dollars and sense sasfaa 2008 conference

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DOLLARS AND SENSE DOLLARS AND SENSE SASFAA 2008 SASFAA 2008 CONFERENCE CONFERENCE February 17-20 February 17-20 Crystal City, Crystal City, Virginia Virginia Brad Barnett Brad Barnett Senior Associate Senior Associate Director Director James Madison University James Madison University Office of Financial Aid Office of Financial Aid & Scholarships & Scholarships Harrisonburg, Virginia Harrisonburg, Virginia 1

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Page 1: DOLLARS AND SENSE SASFAA 2008 CONFERENCE

DOLLARS AND SENSEDOLLARS AND SENSE

SASFAA 2008 SASFAA 2008 CONFERENCECONFERENCE

February 17-20February 17-20 Crystal City, VirginiaCrystal City, Virginia

Brad BarnettBrad BarnettSenior Associate DirectorSenior Associate DirectorJames Madison UniversityJames Madison UniversityOffice of Financial Aid & Office of Financial Aid &

ScholarshipsScholarshipsHarrisonburg, VirginiaHarrisonburg, Virginia

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JAMES MADISON UNIVERSITY

Approximately 17,000 students, of which 15,500 are undergraduates.

Primarily 18-21 year olds who graduate high school, enroll full-time in college, and complete college in an average of 4.2 years

81% graduation rate (ranks 16th nationally for schools our size, 10,000 – 18,000 students)

Male = 39% & Females = 61% In-state = 71% & Out-of-state = 29% Minority students = 11%

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Office Mission – Which Way Office Mission – Which Way Are You Going?Are You Going?

Mission StatementMission Statement Set of values/goalsSet of values/goals

These can be very important to determining These can be very important to determining exactly what type of service you want to exactly what type of service you want to provide provide (share with staff, not just the (share with staff, not just the director)director)

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JAMES MADISON UNIVERSITY MISSION STATEMENT

We are committed to preparing students We are committed to preparing students to be educated and enlightened citizens to be educated and enlightened citizens who will lead productive and who will lead productive and meaningful lives.meaningful lives.

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JMU Office of Financial Aid & JMU Office of Financial Aid & ScholarshipsScholarships

Mission Statement:Mission Statement:WWe will ASSIST with identifying and e will ASSIST with identifying and obtaining resources to finance higher obtaining resources to finance higher education; DELIVER funds in a timely and education; DELIVER funds in a timely and equitable manner; and EDUCATE, so that equitable manner; and EDUCATE, so that informed financial decisions can be made.informed financial decisions can be made.

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CODE OF VIRGINIACODE OF VIRGINIA§ 23-9.2:3.5. Education programs on economic education and financial § 23-9.2:3.5. Education programs on economic education and financial literacy. literacy.

Virginia public colleges and universities shall make provisions for the Virginia public colleges and universities shall make provisions for the promotion of the development of student life skills through the inclusion promotion of the development of student life skills through the inclusion of the principles of economics education and financial literacy within of the principles of economics education and financial literacy within an existing general education course, the freshman orientation process an existing general education course, the freshman orientation process or other appropriate venue. These principles may include, but need not or other appropriate venue. These principles may include, but need not be limited to, instruction concerning personal finance, such as credit be limited to, instruction concerning personal finance, such as credit card use, opening and managing an account in a financial institution, card use, opening and managing an account in a financial institution, completing a loan application, and managing student loans; consumer completing a loan application, and managing student loans; consumer rights and responsibilities; and debt management. rights and responsibilities; and debt management.

The State Council of Higher Education for Virginia shall also The State Council of Higher Education for Virginia shall also encourage private colleges and universities to include such principles encourage private colleges and universities to include such principles as part of their student orientation programs. as part of their student orientation programs.

(2005, c. 741.)(2005, c. 741.)

