MASFAA 2013
October 6th – 9th, 2013
Indianapolis, Indiana
FINANCING A GRADUATE EDUCATION – PUTTING
STUDENTS IN THE COCKPIT
John Garcia – Michigan State University College of LawCandi Frazier – West Virginia University
First things first --Do you need a financial literacy
program?
Questions from your students Types of professional judgments Exit counseling sessions Average debt of students Accreditation Administrative questions
WHY? Impetus for developing program
Students unaware of their own debt Students requesting a financial
literacy program Concerns from Deans about reporting
that could impact accreditation Rising debt Increased requests for budget
appeals
WHO to Involve? Institutional partners
Department of Personal Financial Planning
Agreement with Financial Advisor Work with local CPA’s, Attorneys and
local businesses State or local government
Who to involve? Students
Get their input, feedback and most importantly their support
Monitor students’ needs to make improvements to the program
Educating students to take responsibility of their own personal finances
How to begin? Outline of the program
Evaluate the needs of the students Student advisory board Evaluate your office resources Set goals each year with targeted
completion date and financial allocation (including both cost savings and anticipated expenditures)
Determine the best time, frequency, and delivery method
Start small, build on the program each year
Sample Basic Outline
Budgeting Credit scores and credit cards Tips on saving money Understanding taxes Understanding contracts including
mortgages Tips for borrowing and loan
management Investments and money management Other program specific concerns
How? Marketing the Program
Consider branding the program WVU Wallet Watch is mandatory
within the School of Medicine Consider using incentives (food, gift
cards, etc.) to boost attendance iGrad at MSU College of Law Use social media
What benefits to anticipate?
Important for overall health of the students
Reducing indebtedness for students Help make your students more
financially aware More transparency for the school
Statement on Education Loan Indebtedness
“We are aware that loan assistance is an integral source of financing law school for many law
students and that the decision to borrow funds for law school is a highly individualized one
based on each borrower’s personal and professional goals and circumstances, future
earnings potential, debt from other educational programs or consumer debt, and comfort level
with debt.”13