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Financial literacy: a successful school-developed program

Financial literacy: a successful school-developed program. Champlain College Life Experience & Action Dimension (LEAD) Mike Fife - Financial Sophistication Coordinator Kristi Jovell – Director of Financial Aid NYSFAAA Conference October 10, 2012.

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Financial literacy: a successful school-developed program

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  1. Financial literacy: a successful school-developed program Champlain College Life Experience & Action Dimension (LEAD) Mike Fife - Financial Sophistication Coordinator Kristi Jovell – Director of Financial Aid NYSFAAA Conference October 10, 2012

  2. Why is Financial Literacy Important to Institutions? • Politics/Legislation – Financial Literacy Emphasis • Rise in Student Loan Debt and Cohort Default Rates • Whole-campus Impact • Admissions • Financial Aid • Classroom Performance • Accounts Receivable • Alumni Relations/Institutional Allegiance • Advancement/Development • Positive View of Financial Aid Office • Students appreciate the information and view office as a resource and an ally • Positive Image for the office with students, alumni, parents, administration, other offices, prospective students • Higher results for office on student satisfaction surveys

  3. Financial Literacy at Champlain College Nationally Recognized Financial Literacy Program: • LEAD • Required, for-credit programs for current students • Financial Sophistication • Peer Advisors • Center for Financial Literacy • Policy-focused at national, state and local level • Literacy summit, high school pilot program, summer institute • Financial Aid Office • Currently limited participation • Loan repayment classes, staff at Game of Life, peer advisor feedback

  4. Integrated Professional Education Professional Major Core Life Skills LEAD

  5. LEAD 3 Areas of Focus

  6. LEAD: 4 Years At-A-Glance

  7. Peer Advisors of 2012-2013

  8. Financial Sophistication - Years 1-3

  9. Professional Workshop Budgeting and Goal Setting • Live or Online Budgeting Workshop - Mike Fife • Goal setting, budgeting and tracking your money • Being intentional with your money • Judgment free!!! • Projecting your priorities around money is a sure way to get ignored and it’s not polite! • Specific workshop for study abroad students

  10. Professional Workshop Buying Your First Car • Live – New England Federal Credit Union • Choosing a car: priorities and research • Credit, financing and negotiating • Common sales tactics and scams • Online – Written by Mike Fife • Choosing a car: priorities and research • Real cost to own and finance • Complementary to live workshop

  11. Professional Workshop Renting in Burlington • Five Person Panel • Two students - Res-life Staff - Local landlord - • Local expert on tenants rights/housing • Tenant and landlord rights and responsibilities • Roommate contracts, cosigners, credit, budgeting

  12. Professional Workshop Understanding Employee Benefits • Center For Financial Literacy • Overview of value of employer benefits and their value • Advantages of saving for retirement early and • employer matching programs • Rule of 72

  13. Professional Workshop Repaying Your Student Loans • Financial Aid • Repayment options, and borrowers’ rights • Income Based Repayment • Extended Repayment • Forbearance • Deferment • Dangers of default

  14. Professional Workshop Making Your Money Work for You • Morgan Stanley Smith Barney • Differences between types of accounts • Roth vs. Traditional IRA • 401K, 403B • Explanation of stocks vs. bonds vs. mutual funds • Rule of 72 • Advantages of saving early for retirement

  15. Professional Workshop Consumer Protection • VT Department of Financial Regulation • Identity Theft, current cases • Sales and marketing tactics • How to protect yourself

  16. Professional Workshop Evaluations • Provide volunteers with feedback • Outline specifically what you would like to see from volunteers • Jumpstart national standards grid • Marketing (We do a lot!) • Even though we’re a required program we still reach out to all student groups! • Your future audience is in the room, promote related events during and after!!!

  17. Financial Sophistication - Years 1-3

  18. Champlain College Bi-annual Game of Life Peer to Peer

  19. Peer to Peer Student Evaluation Results: Game of Life • A total of 148 students signed up for the event with 103 attending • 71 % of students responded that that Credit for Life made them, “think about their spending habits”. • 86% of students said that this event, “made them more aware of living costs after graduation”.

  20. Peer to Peer Understanding Credit Workshop • Peer Advisors • Who collects credit information? • How does credit affect your life? • Responsible use of credit • Advertise and sign students up for Free Credit Review Day!

  21. Peer to Peer Student Evaluation Results: Understanding Credit • Probably the most misunderstood topic in financial literacy and one of the most important for our students • Pre and post Quiz Results (in handout) • 25% on pre-quiz increasing to an 85% on the post quiz • Teaching to the test? • Follow up event in Free Credit Review Day • Pride of peer advisors in being knowledgeable on the subject!

  22. Financial Sophistication– Years 1-3

  23. Credit Review Day Credit Review Day • Peer Advisors and Professional Volunteers • Students receive a free copy of their credit report, score and a 20 minutes analysis. • Includes peer to peer as well as professional • counseling • (Collaboration between the Center for Financial Literacy, Champlain Housing Trust, Peoples United Bank and LEAD)

  24. Credit Review Day Student Evaluation Results: Credit Review Day • Extremely popular event • Highly trained and observed peer to peer can do the job • Students may opt into a professional • High debt loads go to a professional • Always a professional on call

  25. Financial Sophistication - Years 1-3

  26. Online Online Workshops • Consistently slightly lower ratings than live workshops although they are still well liked. • Must include learning outcomes due to our program requirements • Looking to expand our online presence with an online resource/referral list • Should be used as a supplement not as a basis for a program • Self selection issue!

  27. Conclusions • Full Time Position + • Required for all students with a hold on registration as stick • Culture is changing around LEAD program • Community and internal partners are a must!!! • Peer to peer learning has HUGE benefits • Must track learning outcomes and pay attention to feedback • Be willing to change • Interactivity and fun where and whenever possible • Lots of resources are available so ask for help!!!

  28. LEAD Contact Information • Jennifer Sweeney, Director: LEAD, jsweeney@champlain.edu, 802-383-6608 • Abigail Mendenhall, LEAD Coordinator, amendenhall@champlain.edu, 802-865-6427 • Mike Fife, LEAD Financial Sophistication Coordinator, mfife@champlain.edu, 802-865-5716

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