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Why Is Financial Literacy Important to Your Campus?

Why Is Financial Literacy Important to Your Campus?. Anne Barton, AFC NSLP. Today’s focus. Who, What, When, Where, Why How to Start Find the Experts What Can You Do Who Needs This. WHY?. Why?. Nellie Mae 2005 Survey 74% college students use credit cards for supplies

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Why Is Financial Literacy Important to Your Campus?

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  1. Why Is Financial Literacy Important to Your Campus? Anne Barton, AFC NSLP

  2. Today’s focus • Who, What, When, Where, Why • How to Start • Find the Experts • What Can You Do • Who Needs This

  3. WHY?

  4. Why? • Nellie Mae 2005 Survey • 74% college students use credit cards for supplies • 71% college students use credit cards for books • 24% college students use credit cards for books • College students double their credit card debt between freshman and senior year

  5. Why? • Nellie Mae 2005 Survey • 21% pay off balance each month • 44% pay more than minimum payment • 11% pay less than minimum

  6. Why? • 2007-08 National Postsecondary Student Aid Study • 86% of college students take out student loans • Average undergraduate student loan debt is $24,651

  7. Why? • National Cohort Default Rate is rising • New calculation of CDR will result in across the board increases • Financial Aid is a natural to take the lead

  8. Why? • Jump Start Coalition Survey 2008 • High School students scored 48% on personal finance survey • College students scored 62% on the same survey

  9. Why? • Sallie Mae 2009 Survey • 84% of college students want more information on financial management topics • One in three students graduate with $10,000 in credit card debt

  10. Why? • Hartford Financial Services Group Study • Only 24% of college students say they are well prepared to deal with the financial challenges they face after graduation

  11. Why? • In 2009 CARD Act was signed – implementation complete in 2010 • In September 2010 US Treasury launched their Financial Literacy Campaign • Created a national strategy • In 2010 US Government released a revised website www.mymoney.gov

  12. WHAT?

  13. What? • Students Need Basic Financial Literacy Skills • Budgeting • Credit and Credit Reports • Identity Theft • Taxes

  14. WHO?

  15. Who? • Varies by campus • Financial Aid Office • Student Accounts • Student Affairs • Residence Halls • Business/Economics Department • Greek Organizations

  16. WHEN?

  17. When? • The sooner the better • SUNY Agreement with the AG

  18. HOW TO START

  19. How to Start • Create a task force to identify creative ways for outreach • Evaluate available resources • Coordinate outreach efforts to include presentations, training, websites and surveys • Learning outcomes • Think outside the box

  20. FIND THE EXPERTS

  21. Find the Experts • Who has the expertise on campus? • Do you need to seek help elsewhere? • Check with colleagues • Ensure accuracy of information provided • Liability assessment

  22. WHAT CAN YOU DO?

  23. What can you do? • Learn from colleagues • Expand entrance and exit counseling • Explore what is being done on campus • Spread the word • Post information • Links on website

  24. WHO NEEDSTHIS?

  25. Who Needs This? • First time students to graduate students • Parents and spouses/partners • Faculty and staff • Student clubs and organizations • Everyone!

  26. Questions

  27. Contact Information Anne Barton, AFC Regional Director NSLP anneb@nslp.org 585-319-9140

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