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DOLLARS AND SENSEDOLLARS AND SENSE(3 credit hour financial literacy course)(3 credit hour financial literacy course)

Review of Syllabus:Review of Syllabus: TEXT & MATERIALSTEXT & MATERIALS COURSE DESCRIPTIONCOURSE DESCRIPTION COURSE INTENDED LEARNING OUTCOMESCOURSE INTENDED LEARNING OUTCOMES COURSE FORMATCOURSE FORMAT COURSE CONTENT (Lessons covered)COURSE CONTENT (Lessons covered) COURSE EXPECTATIONSCOURSE EXPECTATIONS COURSE GRADINGCOURSE GRADING COURSE ASSIGNMENTSCOURSE ASSIGNMENTS COURSE SCHEDULECOURSE SCHEDULE

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WHERE WE PITCHED ITWHERE WE PITCHED IT Student Focus GroupStudent Focus Group

– Very supportiveVery supportive General EducationGeneral Education

– Cluster Fit & Multiple SectionsCluster Fit & Multiple Sections College of EducationCollege of Education

– ReferredReferred College of Business College of Business

– Credentialing/ownershipCredentialing/ownership College Student Personal Administration (CSPA) ProgramCollege Student Personal Administration (CSPA) Program

– Structured Program…delete a course to make room for thisStructured Program…delete a course to make room for this OrientationOrientation

– Time issues…full scheduleTime issues…full schedule President’s OfficePresident’s Office

– Four individuals…supportive, but?Four individuals…supportive, but? College of Graduate and Outreach Program (SUCCESS!) College of Graduate and Outreach Program (SUCCESS!)

– Registration challengesRegistration challenges

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ADVERTISINGADVERTISING

JMU websiteJMU website AthleticsAthletics Career and Academic PlanningCareer and Academic Planning President’s OfficePresident’s Office Previously mentioned departmentsPreviously mentioned departments Local television stationLocal television station High School systemHigh School system High School Counselor workshops (VASFAA and JMU)High School Counselor workshops (VASFAA and JMU) BrochureBrochure E-mailE-mail

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TEXT & MATERIALSTEXT & MATERIALS

The Lampo Group (Dave Ramsey)The Lampo Group (Dave Ramsey)– Ramsey, D. (2003) Ramsey, D. (2003) Financial Peace RevisitedFinancial Peace Revisited. New . New

York: Viking.York: Viking.– Next Generation Workbook Next Generation Workbook – Dumping Debt Audio CD Dumping Debt Audio CD – Cash Flow Planning Audio CD Cash Flow Planning Audio CD – Personal Finance Software Personal Finance Software

Dollars and Sense is not a Dave Ramsey course…Dollars and Sense is not a Dave Ramsey course…it’s it a JMU courseit’s it a JMU course

The Ramsey materials were the foundation of the The Ramsey materials were the foundation of the textual materials, but supplemental information textual materials, but supplemental information was also usedwas also used

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COURSE DESCRIPTIONCOURSE DESCRIPTION

This practical course will review the affect a This practical course will review the affect a personal philosophy on money, influence of personal philosophy on money, influence of societal expectations, and management of personal societal expectations, and management of personal finances, has on all aspects of life when it comes finances, has on all aspects of life when it comes to securing the “American Dream.” Students will to securing the “American Dream.” Students will learn real life skills in the areas of eliminating learn real life skills in the areas of eliminating debt, creating a budget, understanding investments debt, creating a budget, understanding investments and insurance, saving money, planning for and insurance, saving money, planning for retirement, shopping for a house, and other topics retirement, shopping for a house, and other topics dealing with financial issues faced in daily life.dealing with financial issues faced in daily life.

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This course is based upon:This course is based upon: A study of chapters in the textbook.A study of chapters in the textbook. The reading and completion of supplementary in-class and The reading and completion of supplementary in-class and

out-of-class workbook and reference materials.out-of-class workbook and reference materials. Students will be required to keep a weekly journal, Students will be required to keep a weekly journal,

develop a written financial budget, and perform other develop a written financial budget, and perform other written assignments.written assignments.

