RECOMMENDATIONS FOR BEST PRACTICES IN FINANCIAL LITERACY NOVEMBER 2013
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1 RECOMMENDATIONS FOR BEST PRACTICES IN FINANCIAL LITERACY NOVEMBER 2013
2 MISSION STATEMENT The Association of Private Sector Colleges and Universities (APSCU) established a Task Force for Best Practices in Financial Literacy to offer suggestions for providing students with information which may assist them in the management of their current and future financial circumstances. The task force is comprised of a broad group of individuals representing a diverse range of institutions who share a commitment to provide students with accurate information, financial management techniques, and realworld practices to promote and increase basic, financially responsible behaviors so they are able to pursue their personal, professional and academic goals. We encourage APSCU members and other institutions to provide information on financial literacy and real-world practices that promote basic, financially responsible behaviors to assist in their efforts as they pursue their goals. The final product represents a condensed set of suggested actions and guidelines for all institutions of higher education. MEMBERS OF THE APSCU TASK FORCE ON FINANCIAL LITERACY Cochairs Jennifer Hoepner Herzing University Tommy Sims ECMC Solutions Members Kris Alban igrad Balaji Raj Rajan Ceannate Corp. Deb Barker-Garcia Corinthian Colleges, Inc. Kurt Duncan Kaplan Higher Education Group Elizabeth Keifer Herron PEAC Student Loan Assistance Tom Kokis Berkeley College Anne Sullivan Polino Bryant & Stratton College Heidy Santizo DeVry Education Group APSCU RECRUITMENT AND ADMISSIONS
3 PREAMBLE With the growing costs of postsecondary education, financial literacy has become an important component in the lives of many students. For new traditional students those who are over the age of 25, work full-time or have one or more dependents and those defined by the U.S. Department of Education as having risk factors balancing multiple financial obligations is even more critical to their success. A student facing financial stress may find the stress impacts their ability to focus on their educational program. Furthermore, the financial commitments of postsecondary education continue into their personal and professional lives. For these reasons, our institutions are engaging in important conversations with prospective, current and former students in the management of their finances. Financial literacy reflects students understanding of how the financial decisions will collectively impact their lives. Ultimately, financial literacy empowers students to make appropriate decisions during and after their college studies; and throughout life. This set of recommendations for best practices highlight the use of some of best tools used by member institutions in support of their students. These best practices represent the collective efforts of the APSCU Task Force on Financial Literacy. The institutions and organizations represented on the task force are varied in size, ownership structures, and academic programming, and provide career-focused education ranging from skilled trades to post graduate degrees. The task force is mindful that the diversity of our institutions will result in the implementation of some but not necessarily all the suggested practices, in ways appropriate to each institution. We recognize and celebrate this diversity of service, and we are unified in our commitment to offering career-based education to students as they pursue their education and skills appropriate for their chosen careers. Our goal is to offer recommendations for practices in financial literacy that may serve students, and offer examples for all of higher education to consider. An appendix provides additional resources for institutions to use in developing and/or refining financial literacy programs. The best practices are organized into four areas: n n n n What a Student Should Know Multiple Touch Points in Promoting Financial Literacy Delivering the Information Success After College APSCU RECRUITMENT AND ADMISSIONS 1
4 I WHAT A STUDENT SHOULD KNOW A robust financial literacy program should provide students with tools and ideas for good money management. When some students enroll in college, it may be the first time they receive basic money management education. For others, it will be a good opportunity to sharpen their financial acumen. Programs cannot ensure that all students will grasp fundamental skills or sophisticated financial management practices. 1. Among the elements a robust financial literacy program may include are the following: How to set up and follow a budget How to choose a bank How to avoid hidden fees Savings options and plans How credit works What a credit score means How interest works How to prevent identity theft The warning signs of excessive debt The differences between loans, grants, scholarships, and other forms of student financial aid The negative consequences of not managing debt effectively Default prevention options 2. Make appropriate staff aware of the importance of financial literacy. 3. Provide information in clear, easy-to-understand language, explain college-cost calculators, provide simple budgeting tools, and offer real-life examples. When appropriate, use a student s personal financial aid information (in a confidential manner) to explain debt, interest, and repayment scenarios. Focus on student loan debt, various repayment scenarios and options, and other types of debt student s may incur while enrolled. 2 APSCU RECRUITMENT AND ADMISSIONS
5 II MULTIPLE TOUCH POINTS IN PROMOTING FINANCIAL LITERACY A consistent approach to financial literacy can help teach students how to understand personal economics and responsibility. Three touch points in providing such information are during enrollment, while in school, and approaching graduation or upon withdrawal from school. 