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Beyond Entrance and Exit Counseling. TASFAA October 2010. Hosted by: Debbie Bradford Consultant USA Funds [email protected] (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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slide2
Hosted by:

Debbie Bradford

Consultant

USA Funds

[email protected]

(866) 3297673, Ext.0194

agenda
Agenda
  • A Few Questions.
  • Importance of Communication.
  • “What I Wish I Knew Then…”
  • Best Practices.
a few questions
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
Importance of Communication
  • Adopt a “life of the loan” philosophy.
  • Communicate and educate.
    • Again and again and again.
importance of communication6
Importance of Communication
  • Utilize an ongoing communication tool.
  • How do you communicate?
    • Phone?
    • E-mail?
    • Text messaging?
    • Social networking?
    • Others?
importance of communication7
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
“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 then9
“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 then10
“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 then11
“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
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 practices13
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 practices14
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 practices15
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 practices16
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 practices17
Best Practices
  • Get buy-in from campus advisers.
  • Keep students informed and up to speed.
    • Student loan debt total.
    • Estimated potential monthly payments.
best practices18
Best Practices
  • Create a cross-departmental student retention committee.
    • Involve faculty from various divisions.
    • Be sure to include students!
best practices19
Best Practices
  • Invite recent alumni to attend informal meetings to share “real world” information.
    • Dorm meetings.
    • Campus organizations.
best practices20
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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