aaron courtney assistant manager, financial services university of wyoming laramie, wy dean...
TRANSCRIPT
What do students think about financial literacy?
Presenters
Aaron CourtneyAssistant
Manager,Financial
ServicesUniversity of
WyomingLaramie, WY
Dean ObenauerAssistant
Director of Financial AidCreighton
UniversityOmaha, NE
University of Wyoming
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
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
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.)”
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
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.”
Year One
Set first-year target audiences Incoming Freshmen Non-Traditional Students Parents
Content Delivery Brochures, resource fairs, and parent
discussions Website Workshops
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
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
In Process today…
Developed brochures that were handed out at Freshmen Orientations during summer.
Presentations to 12 Freshmen Interest Groups
Veterans presentation
Future Plans
Website overhaul Senior Marketing Class project Focus groups Financial support Planning for Financial Wellness Week
Creighton University
• 4,300 undergraduate
• 3,500 graduate/professional
• 2013-2014 Cost of Attendance
o Undergraduate - $48,000
o Professional schools - $55,000 (law) to $85,000 (dental)
• Decision to move forward with financial literacy
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
Personal Finance….. Huh?
Financial Fitness Training Tips Spending plan
Credit and debit cards
Credit history and credit score
Identity theft
Student loans
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
2012 – 2013 Seminars
High School Personal Finance classes
First-year law students
Sororities
Division of Student Life
Pre-Med Society
Human Resources department
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.fede
ralreserve.gov/creditcardcalculator/
Creighton’s Web Page
Intro
Helpful tips
Take charge
Learning modules
Videos
More resources
www.creighton.edu/financialaid (select Financial Literacy tab)
What Do Students Think? Charles Schwab Young Adult survey
Creighton’s survey
Attitudes
Common mistakes
Evaluation/feedback
Going Forward
Work in progress
Seminar series
Videos/quick tips
Student advisory group
Social media
