Why Is Financial Literacy Important to Your Campus? Anne Barton, AFC NSLP

Today’s focus –Who, What, When, Where, Why –How to Start –Find the Experts –What Can You Do –Who Needs This

Why? Nellie Mae 2005 Survey –74% college students use credit cards for supplies –71% college students use credit cards for books –24% college students use credit cards for books –College students double their credit card debt between freshman and senior year

Why? Nellie Mae 2005 Survey –21% pay off balance each month –44% pay more than minimum payment –11% pay less than minimum

Why? National Postsecondary Student Aid Study –86% of college students take out student loans –Average undergraduate student loan debt is $24,651

Why? National Cohort Default Rate is rising New calculation of CDR will result in across the board increases Financial Aid is a natural to take the lead

Why? Jump Start Coalition Survey 2008 –High School students scored 48% on personal finance survey –College students scored 62% on the same survey

Why? Sallie Mae 2009 Survey –84% of college students want more information on financial management topics –One in three students graduate with $10,000 in credit card debt

Why? Hartford Financial Services Group Study –Only 24% of college students say they are well prepared to deal with the financial challenges they face after graduation

Why? In 2009 CARD Act was signed – implementation complete in 2010 In September 2010 US Treasury launched their Financial Literacy Campaign –Created a national strategy In 2010 US Government released a revised website

What? Students Need Basic Financial Literacy Skills –Budgeting –Credit and Credit Reports –Identity Theft –Taxes

Who? Varies by campus –Financial Aid Office –Student Accounts –Student Affairs –Residence Halls –Business/Economics Department –Greek Organizations

When? The sooner the better –SUNY Agreement with the AG

How to Start Create a task force to identify creative ways for outreach Evaluate available resources Coordinate outreach efforts to include presentations, training, websites and surveys –Learning outcomes Think outside the box

Find the Experts Who has the expertise on campus? Do you need to seek help elsewhere? Check with colleagues Ensure accuracy of information provided –Liability assessment

What can you do? Learn from colleagues Expand entrance and exit counseling Explore what is being done on campus Spread the word Post information Links on website

Who Needs This? First time students to graduate students Parents and spouses/partners Faculty and staff Student clubs and organizations Everyone!

Questions

Contact Information Anne Barton, AFC Regional Director NSLP