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Tailoring Student Loan Counseling to Meet the Needs of Students

Tailoring Student Loan Counseling to Meet the Needs of Students. May 21, 2013. Association of American Medical Colleges (AAMC). Washington DC based not-for-profit representing:. Our Mission: The AAMC serves and leads the academic medicine community to improve the health of all.

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Tailoring Student Loan Counseling to Meet the Needs of Students

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  1. Tailoring Student Loan Counseling to Meet theNeeds of Students May 21, 2013

  2. Association of American Medical Colleges (AAMC) Washington DC based not-for-profit representing: Our Mission: The AAMC serves and leads the academic medicine community to improve the health of all • 141 accredited US medical schools • Approx. 75,000 med students • 17 Canadian medical schools • 400 Teaching hospitals • 90 academic societies

  3. Our Audience = Medical School Students and Residents Fewer of them to reach LCME accreditation standards include debt management counseling Slightly more mature audience Strong job prospects Higher starting salaries Much higher debt

  4. Medical Education Debt 2012 Data includes medical and premedical/undergraduate debt Source GQ Median Education Debt $170,000 86% have debt 36% have $200,000 or higher

  5. Financial Information Resources Services and Tools (FIRST)

  6. FIRST Resources aamc.org/FIRST

  7. FIRST Resources • Onsite debt management, financial literacy, exit/entrance sessions • Downloadable presentations for FAO’s to use with students/residents aamc.org/FIRST

  8. FIRST Resources • Onsite debt management, financial literacy, exit/entrance sessions • Downloadable presentations for FAO’s to use with Students/Residents • Medloans® Organizer and Calculator

  9. “Can Medical Students Afford to Choose Primary Care? An Economic Analysis of Physician Education Debt Repayment” “Physician Education Debt and the Cost to Attend Medical School”

  10. What Have We Learned? • Adjust, adjust, and then adjust some more

  11. What Have We Learned? • Adjust, adjust, and then adjust some more • It takes constant attention

  12. What Have We Learned? • Adjust, adjust, and then adjust some more • It takes constant attention • You don’t have to reinvent the wheel

  13. What Have We Learned? • Adjust, adjust, and then adjust some more • It takes constant attention • You don’t have to reinvent the wheel • Seek continual feedback from your audience • Analytics • Focus Groups • Surveys

  14. Adjustments Made Based on Feedback • SHORT bursts of information • Removed the online Exit/Entrance – added modules • Only requires registration and log-in if you want to save your info or verify completion • Individualized services/attention

  15. Adjustments Made Based on Feedback • Lots of great resources • Really hard to find • Financial Aid Toolkit

  16. Julie A. Fresne Director, Student Financial Services jfresne@aamc.org aamc.org/FIRST “An investment in knowledge always pays the best interest”

  17. Tailoring Student Loan Counseling to Meet theNeeds of Students May 21, 2013

  18. Strategies

  19. Engaging the student Engaging the Student

  20. Engaging the student

  21. Engaging the student

  22. Providing interactive tools • Calculators • CareerShip • PowerWallet

  23. Providing interactive tools

  24. PowerWallet

  25. Going beyond regulatory requirements Content and techniques strategies include: • More information and more often • Online and in-person • Self-administered quizzes online • Student as teacher

  26. Non-regulatory Counseling • Financial Literacy • Grace Period and Repayment • Loan Management • Non-Traditional • Private Loan

  27. Keeping students informed Content and techniques strategies include: • Newsletters • Social media • MappingYourFuture.org • Printed materials

  28. Keeping students informed

  29. Seeking new ideas and tips • Connections • Feedback • Webinars/Webinars on-demand • Assessing success • Professional development

  30. Resources and credits • http://usatoday30.usatoday.com/money/perfi/basics/story/2012-04-23/millenials-financial-nowledge/54494856/1?dlvrit=206567 • http://www.acus.org/event/financial-literacy-skilled-future • http://voices.washingtonpost.com/answer-sheet/learning/why-fun-matters-in-education.html • http://net.educause.edu/ir/library/pdf/ELI0525.pdf • http://www.marketingprofs.com/articles/2011/5791/snackable-content-the-key-to-engagement • http://www2.ed.gov/pubs/EdReformStudies/EdTech/effectsstudents.html • http://www.pbisworld.com/tier-2/reward-system/ • http://mazur.harvard.edu/research/detailspage.php?rowid=8 • http://www.kumondallas.com/articles/The%20Value%20of%20Repetition.pdf

  31. Contact us Catherine Mueller cathy@mappingyourfuture.org 940-497-0741 Contact Us feedback@mappingyourfuture.org (573) 796-3730

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