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Defining Financial Capability For College Students

Defining Financial Capability For College Students. Mary Johnson, CEPF Vice President, Financial Literacy and Student Aid Policy BankMobile. FINANCES. are the #1 reason students leave college. Source: NCES, 2012. Students who do not graduate are. 4x MORE LIKELY.

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Defining Financial Capability For College Students

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  1. Defining Financial CapabilityFor College Students Mary Johnson, CEPF Vice President, Financial Literacy and Student Aid Policy BankMobile

  2. FINANCES are the #1 reason students leave college Source: NCES, 2012

  3. Students who do not graduate are 4x MORE LIKELY to default on their student loans Source: Nguyen, Education Trust, 2012

  4. Consensus on What Financial Capability Means • Great strides on recognizing issue at national level • President’s Advisory Council on Financial Capability for Young Americans • Consumer Financial Protection Bureau • Federal Reserve • National standards for basic money management exist: • Council for Economic Education • Jump$tart • U.S. Treasury’s Financial Core Competencies • Being a financially capable college students, however, is much more than that

  5. To inform the development and evaluation of more effective education, intervention and practice opportunities aimed at increasing financial capability among college students by providing areas of focus for key stakeholders. The definition attempts to outline the specific, measurable competency areas that are most relevant for college students. Purpose of Financial Capability Definition

  6. BRYAN ASHTON Assistant Director ,Student Wellness Center, The Ohio State University TERRI FRIEDLINE, PHD Assistant Professor Research Fellow, NAF Faculty Director of the Financial Inclusion Project, AEDI School of Social Welfare ,University of Kansas TED GONDER Co-Founder and Chief Executive Officer , Moneythink MARY JOHNSON Vice President, Financial Literacy and Student Aid Policy, BankMobile PHILLIP SCHUMANN Director of Financial Literacy ,University of Indiana JASON YOUNG Co-Founder and Chief Executive Officer, Mindblown Labs DAN ZAPP Director of Research, EverFi Contributors

  7. Recommendations • Pre-College • Include financial literacy in HS curriculum; include parents if possible • Refocus college admissions/financial aid information counseling to put more emphasis on helping students and families make affordable choices • Provide teens with more opportunities to gain financial experience (i.e. checking account with “training wheels”) • Expand promising financial peer mentoring programs (e.g. moneythink.org) • For College Students • Incorporate financial literacy interventions/programming early in the first year • Help students understand and stay on top of their loan obligations • Proactive communications • Help with accessing loan balances • Providing training on loan repayment options before senior year

  8. Financial Literacy Resources for Students Visit StartwithChange.com

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