Financial Literacy for Graduate/Professional Students CASFAA Conference, San Francisco, CA December 16, 2013 - PowerPoint PPT Presentation

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Financial Literacy for Graduate/Professional Students CASFAA Conference, San Francisco, CA December 16, 2013

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Financial Literacy for Graduate/Professional Students CASFAA Conference, San Francisco, CA December 16, 2013 Daniel Roddick Director of Financial Aid – PowerPoint PPT presentation

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Title: Financial Literacy for Graduate/Professional Students CASFAA Conference, San Francisco, CA December 16, 2013


1
Financial Literacy for Graduate/Professional
StudentsCASFAA Conference, San Francisco, CA
December 16, 2013
  • Daniel Roddick
  • Director of Financial Aid
  • UC Berkeley
  • Haas School of Business

Jacquie Carroll Financial Education Campus
Engagement Consultant American Student Assistance

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
didnt 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
10
Student loan debt has directly impacted the
choices Ive 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 resourcesmost 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 wont
    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 dont 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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