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Student Monetary Awareness and Responsibility TODAY!

Student Monetary Awareness and Responsibility TODAY!. PSU $MART Program. Did you know that … NH ranks 2 nd highest in the nation for the class of 2005 – average undergraduate student debt $24,000 versus national average of $19,646 (1)

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Student Monetary Awareness and Responsibility TODAY!

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  1. Student Monetary Awareness and Responsibility TODAY! PSU $MART Program

  2. Did you know that … • NH ranks 2nd highest in the nation for the class of 2005 – average undergraduate student debt $24,000 versus national average of $19,646 (1) • Between 2005 and 2006 the national average student loan debt increased 8% (1) • Starting salaries between 2005 and 2006 increased only 4% (1) • Tuition for NH universities and colleges rose 6% between 2005 and 2006 (2) • Seventy-six percent of undergraduates in 2004 began the school year with credit cards • The average outstanding balance on undergraduate credit cards was $2,169 STUDENT DEBT STATISTICS (1)The Project on Student Loan Debt: http://projectonstudentdebt.org/files/pub/2006_state_debt_NR.pdf and http://projectonstudentdebt.org/files/pub/State_by_State_report_FINAL.pdf (2) US Today: http://www.usatoday.com/money/perfi/college/2007-01-12-college-tuition-usat_x.htm (3) Nellie Mae: http://www.nelliemae.com/library/research_12.html

  3. Parents • Schools Mandated Programs (K-12 Teachers) • Academia in post-secondary educational institutions • Financial Aid Counselors TAKE RESPONSIBILITY TODAY!! PERSONAL FINANCE EDUCATION IS IMPERATIVE!! Who is responsible for educating our youth about personal finances? SOCIETY!! AT PSU, we in the financial aid office have taken responsibility for providing personal financial education to our students in as many ways possible and whenever possible! We call our program $MART: Student Monetary Awareness and Responsibility Today!

  4. Stall Street News • Academic buildings (all rest rooms) • Approximately 125 holders • Holders purchased for $10 each, installed by Physical Plant • Joint Venture with Wellness Center – Swap out every two weeks during the academic year • Prepared and distributed by Financial Aid Team Undergraduate Fellow • Seen by students (including commuters and graduate students), faculty and staff Step right up and read all about it!! There are many different things you can do as a financial aid office or institution to “spread the word”. The important thing is that you do something! “There are risks and costs to a program of action, but they are far less than the long-range risks and costs of comfortable inaction.”John F. Kennedy

  5. Classroom Presentations • We have been invited to speak to Career Explorations classes, Stress Management classes and student organization meetings • Our presentations include formal presentations, personal finance Jeopardy, and sit down chats where we impart important information and answer questions • We always bring handouts (brochures/budget sheets, other helpful tools) • And… we always pass around a sign-up sheet for our monthly financial tip emails TELL ME MORE, TELL ME MORE… Spread the word every chance you get! Take advantage of every opportunity to have a conversation with a student! Prepare a few different presentations ahead of time so you don’t get stressed if given short notice for a talk!

  6. Financial Wellness Group Monthly E-mail Financial Tips • Approximately 150 students have signed up for the monthly personal finance emails. • Information is timely (i.e. holidays, bill due dates, spring break, etc.) • Be cognizant of the length of the message • We also send personal finance event information to the students in this group KISS PRINCIPLE! When dealing with e-mail communication it is important to keep the text short and to the point!! Keep it simple!

  7. Residence Hall Presentations • One night per year (for each residence hall) we provide a speaker and help coordinate a personal finance education night • Last year the audiences ranged from 4 to 40! • Pizza, drink, cookies and the financial aid office splits the cost with the residential life office • Structure it like you are having a conversation with discussion, questions and answers Drink, Eat, Become Financially Savvy!! If they won’t come to you…go to them!! Make it a comfortable and relaxed environment! NO power point presentations!! It’s worth it if just one person hears what you are saying and it makes a difference in their life!!

  8. $MART Counseling Sessions • Meet one-on-one with a senior financial aid counselor • Non-judgmental conversations • Create connections with these students, show them you care • Year one targeted freshman with high loan to COA ratio’s and meet with them again each year (monitor progress) • Take referrals • Make students aware of how financial decisions today will have a long-term affect on their future (WOW FACTOR) • Provide them with tools and information to take with them • Create survey/checklist to complete while meeting with them TAKE TIME TO MAKE TIME!! Process efficiencies have allowed us the flexibility to make time for students to talk with a senior counselor about their own personal financial situation. We are able to provide idea’s on ways they can either reduce student debt or introduce them to better programs (loan terms). Remember…a conversation is a two-way street and so is learning!!

  9. PSU Financial Wellness Website

  10. Publicity • Contact your PR Department and see if they would put together a story for you • You may fund the story on your institutions website… • OR, it may get picked up by the local newspapers!! • Perhaps it will become part of the Presidents speech when discussing what your institution is doing to help with this “crisis”! A speech that she presents in front of many different audiences. • It may also appear in your institutions strategic plan – or as one of the things you are doing to accomplish a goal within the plan • That is what happened to US!! TELL ONE, TELL THEM ALL!! Don’t be shy about spreading the word! Publicity is your friend!! PSU Website, University Business article, Laconia Citizen, The Clock! Don’t forget your student newspaper!!

  11. Creation of General Education Personal Finance Course • High Level Administrator understands need for personal finance education • Discussion occurs about making personal finance a general education course • Financial aid is currently working with the academic business department on a proposal for a personal finance education course to submit for approval • Estimated start time of course would be Fall 2009!! DREAM COME TRUE! Within 5 months of starting this program, a high level administrator contacted the academic business department asking if personal finance should become a general education course – eventually offering many sections per semester – and open to MANY students!!!

  12. Financial Aid Staff Training • Credit Counselor Certification • 7 out of 8 staff members are participating • Study time available during work, but all have committed to study on their own time • Testing by end of year • Purpose: Become better financial aid counselors • Topics Include: • Defining the role of the financial counselor • Taking control of personal finances • Demystifying consumer credit • Understand and dealing with debt • Ethics, resources and legislation KNOW WHAT YOU’RE TALKING ABOUT!! Personal finance education is not just for your students, it’s also for you!! If you are going to impart information, ensure that the information is correct!! Empower your staff with the information and education they need to do their jobs well!!

  13. National Association for Certified Credit Counselors

  14. Contact Information Crystal Finefrock Plymouth State University 603-535-2359 cfinefrock@plymouth.edu Thank you!!Questions??

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