How to Incorporate Fin Lit on your campus

The Florida Department of Education, Office of Student Financial Assistance (OSFA) serves as the administrator of

state grants and scholarships

AND

provides support for education partners through a comprehensive financial

counseling program called Navigating Your Financial Future.

Students are confused with these twovocabulary words: NEEDS vs. WANTS.

Nearly 33% of high school SENIORS have acredit card of their own or co-signed by aparent. Jumpstart Coalition

While 71% of parents know the importanceof teaching financial skills to their teens, only 20% actually do. Charles Swab 2008 Parents and Money Survey

Florida’s average student loan debt is:$25,250

Project Student Debt

Average debt for law students:Public: $68,827Private: $106,249

American Bar Association Statistics for 2009-2010

Average debt for med students in 2010: $157,944

American Medical Association Medical Student Debt Statistics

76% of undergrad students have a credit card.

Average credit card debt: $2,200

Average outstanding credit card balance for grad students is $8,612

Nellie Mae Study 2003-2004 Statistics

Employers are increasingly using credit scores and credit reports in making hiring decision.

More people are living from oneunfunded emergency to the next, onepaycheck or unemployment check to thenext.

Notice the commercials:

“I’m in debt up to my eyeballs!”Free credit report.com Sell your gold at Treasure Hut!

Cash Flow/BudgetingCredit: Maintaining good creditDebt ManagementRisk Management: InsuranceInvesting & Retirement Planning

Financial Literacy National Standards

Promote “proactive” money management which in turn will reduce “reactive” crisis responses by educating young adults in the areas of budgeting, emergency fund savings, and credit monitoring.

HOW does one do this???

Require Financial Literacy counseling online or “in person” before disbursement of financial aid

Offer a one hour Money Mgt session at New Student Orientation with more financial topics throughout the semester

Incorporate into Student Success classes

Offer sessions in dorms

Offer sessions during free times such as lunch or evenings

Collaborate with SGA to advertise events and/or provide food.

Assign “pre-work” session prep packets to help with attendance.

Utilize alumni as speakers (i.e. Psychology majors hear from a psychologist regarding financial issues involved when setting up a clinical practice.)

Offer food and prizes:

Credit sessions - paper shredders

Budgeting sessions –Calculators/office supplies or Turbo Tax

Make sure other logistics are squared away:

Room reservedAV equipment set upEvaluations and Handouts ready

Suffolk University Law School: “Get $mart”program

Georgetown Law: “Life after Georgetown Law” program

Texas Tech: “Red to Black” program

Florida State College of Jacksonville: NyFF Financial Literacy Counseling

Tallahassee Community College: NyFF Financial Literacy Counseling

Financial LiteracyManaging Your BudgetManaging Your CreditRepayment of Your Student Loan DebtFinancial AidSchool and Life ManagementCareer Planning

Dedicated Outreach Representative assigned to your region in Florida

Direct contact – no waiting for the“next available representative”

Working together lightens the loadand the budget.

We believe that direct communication with students is the key to successful debt management and default prevention.

Our partnerships/sponsorships are YOURS –free of charge:

Mapping Your Future

PBS Your Life Your Money

You speak – we listen. Many of ourworkshop topics have been at the request ofpartnering institutions.

We have the capability of customizing ourfinancial workshops to meet the needs of your students.

What do YOUR students need?

What are the areas of expertise already on campus?

What can your staff handle?

Who can provide support? (OSFA)

Which office will take the lead? Financial Aid, Student Activities, Admissions, etc.

What challenges do you anticipate?