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“ Sensible Strategies: A financial literacy program with impact.”

“ Sensible Strategies: A financial literacy program with impact.”. Nathan Ernst, M.Ed. Director of Student Financial Services Midwestern University. Midwestern University. 8 programs – Downers Grove Campus Dental Medical Pharmacy Health Sciences: 5 programs

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“ Sensible Strategies: A financial literacy program with impact.”

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  1. “Sensible Strategies: A financial literacy program with impact.” Nathan Ernst, M.Ed. Director of Student Financial Services Midwestern University
  2. Midwestern University 8 programs – Downers Grove Campus Dental Medical Pharmacy Health Sciences: 5 programs 12 programs – Glendale Campus Dental Medical Optometry Pharmacy Health Sciences: 8 programs Total Enrollment – 5,100 for 2011 - 2012
  3. UNIVERSITY-WIDE SUPPORT Support from Board of Trustees and University Administration Campus-wide support from other departments Increased funding levels
  4. RESOURCES Current staff Peer Counselors through Federal Work-Study Other campus units/faculty and staff Outside resources [guarantors, servicers, others - paid or unpaid]
  5. Admissions and Orientation Presentations Armed Forces Day Budget Workshop Couples and Finances Workshop Financial Experts Forum Loan Repayment Workshop Managing Your Loan Portfolio Workshop Mid-Point Presentation Real Estate Basics Workshop
  6. Managing Your Loan Portfolio Workshop
  7. Peer Financial Counselors
  8. Budget Workshops
  9. Mid-Point Presentations
  10. Armed Forces Day Financial Experts Forum
  11. Couples and Finances Real Estate Basics
  12. COMING ATTRACTIONS 2012- 2013 Budget Webinars Credit Basics Workshops Small Group Sessions – Exit Counseling Pre-orientation webinars for new students – Spring 2013
  13. PGPresents Services Short informational videos Customized listservs Repayment primers Toll-free one-on-one assistance with repayment questions
  14. FINANCIAL LITERACY SCHOLARSHIPS Designed to emphasize “Best Practices” in minimizing debt and demonstrating solid efforts in an essay Four scholarships on each campus One $5,000 Three $2,500
  15. FINANCIAL LITERACY SCHOLARSHIPS Essay factors evaluated: Active financial planning efforts Living frugally or modestly while at MWU Demonstrated efforts to minimize debt More than 100 applied between both campuses in Spring 2012
  16. Midwestern University Impact MWU has seen on students – 2012 research project

  17. Research Questions

    How and to what extent does participation in financial literacy programs influence financial decision-making among students at MWU?

  18. Research Questions

    Secondary questions-how does participation influence students’ borrowing decisions on budgeting and spending money Paying interest on student loans while in school credit card usage

  19. Methodology

    Mixed Methods Design Sample population Quantitative research Qualitative research

  20. Variables Studied

  21. Results and Impact

    Participation in financial literacy programs did influence financial decision-making. Students attending one or more sessions have lower overall monthly budgets.

  22. What does all of this mean?

  23. Conclusion

  24. Next steps for MWU

    Require more mandatory financial literacy sessions Increase marketing efforts Capitalize on support from University administration Develop additional targeted efforts for each program
  25. Thanks for coming!
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