Create Successful Financial Literacy on Campus

1. Create Successful Financial Literacy on Campus Presented by: Dianne Fulmer, USA Funds Colleen MacDonald, SimpleTuition Pat Robles-Friebert, Inceptia WASFAA Conference 2013

2. CLFE Mission As a diverse coalition of industry participants, CLFE shall engage in activities that improve and preserve the quality and integrity of education financing products and services delivered to California students, parents and schools. WASFAA Conference 2013

3. What is financial literacy? • Aptitude for understanding finance • Ability to make informed, effective decisions about finances • Knowledge of personal finances • Budgeting ▪ Banking basics • Managing credit cards ▪ Student loan • Understanding a paycheck WASFAA Conference 2013

4. Delivery Methods • Website Links • Email • Group Workshops • One-on-one Sessions • Online Education/Gaming • Publications • Inserts • Articles • Flyers • Other WASFAA Conference 2013

5. Making the Case – Rise in COA & Student Debt • 19% of full-time students at public four-year colleges and universities attend institutions that increased their published prices by 12% or more. • Average debt per borrower was $22,000 from the public 4-year colleges and $28,100 from private 4-year colleges Source: 2011 College Board Trends in Student Aid Source: 2009 Decision Partners Financial Literacy 101 webinar WASFAA Conference 2013

6. Making the Case – Lack of Financial Skills2010 State-by-State Financial Capability Survey Source: 2010 State-by-State Financial Capability Survey conducted by FINRA Investor Education Foundation WASFAA Conference 2013

7. Making the Case – Legislative Environment • Changes to Cohort Default Rates (CDR) • Initiatives by Consumer Financial Protection Bureau (CFPB) • Gainful EmploymentRegulations WASFAA Conference 2013

8. Making the Case – Stress and Money Source: 2007 DUCK = Deep Underground Credit Knowledge WASFAA Conference 2013

9. Making the Case – Students Want Help • 84% of college students want more information on financial education topics. • 24%of college students say they are well prepared for the financial challenges that await them after graduation Source: 2009 Sallie Mae survey Source: 2007 Hartford Financial Services WASFAA Conference 2013

10. Identify Your Students’ Needs • Survey students • Topics • Delivery methods • Review results • Draft a curriculum Survey Topics • Banking Basics • Buying a home or car • Credit reports and scores • Debt and Borrowing • Financial Goal-Setting • Health and life insurance • Identity theft • Investment basics • Making a budget • Making major purchases • Paycheck and taxes • Paying for College • Rebuilding credit • Renter’s and auto insurance • Setting and saving for goals • Understanding credit WASFAA Conference 2013

11. Create a Success Team • Look at your organization chart to identify potential departments to partner with • Create a proposal • Define the purpose • Identify benefits to school and students • Propose delivery methods and potential content • Note success measurements • Outline costs, resources, and potential personnel • Confirm buy-in WASFAA Conference 2013

12. Public/Private College Organizational Chart WASFAA Conference 2013

13. Career School Organizational Chart WASFAA Conference 2013

14. Why They’ll Buy In Full chart available at: http://apps.Inceptia.org/PDF/Inceptia_FinancialCapability_Whitepaper.pdf WASFAA Conference 2013

15. Implementing Financial Literacy on Campus WASFAA Conference 2013

16. Planning Timeline WASFAA Conference 2013

17. The Proposal WASFAA Conference 2013

18. Marketing - Getting Students to Attend • What is the topic/name of the workshop? • What time does the workshop begin and end? • Where is the workshop? • Which methods will be used to promote the workshop? • flyers /posters • e-mail • newsletter/newspaper • word of mouth/social media • other • How will the attendee benefit? WASFAA Conference 2013

19. Marketing and Promotion • Utilize social media • Build in to existing services (FYE, Greek Life, Housing, etc.) • Educate your colleagues • Word-of-mouth WASFAA Conference 2013

20. Example Flyer WASFAA Conference 2013

21. Paying for a Financial Education Program • External • Internal dollars • In-kind • Leverage existing resources • Certify your staff • Students • Free resources WASFAA Conference 2013

22. Student Participation • Innovators – Seek new opportunities and ideas • Early adopters – Grasp and apply some ideas • Early majority – Gathering ideas • Late majority – Aware of ideas • Laggards – Unconcerned WASFAA Conference 2013

23. Case Study: Corinthian Colleges, Inc. • A Campus Student Loan Specialist at Every Everest and WyoTech campus: Creating and Fostering Rapport • Mandatory Financial Literacy • Mandatory In-Person Exit Counseling for Graduates • On-going workshops and outreach events WASFAA Conference 2013

24. Case Study: Monterey Institute of International Studies • Summer Debt Letters with Current and Projected Repayment • Mandatory Exit Loan Counseling • Post Enrollment Budgeting Assistance WASFAA Conference 2013

26. MIIS Summer Debt Breakdown

27. MIIS Personal Budget

28. MIIS Post Grad Budgeting

29. Case Study – Stanford Graduate School of BusinessWorkshop Series Autumn • Financial Aid At the GSB • “Why Didn’t Any One Tell Me This While I Was in Business School?” • Monitoring Spending, Determining Needs and Wants, and Creating a Spending Plan Spring • Financing 101: Mortgage • The Path to Home Ownership • Foreclosures and Short Sales • Mandatory In-Person Exit Counseling for Graduating Students • Loan Repayment Strategies Winter • Deducting Your GSB Expenses • International Tax Workshop • Knowing Your Credit Score • Identity Theft: Protect Yourself WASFAA Conference 2013

30. Training Created by WASFAA Conference 2013