HIGHER EDUCATION FINANCIAL WELLNESS SUMMIT 2017 Webinar Series Designing a Successful Student Money Management Center through Assessment and Evaluation Kayleen Chen Peer Mentor UU Personal Money Management Center kchen@sa.utah.edu Paul F Goebel Director UNT Student Money Management Center goebel@unt.edu

Agenda Research Program Development Recommendations Resources

Why is national research important? By The Numbers 92% Percentage of Americans effected by stress related to money. Umpqua Bank Study 36% Percentage of full-time students who complete their bachelor’s degree on time. Complete College America Study 70% Percentage of students who feel stressed about their personal finances. National Student Financial Wellness Study Why is national research important?

Utah's flagship school founded in 1850 31,673 students In-state tuition $34,245 $19,056 average student loan debt (FED and private) 3.8% cohort default Drop out rate due to finances and/or family issues PMMC established Spring 2010 2 FTE + 1 student financial counselor (AFC) + Peer Mentors

Started with Assessment: Undergrad students w/survey and clip boards 62% do not use a budget 34.44% reported very un- or uncomfortable w/$ What type of information would you find helpful? Budgeting Individual counseling Preparation for post-graduation Would you be willing to pay $3 per semester fee? 72% yes

ASSESSMENT FINDINGS Administrative buy-in Funding sustainability Developed our program model

Students, staff and faculty PROGRAM MODEL PERSONAL MONEY MANAGEMENT CENTER Counseling One-on-one Students, staff and faculty Outreach Visit classes Tabling Orientation Network Events VITA IDA Workshops Start Smart “U” Saves Week ASSESSMENT

Public university founded 1890 37,973 students In-state COA $23,780 $23,240 average student loan debt (FED) 6.7% cohort default SMMC established Fall 2005 4 FTE | 1 GA | 6 Mentors | 2 Interns

Evaluations Focus Groups LOANS Green Memorial Boots-to-Books Bailey Sewell Retention COACHING Initial Follow-Up Micro Nano Study Abroad Student Loan Exit Application ONLINE Website CashCourse Scheduling Requests Resources Social Media Information OUTREACH Tabling Classes FIT Student Orgs Special Events Money Month Education Evaluations Focus Groups Google Analytics Student Review Panel Pre-/Post-Tests Needs Assessment Default Rate

[ seek out services only when problems arise ] Assessment findings Topic-specific workshops Timing Length of workshops Applicable instructions New topics Life Skills Audience engagement and participation Lack of student loan repayment knowledge [ seek out services only when problems arise ] Focus Group of non-users

Lessons Learned FROM ASSESSMENT Best marketing is word of mouth Don’t need to spend a lot of $ on marketing Simple works - don’t complicate the message Students have great ideas Nothing is constant Assessment is always ongoing

NEXT STEPS Identify what you want to assess first Create an assessment plan Implement! CASE: Collect. Analyze. Strategize. Execute.

QUESTIONS?

HIGHER EDUCATION FINANCIAL WELLNESS SUMMIT 2017 Webinar Series Designing a Successful Student Money Management Center through Assessment and Evaluation Kayleen Chen Peer Mentor UU Personal Money Management Center kchen@sa.utah.edu Paul F Goebel Director UNT Student Money Management Center goebel@unt.edu

Resources www.aacu.org/sites/default/files/files/publications/LevelsOfAssessm ent.pdf www.baruch.cuny.edu/assessment/ www.umass.edu/oapa/oapa/publications/online_handbooks/progra m_based.pdf www.mindtools.com/pages/article/kirkpatrick.htm www.huffingtonpost.com/mary-johnson/financial- literacy_b_4695896.html intraweb.stockton.edu/eyos/scefl/content/docs/Financial%20Literacy %20Assessment%20page%204-3-13.pdf

moneymanagement.unt.edu personal-money-management.utah.edu Financial success starts here. moneymanagement.unt.edu