AACRAO SEM 2014 – Los Angeles Session ID: 3490

Miner Money Management: Tackling Financial Literacy & Default Prevention

Presented by: Bridgette Betz & Gena Boling, Missouri University of Science and TechnologyTuesday, October 28, 2014, Time 2:15pm-3:45pmSession ID 3490

AACRAO SEM 2014 – Los Angeles Session ID: 3490

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AACRAO SEM 2014 – Los Angeles Session ID: 3490

Introduction

Learn how Missouri University of Science and Technology (Missouri S&T) developed and implemented Miner Money Management (M3), a financial literacy and default prevention program that has been featured as a best practice in the Missouri Higher Education e-magazine (December 2013)

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Learning Outcomes of this Session:

• National need to think about default prevention

• Student Development Theory

• Outcomes of a successful Financial Literacy Program

AACRAO SEM 2014 – Los Angeles Session ID: 3490

ABOUT MISSOURI S&T AND OUR STUDENTS

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Missouri University of Science and Technology

• Founded in 1870 as Missouri School of Mines and Metallurgy

• Became University of Missouri – Rolla in 1964 as part of the University of Missouri System

• Renamed Missouri University of Science and Technology (Missouri S&T) in 2008

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Enrollment

6,522 Undergraduate• 1,291 new freshmen• 460 new transfers

2,120 Graduate

8,642 Students

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Missouri S&T Student profile• Midrange ACT: 26-31 SAT: 1200-1410• 34% ranked in top 10% of high school

class• Largest minority student enrollment in

school history (11%); increased minority student enrollment by 160% since fall 2000

• Largest female population in S&T history

• First year retention rate is 86%• Six year graduation rate is 66%

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Estimated Cost for Fall 2014 and Spring 2015

Missouri Resident

$ 9,924896

9,396 $ 20,216

Out of State Resident

$24,734896

9,396 $35,026

Tuition and FeesBooks and SuppliesRoom and BoardTotal

• Tuition and Fees: budget based on average freshman course load of 28 credit hours, 11 hours of supplemental course fees, 28 credit hours of student activity, health service and IT fees.

• Room and board: based on average residential life cost for the campus population.

• Students should also budget for approximately $2,540 in personal spending (although this may vary widely by student).

Direct Cost of Education

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Full-Time Average Salary 2013-2014

Average Undergraduate Starting Salary: $61,412Average Graduate Starting Salary: $70,700

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Borrower Information• 3479 federal student loan borrowers, 42.8% of

student population• Average graduate student borrowed $13,477

in 13-14• Average undergraduate student borrowed

$6,490 in 13-14

Cohort Default Rates2009 3 year: 5.3%2010 3 year: 5.3%2011 3 year: 3.8%

AACRAO SEM 2014 – Los Angeles Session ID: 3490

DEFAULTED BORROWER ANALYSIS

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Analysis of 2010 Cohort

• Academic classification• Number of hours completed• Academic major attempted• Grade point average• Other demographics

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Academic Classification

12%

88%

GraduateUnder-graduate

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Degree Completion: Undergraduate

6%23%

17%12%

48%

Earned Degree0-29 Credit Hours30-59 Credit Hours60-89 Credit Hours90+ Credit Hours

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Degree Completion: Graduate

3%

97%

Earned DegreeDid not earn degree

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Academic Breakdown by Major

13%48%

39%

Un-de-cided

Engineer-ing

Arts, Sci-ences, & Business

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Grade Point Average

1325

58

8 4.0-3.02.99-2.01.99-1.0.99-0

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Demographic Data

0%

10%

20%

30%

40%

50%

60%

70%

80%

63%

37%

70%

43%37%

First Time Col-lege StudentTransfer StudentPell Recipient0 EFCFirst Generation

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Other Considerations

• Servicer history – Multiple servicers– Prominent servicer

• Enrollment history– Did student enroll

elsewhere?– Has student

subsequently earned a degree?

• Repayment history– Did repayment ever

begin?– At what point did

delinquency begin?

• Withdrawal history– Mid-semester

withdrawal– Unofficial/Official

withdrawal

AACRAO SEM 2014 – Los Angeles Session ID: 3490

What To Do With This Data?!

AACRAO SEM 2014 – Los Angeles Session ID: 3490

STUDENT DEVELOPMENT THEORY

AACRAO SEM 2014 – Los Angeles Session ID: 3490

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Residence Life

Student Life

Financial Aid

My Professional Journey

AACRAO SEM 2014 – Los Angeles Session ID: 3490

We are more alike, my friends…Shared context of

professional practice

Similar frameworks of professional practice

Students: the reason for our professional practice

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Student Personnel Point of View1. Education for a fuller realization of

democracy in every phase of living2. Education directly and explicitly for

understanding and cooperation3. Education for the application of creative

imagination and trained intelligence to the solution of social problems and to the administration of public affairs NASPA, 1949

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Key considerations

How will our profession transform itself to better serve the students of

the future?How will we help ensure access,

affordability, and accountability within the constructs of constrained

resources and in light of heightened expectations?

