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What do students think about financial literacy?

What do students think about financial literacy?. Presenters. Aaron Courtney Assistant Manager, Financial Services University of Wyoming Laramie, WY. Dean Obenauer Assistant Director of Financial Aid Creighton University Omaha, NE. University of Wyoming. The University of Wyoming.

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What do students think about financial literacy?

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  1. What do students think about financial literacy?

  2. Presenters • Aaron Courtney Assistant Manager, Financial Services University of Wyoming Laramie, WY • Dean Obenauer Assistant Director of Financial Aid Creighton University Omaha, NE

  3. University of Wyoming

  4. The University of Wyoming • The University of Wyoming • Established in 1886. UW is the only 4-year institution in the state of Wyoming • Located in historic Laramie, WY • Recognized by Forbes magazine as the nation’s 11th “Best College Value” for 2012 • Student Body • Over 13,900 students from all 50 states & 90 countries • 10,200 undergraduate students • 71% in-state students • Student-Faculty Ratio: 14:1 • Tuition & Fees • Resident undergraduate tuition and fees for Fall 2013 were $2,202 • Nonresident tuition and fees were $7,062

  5. The University of Wyoming • 81.2% utilize some form of federal, state, or institutional financial aid. • National Average for 4-year public universities is 76.8% • 48% of UW undergraduates borrow • National average for 4-year public universities is 55.5% • 56% of federal and state aid is scholarships, grants and work funding • Annually $10.4 million in Hathaway to 4,000 students

  6. The Need for Financial Wellness • “What is a check register?” • “My debit card didn’t get declined…I must have money in my account.” • Why do I have a balance on my account? My mom pays for everything.” • Can I get my financial aid for next semester? I need to pay rent (pay for my iPhone, go to the bar, etc.)”

  7. Financial Wellness Vision • January 2013, made proposal to Student Affairs VP • Form a diverse committee of departmental leaders • Approach Student Government for buy-in • Support and Promote Debt Week • Develop Base Year Agenda

  8. Year One Plan • Formed committee with 12-14 department leaders • Remember this is an ultra-marathon not a 100-yard dash! • Developed mission statement • “The mission of the University of Wyoming Financial Wellness Committee is to provide our campus with education, training, and resources to enrich and encourage a lifelong practice of financial literacy, management, and resourcefulness.”

  9. Year One • Set first-year target audiences • Incoming Freshmen • Non-Traditional Students • Parents • Content Delivery • Brochures, resource fairs, and parent discussions • Website • Workshops

  10. Debt Week • Student Government’s financial literacy effort • Three day programming aimed at offering a variety of topics • Investing • Importance of Credit Scores • Money Management • Financial Aid • Travel Abroad

  11. Evaluating Debt Week • Over 250 students attended a session • Surveys collected after each session • Students wanted more events • A place to go with financial questions • Want resources, handouts, etc. • More marketing • Students really don’t wake up until noon • Bait em’ with FOOD • Debt is a 4-letter word

  12. In Process today… • Developed brochures that were handed out at Freshmen Orientations during summer. • Presentations to 12 Freshmen Interest Groups • Veterans presentation

  13. Future Plans • Website overhaul • Senior Marketing Class project • Focus groups • Financial support • Planning for Financial Wellness Week

  14. Creighton University • 4,300 undergraduate • 3,500 graduate/professional • 2013-2014 Cost of Attendance • Undergraduate - $48,000 • Professional schools - $55,000 (law) to $85,000 (dental) • Decision to move forward with financial literacy

  15. How Creighton Got Started • Departmental/staff meetings • Web page development • Follow up with departments • One-on-one counseling • Group/organizational seminars • Creighton in the community

  16. Personal Finance….. Huh?

  17. Financial Fitness Training Tips • Spending plan • Credit and debit cards • Credit history and credit score • Identity theft • Student loans

  18. Marketing • Financial aid or scholarship notification letter • Admitted student days/summer previews • Posters/pass along cards in residence halls and student centers • Student newspaper • Referrals

  19. 2012 – 2013 Seminars • High School Personal Finance classes • First-year law students • Sororities • Division of Student Life • Pre-Med Society • Human Resources department

  20. True Cost of Credit • 3D Smart TV - $1500 • Interest rate 18% • Minimum payment - $30 • Length of payment period 15 years • Total interest - $2363 • Total cost of TV - $3863!! www.federalreserve.gov/creditcardcalculator/

  21. Creighton’s Web Page • Intro • Helpful tips • Take charge • Learning modules • Videos • More resources • www.creighton.edu/financialaid (select Financial Literacy tab)

  22. What Do Students Think? • Charles Schwab Young Adult survey • Creighton’s survey • Attitudes • Common mistakes • Evaluation/feedback

  23. Going Forward • Work in progress • Seminar series • Videos/quick tips • Student advisory group • Social media

  24. Questions? • Aaron Courtney University of Wyoming courtne@uwyo.edu • Dean Obenauer Creighton University deanobenauer@uwyo.edu

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