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FINANCIAL LITERACY

AT. FINANCIAL LITERACY. Required All students borrowing loans for the first time at HJC are required to take the class regardless of whether they have had loans at another institution. Approximately One Hour Takes right at an hour to present just basic material. Group Session

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FINANCIAL LITERACY

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  1. AT FINANCIAL LITERACY

  2. Required • All students borrowing loans for the first time at HJC are required to take the class regardless of whether they have had loans at another institution. • Approximately One Hour • Takes right at an hour to present just basic material. • Group Session • Set up a schedule each term for different dates and times for students to choose from. • Discuss Financial Literacy • Discuss “nuts and bolts” of financial literacy and offer tools and suggestions for student to use. What is Financial Literacy at HJC?

  3. NEEDS VS. WANTS • USE A POWER POINT PRESENTATION • ALSO HAVE USED WWW.PLAYSPENT.ORG • BUDGETING • GO OVER WHAT A BUDGET CONSISTS OF AND WHY BUDGETING IS IMPORTANT • GO OVER A SAMPLE BUDGET • STUDENT LOAN DETAILS • INCLUDING INTEREST RATES, REPAYMENT, WHAT HAPPENS IF THEY DON’T REPAY AND SHOW EXAMPLES OF MONTHLY PAYMENTS BASED ON TOTAL BORROWED • SUGGESTION FOR KEEPING LOAN DEBT DOWN • FULL TIME SCHEDULE TO FINISH MORE QUICKLY • BORROWER ONLY COST OF TUITION • AVERAGE STARTING SALARY FOR PROGRAM • BASED ON SURVEYS DONE EVERY YEAR FOR GRADUATES IN OUR AREA WORKING IN THEIR PROGRAM FIELDS What do we discuss?

  4. ANALOGY BETWEEN CHILD THROWING TEMPERTANTRUM IN STORE AND SELF NECESSARY NEEDS SLIGHTLY LESS NECESSARY NEEDS PURE WANTS LEVELS OF WANTS 24 HOUR RULE NEED VS. WANT

  5. USEFUL TOOL • WHAT TO INCLUDE IN A BUDGET • SOME SUGGESTED CATEGORIES FOR INCOME AND EXPENSES • SHOW THEM WWW.PAYCHECKCITY.COM • MAJOR LIFE CHANGES • PSYCHOLOGICAL EFFECTS • GO OVER AN EXAMPLE OF INCOME AND EXPENSES AND HOW TO PLUG NUMBERS INTO WORKSHEET BUDGETING

  6. TYPES OF LOANS • HOW TO APPLY • MASTER PROMISSORY NOTE • HOW MUCH A STUDENT CAN BORROW (YEARLY AND AGGREGATE LIMITS) • HOW MONEY WILL BE DISBURSED • INTEREST RATES • REPAYMENT (HOW, WHEN, ETC) • SHOW WWW.FINAID.ORG AND SHOW EXAMPLES OF MONTHLY PAYMENT BASED ON TOTAL BORROWED • OPTIONS IF STUDENT FINDS THEY ARE HAVING TROUBLE REPAYING STUDENT LOANS • SHOW STUDENTS HOW TO USE WWW.NSLDS.ED.GOV AND THEN PLUG THEIR BALANCE INTO WWW.FINAID.ORG TO GET MONTHLY PAYMENT AMOUNT ANY TIME THEY WANT. STUDENT LOAN DETAILS

  7. TAKE FULL-TIME COURSE LOAD EACH TERM • BORROW ONLY ENOUGH TO COVER COSTS • WORK PART TIME TO SUPPLEMENT INCOME INSTEAD OF TRYING TO LIVE ON STUDENT LOANS • LIVE ON A BUDGET/PAY ATTENTION TO NEED VS. WANT • GIVE GRAPH ON DIFFERENT SCENARIOS SUCH AS MONTHLY PAYMENT BORROWING COSTS ONLY VS. BORROWING MAXIMUM EVERY TERM SUGGESTIONS FOR KEEPING LOAN DEBT DOWN

  8. AN EVALUATION OF THE CLASS AND GIVE FEEDBACK AND SUGGESTIONS • A QUIZ PERTAINING TO THE INFORMATION DISCUSSED DURING THE CLASS AVERAGE STARTING SALARIES

  9. TO WRAP UP THE CLASS STUDENTS ARE GIVEN… • AN EVALUATION • GIVE FEEDBACK, THOUGHTS, AND SUGGESTIONS • A QUIZ • USED TO MAKE SURE WE TALKED ABOUT EVERYTHING WE WANTED AND THE STUDENTS RETAINED THE INFORMATION. • STUDENTS ARE ASKED TO COMPLETE ON THEIR OWN… • A PERSONAL BUDGET WORKSHEET • GIVE THE STUDENTS A BLANK WORKSHEET LIKE THE ONE WE GO OVER IN CLASS AND ASK THEM TO COMPLETE IT AS BEST THEY CAN WITH THEIR OWN PERSONAL FINANCES. • DL LOAN COUNSELING AND MPN • GIVE INSTRUCTION SHEET TO HELP STUDENTS COMPLETE BOTH STEPS ONLINE. WRAP-UP AND HOMEWORK

  10. STUDENT COMES BACK TO SEE FINANCIAL AID • BRING BACK THEIR BUDGET WORKSHEET • LET US KNOW THEY COMPLETED ENTRANCE COUNSELING AND MPN • WE COMPLETE A LOAN AMOUNT REQUEST FORM WITH THE STUDENT • AN IN-HOUSE FORM WE USE TO SHOW STUDENT HOW MUCH THEY ARE ELIGIBLE TO BORROW AND LET THEM CHOOSE HOW MUCH THEY WANT. LAST STEP IN LOAN PROCESS

  11. QUESTIONS/COMMENTS?

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