make the focus Financial Literacy • By committee! It really does take a village • Who do you include? • How do you engage other departments and gain buy-in? • Poll your student populations • How do students want to receive financial literacy education? • What activities have been successful on campus? • Set time frame and attack • Time Resources • Financial Resources • Collaborate with other departments, schools, group • Apply for funding grants • Review other’s Best Practices • iGrad has successfully implemented hundreds of campuses and we take responsibility for sharing best practices to increase student engagement

  7. What Your Students Want/Need to Know? • Think about relevancy • Who are you students? • iGrad’s platform has the ability to push different material to each unique student • Think about engaging • Consider learning styles • iGrad offers videos, articles, calculators, games, interactive activities and courses and quarterly webinars and newsletters - all 24/7

  8. Think About Topics • Basic competencies recommended by the Dept of Treasury • iGrad’s 1 credit course • Earnings • iGrad’s Career Center and GPS to Success • Managing debt • iGrad covers banking, credit cards, student loans and future debt • Savings, including education savings • 20% of discretionary income! iGrad simplifies options • Asset building • Time value of money! • Insurance • Are you prepared? • Estate Planning – begins early

  9. Recognize It’s Huge – and it has become a National PRIORITY! Financial Literacy impacts the entire campus • Recruitment • Retention • Student Success Once you create a plan • Do you have the staff to take on the responsibility? • Are you in a position to hire staff – with the required expertise? • What about updating content and activities regularly?

  10. How do You Measure Impact? • Is your Cohort Default Rate really an indicator of financial literacy initiative success or failure? • Measured 3 years out • Real or maneuvered impact • Seek behavior changes • The only way to positively impact financial health! • Will you see an increase in Alumni giving & relationships? • iGrad’s robust, real-time reporting and custom reporting capabilities will empower you to report a Return on Investment

  11. Once you have a Plan… Launch and Communicate! • You’ve got to lead the horse to water before he will drink! • E-mail, Text, Twitter and Social Media • iGrad can accept a school data file and send out the message or can provide the language or even video clip to embed! • Campus and local Press • iGrad posted the Podcast we did with Mike Fife of the Center for Financial Literacy at Champlain College. • Incentivize! • Engage the faculty • iGrad created competition for students when faculty member embraced iGrad’s 1 credit course curriculum and local media advertised it

  12. iGrad can handle it all! Collaboration with our school clients is invaluable in hosting a successful financial literacy initiative – lean on us.

  13. Watch clip of iGrad’s abilities! Let us do the “heavy lifting” for you.

  14. Let’s talk! • Do you agree that Financial Literacy is the best approach to default prevention • Do you have the time, expertise and resources to carry out a Financial Literacy initiative - or does another department? • What are your Financial Literacy Best Practices? • Are you interested in learning more about iGrad?

  15. iGrad! • Video-based Entrance & Exit Counseling – DOE compliant and easily reported • Customized content based on information we learn from the student and school • Our highly recognized video library can accommodate closed captioning requirements • Both a Financial Literacy Hub and a Financial Aid Hub • Customized modules to meet specific needs of you – our school client • Content delivery to facilitate different learning styles including games, calculators, articles, videos, interactive and downloadable worksheets and interactive webinars • One-credit Financial Literacy Classroom course meeting the core-competencies set by the Department of Treasury, complete with Instructors Guide and Student Workbook • Our school partners have access to real time reporting in several robust formats with customized reporting available. At iGrad, we know that 50% of the budgeting equation is income! We created JobGenius to meet that huge part of financial literacy that is often overlooked, supporting your Career Services Center – not competing with it! • Job and internship search vehicle • Free resume critique and ability to collect and directly pass resumes to your Career Services • Over 75 videos interviewing experts in the field who talk about “a day in my life” opening students’ eyes to possibilities and career directions

  16. Holly ZaglanicznyDirector of Business Developmenthollyz@igrad.com315-207-5588 (direct line)315-466-6715 cell)www.igrad.com Let’s schedule an on-line presentation of what iGrad has to offer your campus community and alumni!

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