What Colleges and Universities are Doing to Help Bridge the Financial Capability Gap

Transcription

1 What Colleges and Universities are Doing to Help Bridge the Financial Capability Gap Bryan Ashton Assistant Director Office of Student Life Student Wellness Center

2 Incoming First Year Students 2

3 2013 Wellness Inventory (CSSL) 3

4 All Years (UG) Cross Sectional 4

5 Why is financial education important? 68.6% 22.7% Not confident they ll be able to pay off any debt accumulated as a student Stressed about finances in general 48.6% 34% Source: Ohio Student Financial Wellness Survey, Center for the Study of Student Life, 2011 Worry about paying monthly bills The amount of money I owe causes me a large or extreme amount of stress 5

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7 Comprehensive support - Develop financial capability - Address financial stress - Anticipate and offer just-in-time education - Support students in financial crisis 7

8 Our Response: -Digital (combined with in person) -Workshop based (JIT) -1:1 Peer to Peer coaching -42 volunteer coaches -2,000 appointments -Crisis Management, Help Seeking and Proactive 8

9 Next Steps: -Continuum -- K-12 and Higher Ed -Enhanced research on effectiveness -Enhanced just in time education -Working with High Schools -Working with financial aid award letters -Working with parents 9

10 References: American College Health Association. (2013). National College Health Assessment II: Reference Group Executive Summary Fall Hanover, MD: American College Health Association. Center for the Study of Student Life (2011). Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress. Retrieved from Center on Education and the Workforce. (2013). Hard times: College majors, unemployment and earnings. Retrieved from Chiang L (2007). Statistics on college student Drop out Rates in US. Duck9. Retrived on 1 August Consumer Finance Protection Bureau [CFPB]. (2013). Financial literacy annual report. Retrieved from Hoffman, M., McKenzie, K. & Paris, S. (2008, September). Paper or plastic? CPAs can educate college students on responsible credit card use. The CPA Journal, National Survey of Student Engagement. (2012). Promoting Student Learning and Institutional Improvement: Lessons from NSSE at 13. Bloomington, IN: Indiana University Center for Postsecondary Research. U.S. Department of Education, National Center for Education Statistics. (2012). Digest of Education Statistics, 2011 (NCES ), Table 349. Retrieved from

11 Bryan Ashton

12 Drive By Parenting How Are We Going to Pay for College? Get Accepted Into College & We ll Figure Out A Way to Pay As We Go Patsy Collins; Sam Houston State University; Student Money Management Center

13 THE #1 Reason Students Drop Out of College

14 Estimated Cost of Attendance Tuition & Fees $ 8,932 Room & Board 8,324 Books & Supplies 1,124 $18,380 X 4 = $73,520 Transportation 1,694 Misc/Personal 1,790 Loan Fees 70 Total $ 21,934 X 4 4 Year Total $ 87,736

15 Estimated Cost of Attendance vs. Estimated Financial Aid Award Est. Cost of Attendance Tuition & Fees $ 8,932 Room & Board 8,324 Books & Supplies 1,124 Transportation 1,694 Misc/Personal 1,790 Loan Fees 70 Est. Financial Aid Award PLUS Denial Fr. Student Loan $ 5, ,000 So. Student Loan 6, ,000 Jr. Student Loan 7, ,000 Sr. Student Loan 7, ,000 Est. Loan Total $ 27,000 Total $ 21,934 X 4 4 Year Total $ 87,736 Est. Loan Total $ 45,000 With PLUS Denial

16 DISCREPANCY $42,736

17 Let s Talk Parents & Students Don t Research the Estimated Cost of Attendance FAFSA It s Aid; Doesn t Pay for Everything (Unless PLUS) Parents Complete Both Sections of FAFSA Sign w/pin for Parent and Student This is Fraud! Parents Process Loan Entrance Counseling Parents Sign for Loans This is Fraud! Students Don t Even Know They Have Loans!

