Experiences with NASFAA Certification Courses & Inceptia s Personal Financial Management Certification

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1 Experiences with NASFAA Certification Courses & Inceptia s Personal Financial Management Certification BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

2 Agenda Introductions Where Are We Today? Personal Financial Management Certification Additional Certification Options NASFAA University 2015 Inceptia 2

3 Balancing The value of education and the reality of debt management 2015 Inceptia 3

4 Students and Financial Responsibility We live in a world where people are in charge of their own financial well-being we have to equip people to deal with this individual responsibility. - Annamaria Lusardi Director, Financial Literacy Center 2015 Inceptia 4

5 69% The average score among 80,000 high school students tested on financial literacy in Inceptia 5

6 18 34 year olds No money set aside to cover expenses for 3 months 75% Engage in non-bank borrowing (i.e. pawn shops, rent-to-own stores, advance on tax return) 34% Spend more than household income 23% 2015 Inceptia 6

7 Implications of Credit Card Debt Most undergraduate students have an average of $4,100 in credit card debt by their senior year. Source: Sallie Mae 2015 Inceptia 7

8 Average Student Loan Debt for the Class of

9 Impact of Financial Education 2015 Inceptia 9

10 Peers as Educators 78% How Millenials Make Financial Decisions 66% 64% 61% Look to friends to set financial habits Keep pace with where friends live Keep pace with what friends wear Still rely on family for help 2015 Inceptia 10

11 Not Meeting Core Competencies Domestically Source: 2013 Inceptia Financial Aptitude Analysis 11

12 Unprepared for College 81% of college students underestimate how long it takes to pay off a credit card balance. 75% of students with credit cards were unaware of late payment charges. 30% of students with loans drop out without a degree. Source: CEE Survey of the States

13 Unprepared After College 30% of year old s income goes towards debt repayment. An average student debt burden of $53,000 for couples with bachelor degrees leads to a lifetime wealth loss of nearly $208,000. Nearly two-thirds of this loss ($134,000) comes from reduced retirement savings, while more than one-third ($70,000) comes from lower home equity. Sources: CEE Survey of the States 2014; Demos study, At What Cost?

14 Unified Front: A Campus-Wide Approach Who delivers financial education? Financial Aid Orientation FYE Student Affairs/Life Faculty Career Srvcs TRIO Academic Advisors Bursar Student Orgs Athletics 13% 13% 11% 10% 8% 8% 5% 5% 24% 24% 14 53%

15 Your Challenge Preparing students for financial reality and training faculty/staff to guide them 2015 Inceptia 15

16 Personal Financial Management Certification Program (CPFM)

17 Providing education for those who interact directly with students 2015 Inceptia 17

18 Personal Financial Management Certification 2015 Inceptia 18

19 Personal Financial Management Certification The program provides users with a textbook and an online environment Inceptia 19

20 Personal Financial Management Certification 15 core subjects covered 2015 Inceptia 20

21 Personal Financial Management Certification Pre-Assessment 15 and 30 Week Study Guides Instructor Videos Calculators Worksheets Community Forum Chapter Knowledge Checks Progress Dashboard Proctored Final Exam 2015 Inceptia 21

22 User Experience Registration either as an individual or group Pre-Assessment To measure knowledge before program commences User is mailed course materials User works at their own pace to master the 15 chapters (up-to 12 months) Once user feels comfortable that they have mastered all 15 subjects, they submit a proctor request and schedule their final exam. The final exam is comprised of 100 multiple-choice questions, and the user has twohours to complete the exam. The user can take the final exam as many times as needed to pass with a 70% or better. User will need to submit a proctor, schedule a time, and must pay a $150 retake fee. The user will only have 60 days to retake the final after failing. Upon passing the final exam, the user completes an evaluation of the program and the certificate of completion is mailed. After passing the final, the user can carry the CPFM credentials. 20 CEU s every two years are required to maintain certification 22

23 Implementation To enroll a user in the Personal Financial Management Certification program, either as group or individual, they must go to InceptiaCPFM.org and: Click on Get Certified Choose group, individual Complete the required fields Process payment Individuals will be asked to complete a Pre-Assessment Group Administrators will be given access codes Group Administrators will generally oversee the implementation of the program Group Admins are responsible for distributing access codes to the other users Group Admins can input addresses to have s sent to users that contain the access codes Once recipients receive s they can register for the program Recipients are directed to sign-up as individuals Once individuals sign-up they are directed to the Pre-Assessment Once Pre-Assessment is completed, materials are shipped User begins program with 12-months to complete 23

24 CPFM Overview - Features Features Dynamic, in-depth curriculum developed by academicians at East Carolina University Robust website with tools, resources and communication to reinforce learning objectives, and assist users in going through the program Pre-assessment to accurately indicate knowledge gains and competency of subjects Instructor led videos to compliment textbook and allow for different learning styles One-on-one assistance from institute administrator Forum / community for user interaction, to assist with questions and help throughout the program Knowledge checks and dashboard so users can understand how they are doing in order to master each subject Intuitive final exam with material that is familiar and well-constructed to demonstrate learning and mastery 20 CEU s required every two years to maintain certification 24

