Enhancing Student Financial Education at Kansas State University

Transcription

1 Enhancing Student Financial Education at Kansas State University in collaboration with: Carol Shanklin, Dean Graduate School

2 Team Members Carol Shanklin, Dean of Graduate School Jodi Kaus, Director of Powercat Financial Counseling Sonya Britt, Associate Professor and Director of the Personal Financial Planning Graduate Program Clifford Robb, Associate Professor, Personal Financial Planning Christyne Stevenson, Graduate Research Assistant, Powercat Financial Planning

3 Partners Powercat Financial Counseling Graduate Student Council Research and Extension, Riley County Academic Deans and Graduate Program Directors Office of Student Financial Assistance Vice Provost of Undergraduate Studies McNair Program and other student support programs

4 Kansas State University Public 4-Year Land Grant University located in Manhattan, Kansas (population 56,000) Additional campuses in Salina and Olathe, KS 25,000 total students; 4,000 graduate students 119 masters and doctoral degrees and 36 graduate certificate programs 4

5 Largest K-State Graduate Programs Online: Masters in Academic Advising, Food Science, Agribusiness, Adult Continuing Ed., Family Studies On Campus Doctoral: Curriculum and Instruction, Human Ecology - various, Chemistry, Physics, Agronomy On Campus Masters: Architecture, Student Counseling & Development, MBA, Animal Sciences, English 5

6 Kansas State University Over $200 million awarded in scholarships, grants, loans and work study each year Average undergraduate loan debt of $24,892 26% of undergraduate students are Pell grant recipients 52% of undergraduates are recipients of Federal loans

7 Kansas State University Average total graduate loan debt of $85,118 (sub/unsub/plus) Doctoral Graduates 51% report no debt-survey of Earned Doctorate (2012 data) $62,235 (average unsub May 2014 graduates) $7,852 (average Grad Plus May 2014 graduates) $65,448 (average total unsub and Grad Plus)

8 Kansas State University Average total graduate loan debt of $85,118 (sub/unsub/plus) Master s Degree Graduates (May 2014) 65% had some indebtedness for graduate studies $29,833 (average unsub) $10,661 (average Grad Plus) $31,956 (average unsub and Grad Plus)

9 Powercat Financial Counseling Began in 2009 as 1 st peer-to-peer collegiate financial education program in Kansas Originally within Personal Financial Planning academic unit Moved in 2012 to Student Life-a division with the Office of Student Financial Assistance Services available to currently enrolled students and alumni 9

10 PFC Staff One full-time director who is a professional financial planner (holds Certified Trust & Financial Advisor designation and law degree) Two part-time graduate assistants from College of Human Ecology and College of Business Around 15 undergraduate Peer Financial Counselors from financial-related majors such as Finance, Personal Financial Planning, Accounting, Agribusiness, Ag-Economics, and Economics 25 student members of PFC Student Advisory Board 10

11 Peer Financial Counselors 11

12 Student Advisory Board Hosts Financial Events & Markets PFC Services: Thrifty Gifting! Spring Break! NOT Spring Broke! Marriage & Money 12

13 Services Provide Individual Financial Counseling Face-to-Face Online Counseling Group Presentations Salt Courses and Programs

14 Financial Resources Services Provided Credit Budgeting Student Loans Transitioning into work Your College Financial Plan with worksheets

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16 Powercat Financial Counseling 1,850+ students have received individual financial counseling 541 (433 UG and 108 Grad) during grant period Over 500 financial workshops to 26,800+ students 151 programs and 12,142 during grant period 60 students have been trained as peer financial counselors

17 Programs Offered For Graduate Students Becoming Financially Independent Student Loan Repayment Transitioning to Career & Employee Benefits Retirement Saving & Investing SALT Total 20 have been presented since August ,182 have participated in one or more programs

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19 Programs for Spring 2014 Marriage and Money Seminars It s Spring Break NOT Spring Broke Student Loan Repayment SALT Transitioning to Career and Employment Benefits

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22 Marketing Programs to Graduate Students Flyers posted on campus in areas where graduate students work and study Information in the weekly Graduate Student Council sends to all graduate students Information and flyers distributed to graduate program directors Incentives gift cards

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25 Academic Units Other Outreach Student Financial Assistance Alumni Association Cashier s Office New Student Services Career Employment Services Division of Continuing Education Housing & Dining International Student Services Non-traditional Student Services and Veterans Affairs Greek Affairs Online counseling for distance students via Zoom or Skype programs Blog at Listserv s Parent sessions at Orientation & Enrollment 25

26 Other Financial Education Resources Financial Awareness Counseling Tool (FACT) on site and by NEFE Buttonwood by Everfi Inceptia (division of NSLP) Financial Avenue online program and Personal Financial Mmgt. certification TG Financial Literacy Programs Student loan servicers offerings Local credit unions and financial institutions 26

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28 Powercat Financial Counseling