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Setting up Financial Literacy Programs

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Consumer rights include education debt management ... Online. edfund.org/BuildingFutures. Financial Literacy Resources ... Online format. Where to from here? ... – PowerPoint PPT presentation

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Title: Setting up Financial Literacy Programs


1
Setting up Financial Literacy Programs
  • Presented by
  • Anita Kermes, Margery Harvey and Amy Kerwin

2
National Association of Student Loan
Administrators
  • NASLA is organized to ensure
  • consistent reliable delivery of student loan
    services to Americas students, parents
    postsecondary institutions.
  • In delivering student loan services, NASLA goals
    include
  • Value-added benefits to schools and students
  • Performance incentives and revenues structured to
    support portfolio management, default prevention,
    and other value-added services
  • Open systems and common data standards to foster
    freedom of choice
  • Student advocacy
  • Program Cost reduction

3
Voluntary Flexible Agreement and the evolving
role of the Guarantor
A Consumer Focus
  • Federal student loan program should focus on
    borrower as consumer
  • Consumer rights include education debt management
  • America has chosen debt as the primary method for
    funding higher education and therefore has a
    responsibility to help students manage their debt
  • Education debt management Entitlement

4
Financial Literacy What do we mean? Anita
Kermes, Manager Default Prevention Initiatives,
EDFUND
4
5
Building Futures Financial Literacy
6
Budgeting PowerPoint Presentations
7
Components and Where to Find
  • Online
  • edfund.org/BuildingFutures

8
Financial Literacy Resources offered by Guarantors
Margery Harvey Financial Literacy Program
Manager Texas Guaranty Student Loan Corporation
9
Resources for Professionals
  • Guarantors offer many resources for professionals
    to use in support of financial literacy,
    including
  • Training courses for staff
  • Community interaction and dialogue
  • Identification of best practices
  • Field support
  • Courses for students
  • Electronic
  • In-person
  • Materials, handouts, posters, etc

10
Resources for Consumers
  • Guarantors also offer consumer focused resources
    on many financial literacy concepts such as
  • Training courses on fundamentals of budgeting,
    saving, making effective use of credit and debt,
    paying for college, etc
  • Interactive websites and on-line tutorials
  • Compilations of other public resources

11
Examples
  • ASA
  • Wellness Working is a Weblog that instigates a
    conversation on topics ranging from practical
    advice for borrowers, to insights for financial
    aid professionals. www.amsa.com/blogs/wellnesswork
    ing/index.cfm
  • EdFund
  • Building Futures Financial Literacy is an
    online resource to help explain valuable money
    management concepts to your students on topics
    such as Budgeting, Savings, and Credit.
    www.edfund.org/schools

12
Examples
  • Great Lakes
  • Personal Financial Management is a collection of
    tools and information to help students manage
    their finances. www.mygreatlakes.org/borrower/
  • TG
  • PositiveBalance Community is a web site for
    educators and financial aid professionals seeking
    financial literacy information, featuring a
    library and discussion blog. www.positivebalance.o
    rg

13
Lessons Learned on Campus
  • Efforts on campus vary in approach
  • Best practices based on needs of school
  • Many areas are involved in successful programs
    (business office, faculty, student services,
    registrar, etc)
  • Success relies on effective planning and
    execution

14
Beyond the Workshop Bringing a Financial
Literacy Course to Campus
Amy Kerwin Chief Guaranty Officer, Great Lakes
15
The 20 Million Question
  • Does financial education help students manage
    their current economic needs and prepare for the
    future?

16
Project Overview
  • UW-Madison
  • Developed a portable, flexible curriculum
  • Piloted the course during spring of 2006
  • Conducted evaluations pre-class, post-class, and
    9 months post-class
  • Great Lakes provided funding

17
Learning Objectives
  • Basic cash management
  • Semester-based budgeting
  • Credit, credit scores, and credit reports
  • Financial aid
  • Interest rates and compound interest
  • Employee benefits
  • Managing risk/choosing insurance

18
Course Evaluation Results
  • Published July 2007

19
Spring 2006 Pilot Group
  • Almost 300 students
  • 179 completed pre- and post-surveys 77 completed
    post-post survey
  • 37 took class purely as an elective
  • Additional 24 would have taken class even if not
    required

20
Class Demographics
  • 95 19-23 years old
  • 67 female
  • 89 Caucasian
  • 88 dependents
  • 48 had fin. aid

21
Spending Diary Behavior
9 Months Post-Class
Pre-Class
Post-Class
Currently keeping a diary Planning to start a
diary
10.4
13.0
14.3
11.7
32.5
26.0
22
Budgeting Behavior
9 Months Post-Class
Pre-Class
Post-Class
Currently using a budget Planning to start a
budget
32.5
41.6
41.6
16.9
28.6
27.3
23
Renters Insurance Behavior
9 Months Post-Class
Pre-Class
Post-Class
Currently has insurance Planning to get insurance
22.1
26.0
33.8
24.7
28.6
28.6
24
Moving beyond Madison
  • Curriculum is Portable
  • 4-year public
  • 2-year public
  • Curriculum is Flexible
  • Full semester, 3-credit course
  • 7-week, 1-credit course
  • Standard lecture format
  • Online format

25
Where to from here?
  • Focus on specific behaviors to prevent
    delinquency and default
  • Entrance and exit counseling
  • Debt management for repeat borrowers
  • Know What You Owe updates

26
Questions????
  • M.Harvey margery.harvey_at_tgslc.org
  • A.Kermes akermes_at_edfund.org
  • A.Kerwin AKerwin_at_glhec.org
  • S.Saunders saunders_at_amsa.com
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