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Administrator Workshop on Financial Literacy

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Lucy Manzo, Account Executive. The College Board Education Loan Program ... Lucy Manzo, Account Executive, lmanzo_at_collegeboard.org ... – PowerPoint PPT presentation

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Title: Administrator Workshop on Financial Literacy


1
Administrator Workshop on Financial Literacy
  • Scott D. Lewis, Account Executive
  • Lucy Manzo, Account Executive
  • The College Board Education Loan Program
  • Mike Bennett, Director of Financial Aid
  • Brookdale Community College
  • John View, Director of Financial Aid
  • SUNY College of Environmental Science and
    Forestry
  • Linda Bell, Director of Financial Aid
  • Lehigh University

2
Let the Record Show…
  • American children, teens and young adults (ages
    8-21) earned about 211 billion in 2003. This
    group spends at a rate of approximately 172
    billion per year and is saving at a rate of 38
    billion per year.
  • Harris Interactive, Generation Y Earns 211
    Billion and Spends 172 Billion Annually,
    September 3, 2003
  • On average, 65.5 of students who participated in
    a 2004 Jumptart Coalition survey on Personal
    Financial Literacy failed the exam!
  • Jumptart Coalition, Personal Financial Survey,
    April, 2004
  • The average undergraduate student loan debt was
    18,900 in 2003. Up 66 from 1997.
  • Nellie Mae, College on Credit How Borrowers
    Perceive their Education Debt Results of the 2002
    National Student Loan Survey, February 6, 2003

3
Let the Record Show…
  • 55 of college students acquire their first
    credit card during the first year of college, and
    83 of college students have at least one credit
    card. 45 of college students are in credit card
    debt, with the average debt over 3,000.
  • Senator Akaka, Credit Card Minimum Payment
    Warning Act, May 21, 2004
  • Bankruptcy filings for those in the 18 to 25 age
    bracket numbered 150,000 in 2000. A ten-fold
    increase in just five years.
  • Testimony of Dara Duguay, Executive Director
    Jumpart Coalition for Personal Financial
    Literacy, for the Senate Governmental Affairs
    Subcommittee on Financial Management, the Budget,
    and International Security, March 30, 2004
  • Consumer debt is now equal to 110 of disposable
    income. Ten years ago it was 85, and 20 years
    ago, it was 65.
  • Daily Bankruptcy News as excerpted from Senator
    Akaka, Credit Card Minimum Payment Warning Act,
    May 21, 2004

4
Why Financial Literacy?
  • The Four Rs
  • Recruitment
  • Retention
  • Revenue
  • Reputation
  • Visibility
  • The Goal
  • To enhance the Rs and address the need
  • Help students before it is too late
  • Establish a strong academic and credit record

5
Financial Literacy
  • Areas of Deficiency
  • Basic Debt Management
  • Credit card debt
  • Student loan debt
  • Other consumer debt
  • Budgeting
  • Spending Habits

6
Tell Me About It…
7
What Am I To Do?
  • Assess Need
  • Set Your Goal
  • Create a Strategy
  • Measure Evaluate Your Success

8
Assess Need
  • Student Financial Literacy Needs May Be Different
    Depending on
  • Region of the country
  • Education sector
  • Secondary school
  • Proprietary school
  • Community college
  • State college/university
  • Private college/university
  • Socio-economic background

9
Assess Need
  • Ask Students What They Need or Want
  • Survey
  • Paper
  • Online
  • Be prepared to guide
  • Students dont know what they dont know!

10
Group Breakout
  • Group 1 Four Year Private Institution
  • Group 2 Four Year Public Institution
  • Group 3 Community College
  • Group 4 Proprietary College
  • In your group, assess the financial literacy
    needs of students from your assigned sector.
    Record your thoughts on your flip chart and be
    prepared to discuss.

