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Financial Literacy A Model That Works

Financial Literacy A Model That Works. Presented by Christina Rose, Discover Student Loans Julie Finn, First Marblehead ILASFAA 2014. http:// www.youtube.com/watch?v=Qb8hTzUoI54. Why do we care?.

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Financial Literacy A Model That Works

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  1. Financial Literacy A Model That Works Presented by Christina Rose, Discover Student Loans Julie Finn, First Marblehead ILASFAA 2014

  2. http://www.youtube.com/watch?v=Qb8hTzUoI54

  3. Why do we care? • Just as it is proven to be impossible to succeed in the modern world without the ability to read and write (literacy), so it will be impossible to succeed in the present-day financial system without knowing the ABCs of economics and finance (financial literacy). • -AnnamariaLusardi

  4. Survey Results

  5. We care because… If you develop a good financial habit, it will last a lifetime and it will make life easier in all kinds of ways. On the contrary, if you get a bad financial habit…it can ruin your life; it hurts marriage, it hurts health… [so] it is really important to get it right early -Warren Buffet

  6. http://www.nerdwallet.com/blog/2013/financial-literacy-quiz/

  7. Hurdles • Unrealistic expectations • -Baby steps • -Resources • Assumption of One Size Fits All Model • Inability to control circumstances outside of Financial Aid Office • Student Attendance

  8. Where do you start? • Appoint a person/committee to be in charge • Establish goals and mission early • (Budgeting / Borrowing / Repayment) • Research your options • Identify potential partners in other departments, organizations, etc. • Know your audience

  9. Things To Consider • What is the financial literacy knowledge level of your student population? • Do specific populations need to be targeted? • What format or program design best suits the needs of your student population and the goals of your program? • What are your top priorities of the program?

  10. What options are out there? • 3rd party programs for a cost • Lender & servicer resources at no cost • On-line resources • Other departments on campus • Religious & community outreach programs

  11. What are other schools doing? • Orientation programs • 1-2 credit required courses • Money Management section on website • Financial literacy presentations • Programming in conjunction with other departments • Peer money mentors • Individual Counseling

  12. Examples of School Programs University of Minnesota • http://onestop.umn.edu/finances/manage_money/live_like_a_student/index.html DePaul University • http://resources.depaul.edu/financial-fitness/Pages/default.aspx Bowling Green State University • http://www2.bgsu.edu/offices/smms/ Hamline University • http://www.hamline.edu/financial-literacy/ Western Illinois University • http://www.wiu.edu/student_services/financial_aid/tools/ Northwestern University • http://undergradaid.northwestern.edu/help/money-management.html

  13. Resources • Department of Education Tools • FACT Tools - http://studentaid.ed.gov/about/announcements/fact • NSLDS - http://www.nslds.ed.gov/nslds_SA/ • FinAid • Student Budget Calculator http://www.finaid.org/calculators/studentbudget.phtml • Cashcourse.org • MyMoney.gov

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