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why financial literacy is an important part of your default management strategy

Why Financial Literacy is an Important Part of your Default Management Strategy

Learn how FL is used as a definitive approach to default management and prevention. Learn about marketplace resources that can enhance or direct your efforts. Measureable outcomes should be a consideration priority – so how do you measure?

newly reported cdr
Newly Reported CDR
  • What’s the trend?
  • Why are many rates up?
default prevention vs management
Default Prevention vs Management
  • Let’s talk management first
    • In house efforts
      • Focus on 30 day delinquencies
    • Outside resources and third parties
      • Likely need more expertise to reach 60, 90 and defaulters
    • Annual costs
  • What’s your goal and how are you measuring success or ROI?
    • % in next 6 months
      • 30,60,90 delinquencies
      • Defaults
      • Importance of grace period?

As a step toward prevention, iGrad can assist in reaching these students to begin changing behavior

risk reduction management
Risk Reduction Management
  • ID those students at risk of defaulting
    • Risk identifiers are unique to institutions – What are yours?
      • Did you know students “at risk” who fall-off just one time, tend not to get back on track
    • iGrad can assist in identifying and reaching these students to begin changing behavior
      • Targeted customized modules
      • Timely and relevant financial literacy content
financial literacy is the 1 proactive approach to default prevention
Financial Literacy is the #1 Proactive Approach to Default Prevention!
  • Why continually feed the fire?
  • Establish a limited target approach to managing delinquencies and defaults, BUT…
  • Focus on default prevention/risk management by developing a financial literacy initiative!
    • Impacting your students, staff and alumni!
begin or enhance current prevention efforts
Begin or enhance current prevention efforts!
  • Create your plan – make the focus Financial Literacy
    • By committee! It really does take a village
      • Who do you include?
      • How do you engage other departments and gain buy-in?
  • Poll your student populations
    • How do students want to receive financial literacy education?
    • What activities have been successful on campus?
  • Set time frame and attack
    • Time Resources
    • Financial Resources
      • Collaborate with other departments, schools, group
      • Apply for funding grants
  • Review other’s Best Practices
    • iGrad has successfully implemented hundreds of campuses and we take responsibility for sharing best practices to increase student engagement
what your students want need to know
What Your Students Want/Need to Know?
  • Think about relevancy
    • Who are you students?
    • iGrad’s platform has the ability to push different material to each unique student
  • Think about engaging
    • Consider learning styles
      • iGrad offers videos, articles, calculators, games, interactive activities and courses and quarterly webinars and newsletters - all 24/7
think about topics
Think About Topics
  • Basic competencies recommended by the Dept of Treasury
    • iGrad’s 1 credit course
  • Earnings
    • iGrad’s Career Center and GPS to Success
  • Managing debt
    • iGrad covers banking, credit cards, student loans and future debt
  • Savings, including education savings
    • 20% of discretionary income! iGrad simplifies options
  • Asset building
    • Time value of money!
  • Insurance
    • Are you prepared?
  • Estate Planning – begins early
recognize it s huge and it has become a national priority
Recognize It’s Huge – and it has become a National PRIORITY!

Financial Literacy impacts the entire campus

  • Recruitment
  • Retention
  • Student Success

Once you create a plan

  • Do you have the staff to take on the responsibility?
  • Are you in a position to hire staff – with the required expertise?
  • What about updating content and activities regularly?
how do you measure impact
How do You Measure Impact?
  • Is your Cohort Default Rate really an indicator of financial literacy initiative success or failure?
    • Measured 3 years out
    • Real or maneuvered impact
  • Seek behavior changes
    • The only way to positively impact financial health!
    • Will you see an increase in Alumni giving & relationships?
  • iGrad’s robust, real-time reporting and custom reporting capabilities will empower you to report a Return on Investment
once you have a plan launch and communicate
Once you have a Plan… Launch and Communicate!
  • You’ve got to lead the horse to water before he will drink!
    • E-mail, Text, Twitter and Social Media
      • iGrad can accept a school data file and send out the message or can provide the language or even video clip to embed!
    • Campus and local Press
      • iGrad posted the Podcast we did with Mike Fife of the Center for Financial Literacy at Champlain College.
      • Incentivize!
      • Engage the faculty
      • iGrad created competition for students when faculty member embraced iGrad’s 1 credit course curriculum and local media advertised it
igrad can handle it all
iGrad can handle it all!

Collaboration with our school clients is invaluable in hosting a successful financial literacy initiative – lean on us.

watch clip of igrad s abilities
Watch clip of iGrad’s abilities!

Let us do the “heavy lifting” for you.

let s talk
Let’s talk!
  • Do you agree that Financial Literacy is the best approach to default prevention
  • Do you have the time, expertise and resources to carry out a Financial Literacy initiative - or does another department?
  • What are your Financial Literacy Best Practices?
  • Are you interested in learning more about iGrad?
igrad
iGrad!
  • Video-based Entrance & Exit Counseling – DOE compliant and easily reported
  • Customized content based on information we learn from the student and school
  • Our highly recognized video library can accommodate closed captioning requirements
  • Both a Financial Literacy Hub and a Financial Aid Hub
  • Customized modules to meet specific needs of you – our school client
  • Content delivery to facilitate different learning styles including games, calculators, articles, videos, interactive and downloadable worksheets and interactive webinars
  • One-credit Financial Literacy Classroom course meeting the core-competencies set by the Department of Treasury, complete with Instructors Guide and Student Workbook
  • Our school partners have access to real time reporting in several robust formats with customized reporting available.

At iGrad, we know that 50% of the budgeting equation is income! We created JobGenius to meet that huge part of financial literacy that is often overlooked, supporting your Career Services Center – not competing with it!

  • Job and internship search vehicle
  • Free resume critique and ability to collect and directly pass resumes to your Career Services
  • Over 75 videos interviewing experts in the field who talk about “a day in my life” opening students’ eyes to possibilities and career directions
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Holly ZaglanicznyDirector of Business Developmenthollyz@igrad.com315-207-5588 (direct line)315-466-6715 cell)www.igrad.com

Let’s schedule an on-line presentation of what iGrad has to offer your campus community and alumni!