1. The Enrollment Stage Enrollment is the first and most active period to introduce students to financial literacy, and the information should be deployed as early as possible. Students may benefit from the following: Speaking with their current lenders to identify their outstanding loans: type of loan whether federal and private status of a loan whether current, delinquent, in default and their repayment obligations and options Establishment of a repayment plan before reenrolling, if applicable Information on any existing institutional financial literacy platform, or available financial literacy courses, and social media options for participating in financial literacy education opportunities Information on credit, credit scores and the impact of negative credit Formal Entrance counseling as defined by the Department of Education 2. While in School Stay connected with students about their financial literacy throughout their enrollment. When there is a new disbursement of student aid consider using that event to reinforce the importance of financial literacy and good money management. Consider the following: Update contact records and obtain required consents to communicate via , mobile device, land line, and cellphone Provide updated loan amounts, remaining grant and loan eligibility, and short-term and long-term effects each time there is a disbursement Remind students about online and other available resources if they need assistance or want more information Supply information on subjects relevant to their loans and personal finances such as interest accumulation while enrolled, loan repayment obligations, and the array of available repayment programs Deploy communications options that allow students to choose how to receive information that may enable them to better understand their financial circumstances, especially concerning their loan obligations Focus on the negative consequences of poor debt management APSCU RECRUITMENT AND ADMISSIONS 3
6 3. Approaching Graduation or upon Withdrawal from School Deliver more sophisticated financial management content and resources to students late in their tenure as they transition from school to work. These may include campus, online, or third-party resources that help students understand good budgeting practices, repayment strategies to avoid excessive charges, repayment plans with federal servicers or lenders, if applicable and consequences of poor credit. When students withdraw, they often will trigger repayment of financial aid. Schools should attempt to inform students of their options when they withdraw. If students withdraw without speaking with a school advisor, appropriate effort should be made to reach them and provide resources and information regarding their financial options and the events that will trigger repayment if they do not re-enroll. Ensure with both the graduate and the withdrawn student that exit counseling as required by the Department of Education is provided for every student. III DELIVERING THE INFORMATION Many students may need financial literacy awareness. Identify students who may need specific financial literacy information and provide such prior to or at enrollment. Institutions need to determine the most efficient and effective means of providing financial literacy information to their students. Some offerings may be in person, in writing and online. Financial education should span the student s life cycle, not just the life cycle of the loan, and should be delivered at appropriate times. Targeted education topics may include the following: Loan Topics Handled in Association With Specific Events Career Growth Students Who Withdraw Handling/budgeting your refund/ stipend Do you need the entire excess award? For every $1,000 you borrow in excess of your tuition... Multiple lenders/servicers How to plan your skills acquisition for career advancement Managing expectations at work Practical interview skills Preparing an effective resume Best places to work Best salary information Benefits of finishing your education Employment opportunities Repayment options Where do I go from here? 4 APSCU RECRUITMENT AND ADMISSIONS
7 I V AFTER COLLEGE Financial education related to student loans should encompass three major elements: information, strategy, and execution. Institutions should develop resources that address challenges at three key points of the student-loan life cycle: (1) while the student is in school and during the grace period before repayment begins, (2) at the onset of the student s repayment obligations, and (3) in the event of late payment, delinquency or default. Delivering financial education and financial management tools to students after they leave college is as important to students future as helping them when they are in school. Encourage regular contact regarding debt management and job searching assistance. 1. Grace Period Institutions should consider the following activities: Provide materials on websites and in print that detail repayment options and locations for finding additional resources. Use , cell phone, video, and social media (with the student s consent) to notify students about information on the Department of Education s student aid site at studentloans.gov/mydirectloan/ and the college s exit-counseling portal, if one exists. Communicate information about: grace periods for student loans, impact on interest accumulation, and the due date of the first payment loan servicer information and the need for contact with any loan servicer a point of contact for the student at the school and with the school s third-party servicer, if applicable For any student who does not complete an in-person exit interview, mail an exit interview packet and consider using confirmation delivery services of such mailings for your own records. Having a check list that may include important payment dates or forms that need to be completed may be helpful to the student. Repayment plans and options and any other resources available to assist a student with navigating the varied options. Utilize Best Practices to collaborate with Career Services to ensure that job placement and licensure (where applicable) services are provided. 2. The Repayment Period Be persistent in contacting students during the repayment stage. Provide information on different federal loan repayment plans, optimization calculators, the long-term impact of various options, and loan-management techniques. APSCU RECRUITMENT AND ADMISSIONS 5
8 Initiate contact with delinquent borrowers and inquire about the reasons they are not repaying their loan. Suggest realistic solutions and, if possible, facilitate a three-way phone call with the borrower s loan servicer to determine available options to bring a delinquent account current. 3. Difficulty with Loan Repayment Reach out to help borrowers understand how to manage a loan delinquency or default. Support may include the following: Access to the institution s financial aid staff Facilitating contact (with consent) for , phone calls, and text messages Information on lender/servicer changes, interest rate changes, new repayment options, options for deferments, and the like Links to online information and access to local resources that may provide financial counseling at a discount or free of charge APPENDIX Below, please find a list of resources to assist in the cultivation of financial literacy best practices: Researching College Choices Information on College Costs Information on Career Opportunities NSLDS Access and Pin Requests NSLDS for Federal Loan Amount General Information on Student Aid Filling out the Free Application for Student Financial Assistance Free Credit Reports Other Financial Resources APSCU RECRUITMENT AND ADMISSIONS
9 apscu.org
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