The in-class viewing of pertinent videos.The in-class viewing of pertinent videos. Lectures, in-class discussions, a mid-term and a final Lectures, in-class discussions, a mid-term and a final

examination.examination.

COURSE FORMATCOURSE FORMAT

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COURSE CONTENT 1COURSE CONTENT 1

Super SaversSuper SaversReviews the societal influences on spending and saving Reviews the societal influences on spending and saving habits, the affect our emotional development has in this habits, the affect our emotional development has in this area, discusses savings from a historical perspective, and area, discusses savings from a historical perspective, and teaches discipline, patience, and goal setting.teaches discipline, patience, and goal setting.

Cash Flow PlanningCash Flow Planning Focuses on the importance of budgeting and challenges Focuses on the importance of budgeting and challenges students to determine what can be classified as essential students to determine what can be classified as essential and non-essential expenses for them. The incorporation of and non-essential expenses for them. The incorporation of planning for short term and long goals as they relate to planning for short term and long goals as they relate to needs and wants is also part of this lesson.needs and wants is also part of this lesson.

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COURSE CONTENT 2COURSE CONTENT 2

Relating with MoneyRelating with Money Students will learn how individuals and families Students will learn how individuals and families relate with money, how emotions affect our relate with money, how emotions affect our purchasing decisions, and the role our personal purchasing decisions, and the role our personal and family values play on how we spend and save and family values play on how we spend and save our money and the overall quality of our our money and the overall quality of our relationships.relationships.

Big, Big BargainsBig, Big Bargains Students will discover the benefits of negotiating Students will discover the benefits of negotiating and the cultural differences that exist in this area.and the cultural differences that exist in this area.

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COURSE CONTENT 3COURSE CONTENT 3

Dumping DebtDumping Debt Debt is often acquired due to a lack of emotional maturity Debt is often acquired due to a lack of emotional maturity when it comes to spending (e.g., impulse shopping, etc.), when it comes to spending (e.g., impulse shopping, etc.), poor planning skills, and/or succumbing to societal poor planning skills, and/or succumbing to societal expectations of what the “American Dream” should be for expectations of what the “American Dream” should be for everyone. Students will learn about these influences as everyone. Students will learn about these influences as well as discuss methods for eliminating current debt and well as discuss methods for eliminating current debt and avoiding future debt.avoiding future debt.

Understanding InvestmentsUnderstanding Investments The basic terminology of investing, compounding interest, The basic terminology of investing, compounding interest, and a variety of investment methods appropriate for and a variety of investment methods appropriate for specific goals will be discussed. Students will be given specific goals will be discussed. Students will be given tools to calculate compounding interest.tools to calculate compounding interest.

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COURSE CONTENT 4COURSE CONTENT 4

Understanding InsuranceUnderstanding InsuranceThe various aspects of acquiring physical and The various aspects of acquiring physical and emotional security by having the right type of emotional security by having the right type of insurance for your situation will be reviewed in insurance for your situation will be reviewed in this lesson.this lesson.

Retirement and College PlanningRetirement and College Planning The importance of goal setting and long range The importance of goal setting and long range planning to ensure you are adequately prepared for planning to ensure you are adequately prepared for retirement and future college expenses will be retirement and future college expenses will be reviewed, as well as the multitude of options reviewed, as well as the multitude of options available to save for these situations.available to save for these situations.

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COURSE CONTENT 5COURSE CONTENT 5

Buyer BewareBuyer Beware The psychology of spending, marketing, and The psychology of spending, marketing, and succumbing to personal desires when it comes to succumbing to personal desires when it comes to purchasing to “make yourself happy” will be purchasing to “make yourself happy” will be discussed. discussed.

Real Estate and MortgagesReal Estate and Mortgages Reviews the buying, selling, and purchasing Reviews the buying, selling, and purchasing aspects of securing a home, including the aspects of securing a home, including the influence others may have on the choices we influence others may have on the choices we make.make.

