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Building a Comprehensive Collegiate Financial Education Program. Bryan Ashton Senior Program Coordinator, Financial Wellness . Financial Wellness.

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building a comprehensive collegiate financial education program

Building a Comprehensive Collegiate Financial Education Program

Bryan Ashton

Senior Program Coordinator, Financial Wellness

financial wellness
Financial Wellness
  • The financially well person develops a healthy budget managing both income and expenditures. They develop a discipline of saving to prepare for short-term, long-term, and emergency expenses. They manage credit cards and other consumer credit usage responsibly and develop the skills to manage resources.
agenda
Agenda
  • Establish need
  • Scarlet & Gray Financial (SGF) at Ohio State
  • Growth of peer financial literacy at The Ohio State University
  • Partnerships
  • Curriculum
  • Outcome metrics
financial landscape for students
Financial Landscape for Students
  • Nearly 70% of college students take out loans to pay for school
  • Average student loan debt: $26,600
    • Over 9% default within two years
    • Over 13% default within three years
  • Nearly 25%of college students have considered dropping out of school based on amount of money owed

Source: Department of Education (2012). National Student Loan Data System

[Database]. Retrieved from: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.

Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.

financial landscape for students1
Financial Landscape for Students
  • Nearly 70% of college students take out loans to pay for school
  • Average student loan debt: $26,600
    • Over 9% default within two years
    • Over 13% default within three years
  • Nearly 25%of college students have considered dropping out of school based on amount of money owed

Source: Department of Education (2012). National Student Loan Data System

[Database]. Retrieved from: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.

Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.

financial landscape for students2
Financial Landscape for Students
  • Nearly 70% of college students take out loans to pay for school
  • Average student loan debt: $26,600
    • Over 9% default within two years
    • Over 13% default within three years
  • Nearly 25%of college students have considered dropping out of school based on amount of money owed

Source: Department of Education (2012). National Student Loan Data System

[Database]. Retrieved from: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.

Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.

financial stress and ohio college students
Financial Stress and Ohio College Students

Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.

slide8

“Wellness is an active, ongoing process which involves becoming aware of and taking steps toward a healthier, happier, successful life."

The Ohio State University Student Wellness Center

slide9

Student Wellness Center

9 DIMENSIONS OF WELLNESS

Career Creative Emotional

Environmental Financial Intellectual

Physical Social Spiritual

slide10

Student Wellness Center

Wellness is INTERCONNECTED

financial wellness sgf
Financial Wellness & SGF

2006

Scarlet & Gray Financial founded

SWC & EHE

2001

Credit card task force

MNBA funds educational efforts

2003

Financial wellness incorporated into Student Wellness strategic planning

2012

Huntington National Bank partnership

Growth of SGF

growth of sgf at ohio state

Growth of SGF at Ohio State

Growth of SGF at Ohio State

Additional recent expansions

Outreach hours

Assessments

Online Content

$tart$mart

projected 2013 2014 numbers
Projected 2013-2014 Numbers

Outreach

Team

37 peer coaches

19 students in Leadership Development Program – Autumn

30 students in Leadership Development Program – Spring

  • Over 1,400 one on one appointments
  • Over 150 presentations
  • Over 7,000 students reached
  • Additional marketing campaigns – FASFA etc
training session
Training Session

Up Front – Leadership Development Program

On Going

Annual Semester Updates From Financial Aid

Alumni and Industry Engagement

Topical discussions

  • Financial Foundations
    • Go through their own finances
  • Motivational Interviewing
  • Client Relationships
  • Nuts and Bolts
outcome metrics
Outcome Metrics
  • 4.7/5 – overall client satisfaction
  • Qualitative student feedback
    • “I enjoyed talking to someone other than my immediate family and friends about financial concerns.”
    • “[Coach] was extremely prepared and explained things in layman’s terms.”
    • “Very personable, genuine advice given, felt very comfortable.”
assessment efforts
Assessment Efforts
  • Wellness Inventory used to triage students
    • I am confident that I can engage in financial budgeting
    • I stress about my finances
    • I am concerned about my financial future
    • I practice financial budgeting
    • I am able to pay my bills on time
    • I am free of credit card debt
    • I feel stressed by the amount of money I owe (credit cards, student loans, car payments etc)
additional assessment
Additional Assessment
  • Pre and Post Test
    • Knowledge, Attitudes, Behaviors and Stress
    • Is there a healthy level of financial stress?
  • National Financial Wellness and Loan Assessment
    • Feb 2014 pilot
    • Fall 2014 full implementation
financial wellness advisory board
Financial Wellness Advisory Board
  • Recommendations from acceptance to repayment
  • Partners include:
    • Financial Aid
    • Academic Affairs
    • First Year Experience
    • Graduate/Professional Schools
    • Student Legal Services
    • Office of Research
    • Office of International Affairs
    • Office of Veterans Affairs
    • Student Service Center
campus partners
Campus Partners
  • Financial Aid
  • Admissions
  • Student Service Center
  • Career Services Office
  • Fisher College of Business
  • College Education and Human Ecology
  • Center for the Study of Student Life
  • Student Legal Services
  • University Housing
  • Office of International Affairs
  • The Graduate School
  • First Year Experience
  • Counseling and Consultation Service
  • Student Advocacy
  • Off Campus and Commuter Student Engagement
  • Dinning Services
  • Office of the University Treasurer
  • Athletics
  • Economic Access
  • Alumni Association
  • Student Organizations
  • Student Governments
from acceptance to graduation
From Acceptance to Graduation
  • Pre-Enrollment: College Funding Plan, Interest Rate Understanding and Cost of Attendance
  • 1st Year: Financial Goals, Budgetingand Credit
  • 2nd Year: Financial Education Mandate (Phasing In)
  • 3rd Year: Graduate School Planning
  • 4th/5th Year: Real World Preparation
  • Graduate / Professional Students: Enhanced budgeting, financial goal setting, credit and debt repayment planning
financial education mandate
Financial Education Mandate
  • 2 Part Mandate
    • First Complete an Online Module (Financial Knowledge)
    • Second Complete a 1:1 Coaching Session (Financial Attitudes and Behaviors)
  • Scalability – Will Work To Triage Based on Risk Assessment
future growth
Future Growth
  • Trial part of the 2nd Year Experience
  • Additional outreach locations
  • FWAB recommendation implementation
  • Greater partnership with Admissions and Financial Aid
  • Specific tracks:
    • Graduate, Professional, International Students
lessons learned
Lessons Learned
  • Collaboration
  • High Risk Behaviors Tie In
  • Motivational Interviewing and Social Norming
  • Knowledge Gap
  • Community Assistance
  • Community and K-12 Partnerships Are Key
questions
Questions?

Ashton.53@osu.edu

614-292-4527