Online Resources to Increase Financial Literacy Are They Needed and Can They work? Tim Hagan and Gretchen Holthaus Financial Literacy for College Success Project Wichita State University

Let’s Wake Up -Who Needs a College Education? -Who’s Getting One? -What can We do to Help the Rest?

The $ Value of an Education

How’s it Going? Nationally: Around 28% of Freshmen quit. In 2012, 5 year Graduation rate barely more than 50% (ACT) Texas: In 2010, 4 year graduation rate was 24.4%, 6 year rate was 49%. (Chronicle of Higher Education)

The Result for Dropouts Nearly 1/2 of students who take out college loans never reach graduation, leaving them with a heavy debt burden but no credential to help them earn a higher salary to pay it off. This problem is worse for those who are already the worst-off in society. (Dr. William Vanderburgh, Wichita State University)

Why all the Dropouts? 2010 ACT Study* surveying chief academic officers Top Two Reasons #1 Lack of academic preparedness #2 Inadequate personal financial resources *What Works in Student Retention? Fourth National Survey Public Four-Year Colleges and Universities Report

Personal Financial Resources? Knowledge of how to Access Financial Aid, Scholarships, Grants, Increase Income? A Way to Match Financial Resources to Academic Plan? Ability to Manage Personal Finances? What else?

Is this Part of What you Do? Help Students: Stay on Track with College Financial Plan Take Steps Toward Financial Independence Can you Reach Everyone you Need to Reach?

Any

Monthly Payment for 10 Years$233.34$310.72$373.92$ Minimum Salary Needed$28,000$37,386$44,870$62,143 Loan limits taken from charts on the Federal Student Aid website. Minimum salary needed is based on the payment taking no more than 10% of gross salary –

Federal Work Study Financial Goals Importance of Accounts at a Financial Institution Measuring and Tracking Income and Expense Getting More for Your Money Loans, Debt Credit Reports and Scores Identity Theft Part 2: Steps toward Financial Independence for the College Student

Federal Work Study Interest Rate/Fee Comparison

Teaching Resources Lesson Plans Assign Modules Track Student Progress Quiz Questions Available via

Classroom Activity Demo What Events make Your Credit Score Change? Volunteers?

We’re Having a Conference Monday October 14 th Doubletree, Overland Park, Kansas (KC Area)

MyCollegeMoneyPlan.org Tim Hagan, Gretchen Holthaus, Office for Faculty Development and Student Success