25 CPFM Overview - Benefits Benefits A more financially educated and responsible staff Increased confidence to counsel students Personal growth and development Practical professional development Continuous learning and development through the Certificate program (in the form of CEU s) Robust, up-to-date resources and articles to stay current on trends and industry development Users who pass the final exam with a 70% or higher can carry the CPFM credentials 25

26 Who Should Get Certified? Financial Aid Advisors Business Officers Staff and peer counselors at institutions of higher education that interact with students regarding their finances or life skills. Student Affairs TRIO Staff First-Year Experience Guidance Counselors Campus Service Organizations Admissions Staff Out Reach Officers Student Counselors Residence Hall Staff Bursars Officers Accounts Receivables Greek Leaders 26

27 Personal Financial Management Certification 2015 Inceptia 27

28 Personal Financial Management Certification A program that delivers results! An average knowledge increase of 27.2 percent from pre-assessment to final exam. 95 percent of the participants feel they are better prepared to work with students Inceptia 28

29 Personal Financial Management Certification A comprehensive financial education program packed with tools and techniques to help me counsel students on proper financial management. - David Glezerman Bursar 2015 Inceptia 29

30 Personal Financial Management Certification This program will make my staff more competent and more confident when counseling students. - Kimberly Brown, Ph.D. Director of Finance 2015 Inceptia 30

31 Personal Financial Management Certification I would recommend this program to anyone who counsels students. - Julie Selander Director, One Stop Student Services 2015 Inceptia 31

32 Personal Financial Management Certification PRICING Individuals $650 Groups of % discount Groups of % discount 2015 Inceptia 32

33 Additional Certification Options Center for Financial Certifications (FINCERT) Fincert.org ( Offer 5 financial certifications - $400 Certified Personal Finance Counselor Similar to CPFM Certified Educator in Personal Finance Certified Residential Housing Counselor 33

34 Additional Certification Options Institute of Consumer Financial Education ICFE ( Offering 9 certifications - $375 Certified Young Adult Financial Specialist Program Similar to CPFM Certified Identity Theft Risk Management Specialist Program The Money Instruction Book Instructor s Certification Program Certified Credit Report Reviewer Program 34

35 Additional Certification Options AFCPE (Association for Financial Counseling Planning Education) Cost Accredited Financial Counselor Program Cost = $1250, $50 Enrollment, $550 AFC Books & Study Guide $650 Exam (includes AMP proctor fee) Certified Housing Counselor Program Cost = $1775, $50 Enrollment, $825 Books & Study Guides $900 (AFC exam + Housing exam) 35

36 Certified Personal Financial Managers help students make better long-term financial decisions 2015 Inceptia 36

37 NASFAA University

38 Identifying Professional Development Needs Enhance knowledge base Manage changes associated with compliance Acknowledge that members of the team have different needs Increased workload Needs of the customers we serve both internal and external Budget BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

39 NASFAA Certification WHY? NASFAA Administrative Burden Survey 2015 BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

40 BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

41 How Can NASFAA U Help? University/Administrative Perspective: Expand staff knowledge of student financial aid Improve job performance and service to students Provide tangible evidence of the knowledge Provides flexibility Reduces travel cost Professional/Personal Perspective: Differentiate between you and less qualified personnel Provide a competitive edge BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

42 Credential Options Return of Title IV Funds Student Eligibility Verification Professional Judgment Packaging Application Process Federal Methodology Campus-Based Programs Cost of Attendance Federal Pell Grant Direct Loans Consumer Information Cash Management Satisfactory Academic Progress Administrative Capability Teacher Education Assistance for College and Higher Education (TEACH) Grants BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

43 User Friendly and Budget Smart Format Weekly (six weeks) Webinar live/recorded Resource materials Quizzes Assignment/project Cost Per course Includes Credential test Allows flexibility to meet individual needs BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

44 Advice from the Blogger Here is my advice to someone considering a course: Allot more time for the reading assignments than you think you will need. There is a lot of material to cover. Pay close attention to the quizzes, the wording used will help you understand how the credential test will be structured. When the class is finished and it s time to take the test, try the pretest first. That will help you decide if you need more time to study. Don t rush through the questions, really take time to read how it is worded. Melissa Haberman, Loan Manager, UW-Madison BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

45 What Members Say About NASFAA University I wish NASFAA U was available when I was learning this stuff over the years, and that I was at a school that would have invested in this. I learn things every week in these classes! After accumulating a ton of isolated facts that apply in various instances at my various schools, these classes have helped me step back and see the big picture" more clearly. -Michael Campbell, American College of Technology, MO BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

46 What Members Say About NASFAA University I've been in financial aid a mere two years, only working with loans the past year, and am so thrilled that my supervisor recommended NASFAA U. It truly is a wonderful tool. -Megan Morris, University of the South, TN I really enjoyed how interactive the course was, especially during the live get-togethers. It was really neat that participants were able to chat at any time and ask questions. I also enjoyed listening to the facilitators, they were all very engaging and you could tell they really cared about the course and the people taking it. -Carrie Hernandez, California Lutheran University, CA BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

47 NASFAA Certification WHY? NASFAA Administrative Burden Survey 2015 BUILDING THE BRIDGE TO THE FUTURE Some Assembly Required Summer Conference 2015

48 Mathew Nettleton Strategic Business Director Inceptia 48