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COURSE CONTENT 6COURSE CONTENT 6

Career and Extra JobsCareer and Extra Jobs The importance of creating personal missions The importance of creating personal missions statements and setting goals as they relate to statements and setting goals as they relate to developing a career path in a vocation that will developing a career path in a vocation that will provide you the highest level of satisfaction is at provide you the highest level of satisfaction is at the core of this lesson.the core of this lesson.

Collection Practices and Credit BureausCollection Practices and Credit BureausStudents will learn about debt collection practices, Students will learn about debt collection practices, gain knowledge about credit bureaus, and learn gain knowledge about credit bureaus, and learn how to read a credit report.how to read a credit report.

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COURSE EXPECTATIONSCOURSE EXPECTATIONS

Read materialsRead materials Participate in class discussionParticipate in class discussion Complete class assignmentsComplete class assignments Attendance is mandatory for a grade of AAttendance is mandatory for a grade of A Be respectful of your classmatesBe respectful of your classmates

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COURSE GRADINGCOURSE GRADING

The overall course grade will be determined by the The overall course grade will be determined by the following constraints:following constraints:

Attendance and Class ParticipationAttendance and Class Participation 40%40% Homework AssignmentsHomework Assignments 10%10% Midterm ExamMidterm Exam 15%15% Weekly JournalWeekly Journal 10%10% Portfolio PresentationPortfolio Presentation 10%10% Final ExamFinal Exam 15%15%

100%100%

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COURSE ASSIGNMENTS 1COURSE ASSIGNMENTS 1

1.1. Class Participation and AttendanceClass Participation and Attendance: The wisdom of : The wisdom of class commentary, including comments on readings, class commentary, including comments on readings, viewings, and presentations will be evaluated in terms of viewings, and presentations will be evaluated in terms of its pertinence, clarity and perceptiveness. Moreover, a its pertinence, clarity and perceptiveness. Moreover, a series of in-class exercises will be provided in order to series of in-class exercises will be provided in order to elicit reactions to class viewings. Attendance is truly elicit reactions to class viewings. Attendance is truly expected every class. Failure to attend class could result expected every class. Failure to attend class could result in failure of course. Class participation and attendance in failure of course. Class participation and attendance will count as 40% of the final course grade. will count as 40% of the final course grade.

Notes: “Draw Your American Dream,” Budgeting Case Notes: “Draw Your American Dream,” Budgeting Case Study, Case Study Discussions, other hands on Study, Case Study Discussions, other hands on activities.activities.

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COURSE ASSIGNMENTS 2COURSE ASSIGNMENTS 2

2.2. Midterm ExamMidterm Exam: An examination will be given. : An examination will be given. More information will be provided in class as More information will be provided in class as the date for the midterm approaches. The the date for the midterm approaches. The midterm will be a compilation of material midterm will be a compilation of material covered in every class prior to the date of actual covered in every class prior to the date of actual examination. The midterm will count as 15% of examination. The midterm will count as 15% of the total course grade. the total course grade.

Notes: 100 points; multiple choice; essay; most Notes: 100 points; multiple choice; essay; most of questions pulled from workbookof questions pulled from workbook

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COURSE ASSIGNMENTS 3COURSE ASSIGNMENTS 3

3.3. Homework AssignmentsHomework Assignments: Each student will be : Each student will be required to complete and submit a series of homework required to complete and submit a series of homework assignments. These may include weekly journal entries, assignments. These may include weekly journal entries, assigned readings, topical papers, a zero-based budget, a assigned readings, topical papers, a zero-based budget, a personal biography (including history, present and future personal biography (including history, present and future goals for life and personal finance), and a plan for goals for life and personal finance), and a plan for achieving the “American Dream.” These assignments achieving the “American Dream.” These assignments will be used to create a portfolio that will be presented at will be used to create a portfolio that will be presented at the conclusion of the semester.the conclusion of the semester.

Notes: Weekly journals extremely important to learn Notes: Weekly journals extremely important to learn where the students are and how they are progressing…where the students are and how they are progressing…reflection.reflection.