11
Group Recant
  • Group 1 Four Year Private Institution
  • Group 2 Four Year Public Institution
  • Group 3 Community College
  • Group 4 Proprietary College
  • Provide a rationale and background for the
    student needs identified for your education
    sector.
  • Determine your dominant need.

12
Set Your Goal
  • Start small
  • Begin with most obvious need
  • Build from this point over time
  • Determine your goal
  • S.M.A.R.T Goals
  • Specific Ask 6 W questions
  • Measurable How much? How many? How will you know
    when…?
  • Attainable Plan steps wisely. Establish a time
    frame.
  • Realistic Willing and able to work toward.
  • Tangible Can experience it with one of the
    senses.

13
Large Group Goal Setting
  • Remember, start small and begin with most obvious
    need
  • Group 1 Four Year Private Institution
  • Group 2 Four Year Public Institution
  • Group 3 Community College
  • Group 4 Proprietary College

14
Time for Lunch!
15
Best Practices Testimonials of success
  • John View, Director of Financial Aid
  • SUNY College of Environmental Science and
    Forestry
  • Linda Bell, Director of Financial Aid
  • Lehigh University
  • Mike Bennett, Director of Financial Aid
  • Brookdale Community College

16
Solutions See Whats Already Out There
  • You dont have to reinvent the wheel! There are
    a significant number of tools and resources
    already available to you.
  • Where to start
  • Education partners - lenders, guarantors,
    servicers, professional associations
  • State and federal initiatives - state councils on
    economic education, Federal Trade Commission
  • Education and non-profit organizations - College
    Board, Jump Start Coalition

17
Solutions Types of resources available
  • Moderate
  • Good for keeping the topic on students minds
  • E-mail newsletters
  • Involved
  • Good for deeper, long-term training
  • Scheduled sessions
  • Curriculum for credit
  • Simple
  • Good for quick hits
  • Web sites
  • Brochures, printed materials

A resource document for your use.
18
Creating a Strategy
  • Start small and build need with students
  • Take into account institutional resources
  • Involve others on campus
  • Institutional buy-in is a key to success!

19
Group Breakout Strategy Creation
  • Group 1 Four Year Private Institution
  • Group 2 Four Year Public Institution
  • Group 3 Community College
  • Group 4 Proprietary College
  • In your group, create a strategy based on the
    needs and goals previously determined for your
    assigned sector. Record your strategy and be
    prepared to discuss.

20
Group Strategy Recant
  • Group 1 Four Year Private Institution
  • Group 2 Four Year Public Institution
  • Group 3 Community College
  • Group 4 Proprietary College
  • Share the strategy you created for your education
    sector.

21
Large Group Strategy Discussion Brainstorm
  • Collect as many ideas as possible with no
    criticisms or judgments.
  • All ideas are welcome no matter how silly or far
    out they seem. Be creative.
  • The more ideas the better because you dont know
    what might work.
  • No discussion during the brainstorming activity.
  • Do not criticize or judge. Don't even groan,
    frown, or laugh. All ideas are equally valid at
    this point.
  • Do build on others' ideas.

22
Solutions Measure Success
  • Measure your success
  • Constantly assess
  • Continue surveying
  • Evaluations
  • Testimonials
  • Year to year retention rates
  • Cohort default rate

23
Reprise
  • Assess need
  • Set goal
  • Determine tools/resources
  • Measure your success
  • Promote your success

24
Final Thoughts
  • What is success?
  • Institutional buy-in is key
  • Patience

25
A Word to the Wise
If you build it, they will come The Rs will
thank you and so will your students!
26
Questions
  • Scott D. Lewis, Account Executive,
    slewis_at_collegeboard.org
  • Lucy Manzo, Account Executive, lmanzo_at_collegeboard
    .org
  • Mike Bennett, Director of Financial Aid,
    mbennett_at_brookdale.cc.nj.us
  • John View, Director of Financial Aid,
    jeview_at_esf.edu
  • Linda Bell, Director of Financial Aid,
    lfn0_at_lehigh.edu
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