administrator workshop on financial literacy
Download
Skip this Video
Download Presentation
Administrator Workshop on Financial Literacy

Loading in 2 Seconds...

play fullscreen
1 / 26

Administrator Workshop on Financial Literacy - PowerPoint PPT Presentation


  • 189 Views
  • Uploaded on

Administrator Workshop on Financial Literacy. Scott D. Lewis, Account Executive Lucy Manzo, Account Executive The College Board Education Loan Program Mike Bennett, Director of Financial Aid Brookdale Community College John View, Director of Financial Aid

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Administrator Workshop on Financial Literacy' - oshin


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
administrator workshop on financial literacy

Administrator Workshop on Financial Literacy

Scott D. Lewis, Account Executive

Lucy Manzo, Account Executive

The College Board Education Loan Program

Mike Bennett, Director of Financial Aid

Brookdale Community College

John View, Director of Financial Aid

SUNY College of Environmental Science and Forestry

Linda Bell, Director of Financial Aid

Lehigh University

let the record show
Let the Record Show…

American children, teens and young adults (ages 8-21) earned about $211 billion in 2003. This group spends at a rate of approximately $172 billion per year and is saving at a rate of $38 billion per year.

[Harris Interactive, Generation Y Earns $211 Billion and Spends $172 Billion Annually, September 3, 2003]

On average, 65.5% of students who participated in a 2004 Jump$tart Coalition survey on Personal Financial Literacy failed the exam!

[Jump$tart Coalition, Personal Financial Survey, April, 2004]

The average undergraduate student loan debt was $18,900 in 2003. Up 66% from 1997.

[Nellie Mae, College on Credit: How Borrowers Perceive their Education Debt Results of the 2002 National Student Loan Survey, February 6, 2003]

let the record show3
Let the Record Show…

55% of college students acquire their first credit card during the first year of college, and 83% of college students have at least one credit card. 45% of college students are in credit card debt, with the average debt over $3,000.

[Senator Akaka, Credit Card Minimum Payment Warning Act, May 21, 2004]

Bankruptcy filings for those in the 18 to 25 age bracket numbered 150,000 in 2000. A ten-fold increase in just five years.

[Testimony of Dara Duguay, Executive Director Jump$art Coalition for Personal Financial Literacy, for the Senate Governmental Affairs Subcommittee on Financial Management, the Budget, and International Security, March 30, 2004]

Consumer debt is now equal to 110% of disposable income. Ten years ago it was 85%, and 20 years ago, it was 65%.

[Daily Bankruptcy News as excerpted from Senator Akaka, Credit Card Minimum Payment Warning Act, May 21, 2004]

why financial literacy
Why Financial Literacy?

The Four R’s

  • Recruitment
  • Retention
  • Revenue
  • Reputation

Visibility

The Goal

  • To enhance the R’s and address the need
  • Help students before it is too late

Establish a strong academic and credit record

financial literacy
Financial Literacy

Areas of Deficiency:

  • Basic Debt Management
      • Credit card debt
      • Student loan debt
      • Other consumer debt
  • Budgeting
  • Spending Habits
what am i to do
What Am I To Do?
  • Assess Need
  • Set Your Goal
  • Create a Strategy
  • Measure & Evaluate Your Success
assess need
Assess Need
  • Student Financial Literacy Needs May Be Different Depending on:
    • Region of the country
    • Education sector
      • Secondary school
      • Proprietary school
      • Community college
      • State college/university
      • Private college/university
    • Socio-economic background
assess need9
Assess Need
  • Ask Students What They Need or Want:
    • Survey
      • Paper
      • Online
  • Be prepared to guide
    • Students don’t know what they don’t know!
group breakout
Group Breakout

Group #1 – Four Year Private Institution

Group #2 – Four Year Public Institution

Group #3 – Community College

Group #4 – Proprietary College

In your group, assess the financial literacy needs of students from your assigned sector. Record your thoughts on your flip chart and be prepared to discuss.

group recant
Group Recant

Group #1 – Four Year Private Institution

Group #2 – Four Year Public Institution

Group #3 – Community College

Group #4 – Proprietary College

Provide a rationale and background for the student needs identified for your education sector.

Determine your dominant need.

set your goal
Set Your Goal
  • Start small
    • Begin with most obvious need
      • Build from this point over time
  • Determine your goal
      • S.M.A.R.T Goals
        • Specific: Ask 6 “W” questions
        • Measurable: How much? How many? How will you know when…?
        • Attainable: Plan steps wisely. Establish a time frame.
        • Realistic: Willing and able to work toward.
        • Tangible: Can experience it with one of the senses.
large group goal setting
Large Group Goal Setting

Remember, start small and begin with most obvious need

Group #1 – Four Year Private Institution

Group #2 – Four Year Public Institution

Group #3 – Community College

Group #4 – Proprietary College

best practices testimonials of success
Best Practices: Testimonials of success

John View, Director of Financial Aid

SUNY College of Environmental Science and Forestry

Linda Bell, Director of Financial Aid

Lehigh University

Mike Bennett, Director of Financial Aid

Brookdale Community College

solutions see what s already out there
Solutions: See What’s Already Out There

You don’t have to reinvent the wheel! There are a significant number of tools and resources already available to you.

Where to start:

  • Education partners - lenders, guarantors, servicers, professional associations
  • State and federal initiatives - state councils on economic education, Federal Trade Commission
  • Education and non-profit organizations - College Board, Jump Start Coalition
solutions types of resources available
Simple

Good for “quick hits”

Web sites

Brochures, printed materials

Moderate

Good for keeping the topic on students’ minds

E-mail newsletters

Solutions: Types of resources available

Involved

  • Good for deeper, long-term training
    • Scheduled sessions
    • Curriculum for credit

A resource document for your use.

creating a strategy
Creating a Strategy
  • Start small and build need with students
  • Take into account institutional resources
  • Involve others on campus

Institutional buy-in is a key to success!

group breakout strategy creation
Group Breakout Strategy Creation

Group #1 – Four Year Private Institution

Group #2 – Four Year Public Institution

Group #3 – Community College

Group #4 – Proprietary College

In your group, create a strategy based on the needs and goals previously determined for your assigned sector. Record your strategy and be prepared to discuss.

group strategy recant
Group Strategy Recant

Group #1 – Four Year Private Institution

Group #2 – Four Year Public Institution

Group #3 – Community College

Group #4 – Proprietary College

Share the strategy you created for your education sector.

large group strategy discussion brainstorm
Large Group Strategy Discussion & Brainstorm
  • Collect as many ideas as possible with no criticisms or judgments.
  • All ideas are welcome no matter how silly or far out they seem. Be creative.
  • The more ideas the better because you don’t know what might work.
  • No discussion during the brainstorming activity.
  • Do not criticize or judge. Don't even groan, frown, or laugh. All ideas are equally valid at this point.
  • Do build on others' ideas.
solutions measure success
Solutions: Measure Success
  • Measure your success
    • Constantly assess
      • Continue surveying
      • Evaluations
      • Testimonials
    • Year to year retention rates
    • Cohort default rate
reprise
Reprise
  • Assess need
  • Set goal
  • Determine tools/resources
  • Measure your success
  • Promote your success
final thoughts
Final Thoughts
  • What is success?
  • Institutional buy-in is key
  • Patience
a word to the wise
A Word to the Wise

“If you build it, they will come”

The R’s will thank you and so will your students!

questions
Questions
ad