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COURSE ASSIGNMENTS 4COURSE ASSIGNMENTS 4

4.4. Final ExamFinal Exam: The final will cover : The final will cover material from the entire course semester. material from the entire course semester. The final exam will count as 15% of the The final exam will count as 15% of the total course grade. total course grade.

Notes: 100 points; multiple choice; essay; Notes: 100 points; multiple choice; essay; most of questions pulled from workbookmost of questions pulled from workbook

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PORTFOLIO INSTRUCTIONSPORTFOLIO INSTRUCTIONS

Each student has approximately 10 minutes to Each student has approximately 10 minutes to present the aspects of their written portfolio with present the aspects of their written portfolio with the class. If some of the items included in their the class. If some of the items included in their portfolio are too personal to discuss with the class, portfolio are too personal to discuss with the class, then do not go into the details. However, the then do not go into the details. However, the student must still discuss the concepts and how student must still discuss the concepts and how they plan to implement them for their life.they plan to implement them for their life.

Information on the following slides must be Information on the following slides must be included in the portfolio.included in the portfolio.

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PORTFOLIO CONTENT 1PORTFOLIO CONTENT 1

Personal history including future life goals and Personal history including future life goals and financial goals. Discuss how your values play a financial goals. Discuss how your values play a role in this and what values those are.role in this and what values those are.

Super Savers…lessons you will keep in mind.Super Savers…lessons you will keep in mind. Cash Flow Planning (i.e., budgeting). 3 months of Cash Flow Planning (i.e., budgeting). 3 months of

Zero-Based Budgets (Sept, Oct, Nov). Also talk Zero-Based Budgets (Sept, Oct, Nov). Also talk about your method for tracking your expenses, not about your method for tracking your expenses, not just how to create it. If you create it, but can’t just how to create it. If you create it, but can’t track it, it’s worthless. You can make up a family track it, it’s worthless. You can make up a family or individual’s situation for your budget numbers.or individual’s situation for your budget numbers.

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PORTFOLIO CONTENT 2PORTFOLIO CONTENT 2

Dumping Debt and Careers/Extra Jobs…lessons you will Dumping Debt and Careers/Extra Jobs…lessons you will keep in mind.keep in mind.

Plan for Establishing an Emergency FundPlan for Establishing an Emergency Fund Plan for Investing for:Plan for Investing for:

– VehicleVehicle– Home. Talk about the type of mortgage you plan on getting, the Home. Talk about the type of mortgage you plan on getting, the

down payment, etc.down payment, etc.– RetirementRetirement– College Planning (yourself or children)College Planning (yourself or children)– VacationsVacations– ChristmasChristmas– Other major purchasesOther major purchases

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PORTFOLIO CONTENT 3PORTFOLIO CONTENT 3

Relating with Money. How you plan to use this Relating with Money. How you plan to use this information to improve your relationships with spouses, information to improve your relationships with spouses, significant others, etc.significant others, etc.

Big Bargain shopping…lessons you will keep in mind.Big Bargain shopping…lessons you will keep in mind. Insurance. What do you need and how to plan on getting Insurance. What do you need and how to plan on getting

it?it? Your plan for monitoring your credit reports and why this Your plan for monitoring your credit reports and why this

is important.is important. Summary of how this class has affected you and how you Summary of how this class has affected you and how you

think these principles will change your life.think these principles will change your life.

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COURSE SCHEDULECOURSE SCHEDULE

3 Credit hour course requires 2 ½ hours of 3 Credit hour course requires 2 ½ hours of class time weeklyclass time weekly– Tuesday/Thursday (4:00 pm – 5:15pm)Tuesday/Thursday (4:00 pm – 5:15pm)– Tuesday (4:30pm – 7:00pm)Tuesday (4:30pm – 7:00pm)

Weekly readingsWeekly readings Weekly journal submissionsWeekly journal submissions

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JAMES MADISON UNIVERSITY MISSION STATEMENT

We are committed to preparing students We are committed to preparing students to be educated and enlightened citizens to be educated and enlightened citizens who will lead productive and who will lead productive and meaningful lives.meaningful lives.