18 College Costs Planning Guide College Expenses Fall Semester Spring Semester Summer Semester Range Estimates* Tuition/Fees $3,650+ Housing $1,800-2,700 Meal Plan $1,700 Groceries/Fast Food $ Expenses Books and Supplies $ Parking Permit $100 Transportation Costs $200+ (not including home visits) Compact $ Refrigerator Microwave $30-75 Special Bedding $ Room Accessories $ Laptop/Computer $600-1,300 Television $ Surge protectors $20-40 Personal $50 Storage/Organizatio n Clothing (seasonal) $ Laundry Expenses $20-80 Bathroom Supplies $20-50 (Private or Shared) Cleaning supplies $40-70 Toiletries $ Prescriptions Varies Organizations/Club $10-1,200 Fees Other: Varies TOTAL $ $ $

19 Define College Income Streams Funding Fall Spring Summer Scholarships Grants Student Loans Family Support Employment Personal Funds TOTAL $ $ $

20 Student Money Management Center Classroom Workshops (Planned and Invitation by Organizations) Primarily Topics Suggested by State of Texas Legislature Financial Literacy Week Peer to Peer Full-time Staff Collaborate Renting an Apartment Personal Coaching SMMC & Legal Services % Based Budgeting; Setting Goals; How to Aggregate Wealth; For Profit Entity After Graduation: Student Loan Repayment

21 Fall Workshop Calendar

22 Methods of Engagement Contests Project Connect Financial Literacy Week (Patterned Fall Workshops after this Due to Success!!!) Organization - Prizes Individual - Scholarship Advertising Mall Banner and Tabling Events Campus Public Relations Newspaper: Huntsville Item and Houstonian Articles and Advertisements Online; Sam Electronic Media Boards Flyers (Student Info Boards; Lowman Student Center Billboard & Classroom s Campus-Wide; Reminders to Friends of SMMC

23 ? Questions?

24 Financial Literacy Programs at TJC WHAT WE DID, WHERE WE GOT THE MONEY AND WHAT WE LEARNED Presented by: Ashleigh Lewis

25 Tyler Junior College WHO WE ARE

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28 Financial Literacy at TJC GETTING STARTED

29 Financial Literacy at TJC EDUC 1300: First-year Seminar Course + Supplemental Financial Literacy Program

30 Ideas for Financial Literacy Programs Asked our Students SURVEY INFORMAL FEEDBACK Professional Development TACFEP HIGHER ONE WEBINARS Asked Other Colleges BORROW OTHERS GOOGLE SEARCH

31 How to Fund Program??? Community Partnerships Texas Bank and Trust Good Cents Program Kelly Community Federal Credit Union CU 4 Reality Fair FREE Support Speakers & Giveaways

32 Texas Bank and Trust Good Cents Program $10,000 grant for financial literacy events TJC Committee oversees and runs programs at TJC Financial Aid Learning Framework/Business Faculty Foundation/Grants Department Student Life Yearly, academic program with an event each month Financial Literacy Week

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34 CBS 19 News Coverage

35 Kelly Community Federal Credit Union CU 4 Reality Fair Partnership with Kelly Community Federal Credit Union and other local Credit Unions Students receive a monthly salary for their career of choice Then they visit booths setup for various things they will purchase in the real world Housing Car Insurance Student Loans Food Wheel of Reality Wants Electronics Pets Gambling

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38 Assessments Student Attendance a Financial Literacy Event 2% 0% 1% 0% 0% 4% 1 Event Financial Literacy Events Total Attendance % 80% 2 Events 3 Events 4 Events 5 Events 6 Events Events 8 Events 0 Students Fall Cash Cab Fall Laundry Night Fall Reality Fair Fall Wisegiving Spring Cash Cab Spring Laundry Night Spring Money Grab Spring Paint a Pig Spring Reality Fair Spring Sweet Cents

39 Assessments What is a Budget? Pre Post Correct 88% 93% Incorrect 12% 7% What is Credit? Pre Post Correct 73% 62% Incorrect 27% 38% What is the Percentage you should save each month? Pre Post Correct 35% 75% Incorrect 65% 25% When should you put savings aside? Pre Post Correct 23% 61% Incorrect 77% 39% Spring Reality Fair Pre/Post Survey Results

40 Finding Partnerships Look for established partnerships that already exist Banking /local financial institutions Board Members or Donors Work with your Foundation/Grant Coordinator/ CFO Ask! Connections are Key Let people know what you want Talk with Local Representatives (restaurants, entertainment, etc.) Small sponsors for individual events

41 Suggestions Things We've Learned For Partnerships: Being Told NO is not the end of the road Be Respectful/Professional Give Recognition Take pictures and include media whenever possible Know the Business World is different than the Educational World Clear Chain of Command (liaison) Have a contract Emphasize what s in it for them

42 Suggestions Things We ve Learned For Events: Know your target audience and what works for them Have a committee to work with that involves various departments across campus Delegate authority & use students to help Assess OFTEN Don t be frustrated with a small attendance Clear chain of command Advertise with social media Give recognition (other duties as assigned )

43 Contact Ashleigh Lewis Professor, Learning Framework