NASPA, 1949

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Framework for professional practice

• There exists an interconnectedness of in- and out-of-classroom experiences

• Student experiences are directly related to completion

• Resources offered by institution can directly impact a student’s experience

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Student Development Theory

Theory and research guiding the practice

• Astin’s Theory of Involvement • Kolb’s Theory of Experiential Learning• Schlossberg’s Transition Theory

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Astin’s Theory of Involvement

For student growth to take place, students need to actively engage in their environment.

   

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Astin: Theory to Practice

• Develop learning outcomes before implementing initiatives.

• Determine what you want your students to learn. What are the most important takeaways?

• Be Intentional • Consider the message!

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Kolb’s Theory of Experiential Learning 

Learning involves understanding new concepts provided by new experiences, internalized by students in a four stage

learning cycle

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Kolb’s 4 Stage Learning Cycle

1. Concrete Experience2. Reflective Observation3. Abstract Conceptualization 4. Active Experimentation  

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Kolb: Theory to Practice

• Make sure activities are designed so that students have an opportunity to engage in the information

• Mix things up a bit! Don’t always show a power point presentation!

• Plan follow up after your event  

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Schlossberg’s Transition Theory

Any transition (event or non-event) results in a changed relationship, routine, assumption and

role can have a major impact on a student’s life! How the student feels about that

transition and the resources available to the student during the transition can have great impact on the student’s ability to transition

successfully. 

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Schlossberg: Theory to Practice

• Understand students are likely to be overwhelmed by the college process—as well as the financial aid process!

• Provide fun activities which mix in a bit of information instead of overwhelming a student with tons of information which can be intimidating.

AACRAO SEM 2014 – Los Angeles Session ID: 3490

MISSOURI S&T: THEORY TO PRACTICE

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Miner Money Management

• Events planned throughout the year by Peer Counselors

• Student to student interaction

• Topics covering budgeting, investing, loan repayment

• Fun activities along with important information

• On campus collaboration

Financial Literacy Program

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Challenges

• Student participation• Funding• Time and energy• Turnover of peer counselors

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Measures of Success

• Attendance• Social Media interaction• Surveys• Retention rates

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Missouri S&T: Results

292% increase in attendance!

2012-20133 Events

Held41 Attendees

2013-20146 Events Held306 Attendees

AACRAO SEM 2014 – Los Angeles Session ID: 3490

What students are saying…

Investi

ng 101

The fundamentals

of cre

dit

Basic Budgeting

Scholarsh

ips

Loans 1

01

Healthy e

ating on a budget

Retirement p

lanning

Getting to

know yo

ur financia

l aid

020406080

100120140

Topic Preference

AACRAO SEM 2014 – Los Angeles Session ID: 3490

01020304050607080

Communication Preference

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Through in-person presentations Through online learning modules0

10

20

30

40

50

60

Delivery Preference

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Other e-Connection Flyer0

20

40

60

80

100

120

Marketing Actuals

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Budgeting 101 Credit Basics Healthy on a Budget

Scholarships and Loans

0

5

10

15

20

25

30

35

40

45

Organization of Event

ExtremelySomewhatNot well organized

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Budgeting 101 Credit Basics Healthy on a Budget

FAFSA Week Scholarships and Loans

0

10

20

30

40

50

60

70

80

Quality of Programming

Extremely helpfulSomewhat helpfulNot helpful

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Budgeting 101 Credit Basics Healthy on a Budget

Scholarships and Loans

0

5

10

15

20

25

30

35

Would Attend Again

AbsolutelyMaybeProbably Not

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Summary

• Key Points to Remember– Every student population is different – a

comprehensive analysis to determine areas of weakness is necessary in establishing a successful financial literacy and default prevention program.

– Student engagement is key – consider working with Student Affairs to develop an outreach program which will have the greatest level of impact on your students.

– Document everything! Plan every event in consideration of measureable outcomes.

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Resources

Reslife.net

Handbook of Student Affairs Administration

NASPA.ORG

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Questions?

AACRAO SEM 2014 – Los Angeles Session ID: 3490

Thank You!

Bridgette Betz (berry@mst.edu)Gena Boling (bolingg@mst.edu)

Please complete the session evaluation form!