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Comments from students in Fall Comments from students in Fall 2007 section2007 section

It’s all in the mission statement. This is exactly why this course should be offered to a larger JMU student population. Our success after graduation is measured not only by our happiness, but also by our career – what we offer to the rest of the world. In terms of practical knowledge that can be directly and immediately applied to my life, I have benefited more from this class than any other in my four years here at JMU. Taking control of my finances means taking control of my future, and isn’t that why we’re all here? Students want to learn, we want to prepare, we have our eyes set at the horizon line and are gathering the education supplies to get us there. This class has opened my eyes, educated me on all sorts of financial issues, encouraged me to be more responsible, and prepared me to lead the productive and meaningful life JMU intends for me.

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Comments from students in Fall Comments from students in Fall 2007 section2007 section

I have benefited more from this class than any other in my I have benefited more from this class than any other in my four years here at JMU.four years here at JMU.

This class has changed my life.This class has changed my life. The lessons I learned will last a lifetime and never be The lessons I learned will last a lifetime and never be

irrelevant. I would say this class has been one of the most irrelevant. I would say this class has been one of the most beneficial experiences I have had. beneficial experiences I have had.

I am more confident about life overall.I am more confident about life overall. This is one of my favorite classes I’ve taken, and I feel it is This is one of my favorite classes I’ve taken, and I feel it is

absolutely essential that this class be more available in absolutely essential that this class be more available in order to educate and improve the lives of even more order to educate and improve the lives of even more people.people.

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Comments from students in Fall Comments from students in Fall 2007 section2007 section

I am very thankful for this class…..as a life skills I am very thankful for this class…..as a life skills enhancer.enhancer.

I am so glad that I took this class now so that I can start I am so glad that I took this class now so that I can start early and not fall into many of the traps that catch people early and not fall into many of the traps that catch people along the way, traps which make them miserable for the along the way, traps which make them miserable for the better part of their lives. better part of their lives.

Already I feel a sense of financial peace, and I have this Already I feel a sense of financial peace, and I have this class to thank! class to thank!

I have experienced the opposite feeling and to now feel like I have experienced the opposite feeling and to now feel like I am in control of my financial well-being is like having a I am in control of my financial well-being is like having a substantial burden lifted off my shoulders. substantial burden lifted off my shoulders.

This is a great class, everyone should take it as a part of This is a great class, everyone should take it as a part of General Education Requirements.General Education Requirements.

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FUTURE PLANS AT JMUFUTURE PLANS AT JMU

Dollars and Sense for JMU staff (scheduled Dollars and Sense for JMU staff (scheduled March 2008 through February 2009)March 2008 through February 2009)

In Discussions:In Discussions:– Dollars and Sense for JMU students Dollars and Sense for JMU students – Dual Enrollment for high school studentsDual Enrollment for high school students– Taking the course to high school counselorsTaking the course to high school counselors– Sociology Department (President’s Office)Sociology Department (President’s Office)

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ON-LINE OPTIONON-LINE OPTION

The Lampo Group is in the development The Lampo Group is in the development stages of an on-line program designed for stages of an on-line program designed for college studentscollege students

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SUMMARYSUMMARY

Find a way to get this information to your students…they need it!– According to the Wall Street Journal nearly 70% of all

consumers live paycheck to paycheck.

– Money is our No. 1 stress factor, according to the Money is our No. 1 stress factor, according to the American Psychological AssociationAmerican Psychological Association

– Money Magazine reported that 75-78% of people will Money Magazine reported that 75-78% of people will have a negative financial event in the next 10 years.have a negative financial event in the next 10 years.

– Consolidated Credit Counseling Services found that 71% Consolidated Credit Counseling Services found that 71% of Americans say debts are making their home lives of Americans say debts are making their home lives unhappy.unhappy.