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Daniel Roddick Director of Financial Aid UC Berkeley Haas School of Business

Financial Literacy for Graduate/Professional Students CASFAA Conference, San Francisco, CA December 16, 2013. Jacquie Carroll Financial Education & Campus Engagement Consultant American Student Assistance. Daniel Roddick Director of Financial Aid UC Berkeley Haas School of Business.

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Daniel Roddick Director of Financial Aid UC Berkeley Haas School of Business

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  1. Financial Literacy for Graduate/Professional StudentsCASFAAConference, San Francisco, CA December 16, 2013 Jacquie Carroll Financial Education & Campus Engagement Consultant American Student Assistance Daniel Roddick Director of Financial Aid UC Berkeley Haas School of Business

  2. Financial Literacy for Graduate/Professional Students • Agenda • The Grad/Prof Student • Statistics • Testimonials • Methods • Workshops/In-Person • Email/Online/Text/Chat • Campus/External Partners • Best Practices • Counsel the whole student • Small Group Scenarios

  3. Financial Literacy for Graduate/Professional Students • Statistics • Many Programs but Small Community • Full-time programs • Part-time programs • Doctoral programs • Internships, department awards, parent grants

  4. Financial Literacy for Graduate/Professional Students • Statistics • High Touch for High Price • Consumer culture • Mature but too busy • International students • Existing debt from previous programs (grad and UG) • Cost/Benefit, ROI

  5. Financial Literacy for Graduate/Professional Students • What students think and experience!

  6. Financial Stress + Solution = Happiness? Melior Group & American Student Assistance, 2011

  7. More About Debt

  8. Attitudes Toward and Experience With Debt and Financial Education

  9. “Until I had to start paying back my loan, I didn’t think about how I was going to afford it.” Base: Those with Student Loans Total 21-25 26-30 31-37 White Non-White Public Private 49% 21% 30% 48% 19% 33% Age 45% 23% 32% 56% 22% 22% 46% 22% 32% Race 18% 26% 56% 49% 20% 31% School Type 48% 21% 31% Agree Strongly/Somewhat Neutral Disagree Somewhat/Strongly

  10. “Student loan debt has directly impacted the choices I’ve had to make (job, living, etc.).” Base: Those with Student Loans Total 21-25 26-30 31-37 White Non-White Public Private 54% 22% 24% 59% 20% 21% Age 50% 25% 25% 49% 23% 28% 55% 20% 25% Race 26% 23% 51% 53% 21% 26% School Type 56% 22% 22% Agree Strongly/Somewhat Neutral Disagree Somewhat/Strongly

  11. More About Managing Money Student and graduates know it is important to get a grip on their money. They already budget around the things they love (family, pets, friends, hobbies, alcohol, dining out, etc.). They are interested in knowing their own spending patterns. They fear not having money to spend on what they enjoy!

  12. Financial Literacy for Graduate/Professional Students • Students think: It feels like there is nowhere to turn for money questions...especially about loans!

  13. More About Money Management Resources There is little awareness around existing money management resources—most students and graduates cannot name a single resource. There is interest in checking out resources and tools. But, if the tools are too much work, they won’t use them. After all, they are getting along fine without them!

  14. Remember when?

  15. Financial Literacy for Graduate/Professional Students • Methods • In-person Workshops we do • Admit Weekends • “Financial Aid & Billing Overview” (Entrance Counseling) • Tax Workshop • Loan Repayment Workshop (Exit Counseling) • Workshops we don’t do • Budgeting, Spending Plans • Compensation Strategies • Spruce it up…

  16. Financial Literacy for Graduate/Professional Students • Methods • Webinar • Great for Part-time students • Chats • Great for Prospective students • Passive Programming • Podcasts, website • Online Counseling • Campus partners • For Perkins counseling

  17. Counseling Techniques 1. Know Your PAL 2. Get Their Attention 3. Note The Objectives 4. Stimulate Prior Learning 5. Present The Content 6. Provide Learning Guidance 7. Elicit Performance 8. Note Important Resources 9. Finish With A Call To Action!

  18. Know Your PAL

  19. Get and Keep Their Attention! People pay attention when their world stops!

  20. Communication Obstacles • Inadequate preparation • Credibility results when knowledge is demonstrated • Vague instructions • Leads to confusion • No rules • Use overview, simple & succinct, specific & repeat, repeat, repeat • Cultural barriers

  21. Communication Obstacles Phrases that should be avoided: • You did statements- • blames others for their behavior • You should statements- • No one likes being told what to do • Defending statements- • Pull rank and push authority • Threatening statements- • Break relationship trust

  22. Financial Literacy for Graduate/Professional Students • Partner-up • Pick a card • Discuss scenario • Share solutions • Remember Takeaways

  23. Financial Literacy for Graduate/Professional Students • Questions? • More to Share?

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