140 likes | 271 Views
FINANCING A GRADUATE EDUCATION – PUTTING STUDENTS IN THE COCKPIT. John Garcia – Michigan State University College of Law Candi Frazier – West Virginia University. First things first --Do you need a financial literacy program?. Questions from your students Types of professional judgments
E N D
FINANCING A GRADUATE EDUCATION – PUTTING STUDENTS IN THE COCKPIT John Garcia – Michigan State University College of Law Candi Frazier – West Virginia University
First things first --Do you need a financial literacy program? • Questions from your students • Types of professional judgments • Exit counseling sessions • Average debt of students • Accreditation • Administrative questions
WHY? Impetus for developing program • Students unaware of their own debt • Students requesting a financial literacy program • Concerns from Deans about reporting that could impact accreditation • Rising debt • Increased requests for budget appeals
HOW? Getting buy-in • Students • Dean’s Office • Student Affairs • Development Office • Compliance Office
WHO to Involve? Institutional partners • Department of Personal Financial Planning • Agreement with Financial Advisor • Work with local CPA’s, Attorneys and local businesses • State or local government
Who to involve? Students • Get their input, feedback and most importantly their support • Monitor students’ needs to make improvements to the program • Educating students to take responsibility of their own personal finances
How to begin? Outline of the program • Evaluate the needs of the students • Student advisory board • Evaluate your office resources • Set goals each year with targeted completion date and financial allocation (including both cost savings and anticipated expenditures) • Determine the best time, frequency, and delivery method • Start small, build on the program each year
Sample Basic Outline • Budgeting • Credit scores and credit cards • Tips on saving money • Understanding taxes • Understanding contracts including mortgages • Tips for borrowing and loan management • Investments and money management • Other program specific concerns
How? Marketing the Program • Consider branding the program • WVU Wallet Watch is mandatory within the School of Medicine • Consider using incentives (food, gift cards, etc.) to boost attendance • iGrad at MSU College of Law • Use social media
Evaluating the Effectiveness • Survey students • Comment box • Decreased debt
What benefits to anticipate? • Important for overall health of the students • Reducing indebtedness for students • Help make your students more financially aware • More transparency for the school
Statement on Education Loan Indebtedness “We are aware that loan assistance is an integral source of financing law school for many law students and that the decision to borrow funds for law school is a highly individualized one based on each borrower’s personal and professional goals and circumstances, future earnings potential, debt from other educational programs or consumer debt, and comfort level with debt.”