Beyond entrance and exit counseling
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Beyond Entrance and Exit Counseling. TASFAA October 2010. Hosted by: Debbie Bradford Consultant USA Funds deborah.bradford@usafunds.org (866) 3297673, Ext.0194. Agenda. A Few Questions. Importance of Communication. “What I Wish I Knew Then…” Best Practices. A Few Questions.

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Beyond Entrance and Exit Counseling

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Beyond Entrance and Exit Counseling

TASFAA

October 2010


Hosted by:

Debbie Bradford

Consultant

USA Funds

deborah.bradford@usafunds.org

(866) 3297673, Ext.0194


Agenda

  • A Few Questions.

  • Importance of Communication.

  • “What I Wish I Knew Then…”

  • Best Practices.


A Few Questions

  • What do you wish your students knew about their loans and money?

  • What are you doing now to help fulfill your own wishes?


Importance of Communication

  • Adopt a “life of the loan” philosophy.

  • Communicate and educate.

    • Again and again and again.


Importance of Communication

  • Utilize an ongoing communication tool.

  • How do you communicate?

    • Phone?

    • E-mail?

    • Text messaging?

    • Social networking?

    • Others?


Importance of Communication

  • Integrate financial literacy.

    • Wherever you can.

    • In any way you can.

  • What are you doing on your campus?


“What I Wish I Knew Then…”

“I wish I would have known how destructive living without a budget was. It isn't about how much money you make – it's about how much you spend.”

- Seth

Source: Get Rich Slowly (getrichslowly.org/blog)


“What I Wish I Knew Then…”

“I wish people had hammered home to live within my means. If I can’t afford to pay cash for it, I probably don’t need it.”

- Jessica

Source: Get Rich Slowly (getrichslowly.org/blog)


“What I Wish I Knew Then…”

“The importance of an emergency fund. This is especially important as you transition to living independently, when every random expense is truly unexpected.”

- Liz

Source: Get Rich Slowly (getrichslowly.org/blog)


“What I Wish I Knew Then…”

“Compound interest, compound interest, compound interest. Continue to live like a college student during the first post-college ‘professional’ job and stick the rest of your income into a 401k, 403b or Roth.”

- Finally Frugal

Source: Get Rich Slowly (getrichslowly.org/blog)


Best Practices

  • Create an institution-wide default prevention plan.

  • A successful plan:

    • Starts early and repeats messages often.

    • Involves peers throughout campus.

    • Educates and communicates with borrowers.

    • Offers financial literacy information.

    • Includes enhanced entrance and exit counseling.

    • Provides annual loan updates and repayment calculators.

    • Helps reduce the number of dropouts.

    • Works to ensure borrowers can repay their education loans.


Best Practices

  • Create a “money smarts” page or section on the school’s Web site.

    • Saving for the future.

    • Managing and reducing debt.

    • Using credit cards wisely.

    • Borrowing only what is necessary.

    • Making smart financial choices.


Best Practices

  • Prevent or reduce exposure to credit card vendors.

    • Work with administration to limit or eliminate vendors’ direct access to students.

    • If allowed, require vendors to provide an interesting and informative credit card management program for students.


Best Practices

  • Organize a speaker’s bureau.

    • Volunteer to present at meetings and activities students attend.

    • Get involved in on-campus groups.

    • Participate in dorm and residence life activities.


Best Practices

  • Provide “money smarts” training.

    • Cross-train others who have frequent contact with students.

      • Hearing information more than once makes a stronger impact.

    • Students more receptive hearing information from peers.

      • Residence assistants.

      • Work-study students.


Best Practices

  • Get buy-in from campus advisers.

  • Keep students informed and up to speed.

    • Student loan debt total.

    • Estimated potential monthly payments.


Best Practices

  • Create a cross-departmental student retention committee.

    • Involve faculty from various divisions.

    • Be sure to include students!


Best Practices

  • Invite recent alumni to attend informal meetings to share “real world” information.

    • Dorm meetings.

    • Campus organizations.


Best Practices

  • Take advantage of your former lenders/guarantor

    partners – while you can.

    • Loan counseling.

      • Higher Education Act technical amendments now allow former lenders and guarantors to perform entrance counseling.

    • Default prevention assistance.

    • Expertise of debt management consultants.

    • Student retention support.


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