Lynn Mizanin Campus Director, Miami-Jacobs-Independence Affording Higher Education
Topics 1.Ohios student loan debt crisis 2.How career colleges and schools help students make responsible financial decisions 3.New financial literacy campaign launched by the Ohio Association of Career Colleges and Schools
Student Debt Crisis In Ohio … Average debt is $28,683 68% of students graduate with debt Nationally … Debt has reached $1 billion Delinquency higher than for credit cards
Ohio Default Rates Type of institutionDefault Rate Career colleges22.3% Community colleges19.3% Public universities 9.2% Private, not-for-profit 6.3% Source: Larilyn and Associates / Underwood Associates, 2013
Career Colleges & Schools Serve Non-Traditional Students
Promote responsible borrowing Meet a pressing student and public need Increase graduation rates Demonstrate industry leadership Advance public policy to discourage over- borrowing
Two Distribution Channels 1. Guidance counselors high school students & parents
Two Distribution Channels 2. Financial aid officers Career college students/prospective students
Financial Planning Made Simple
How Students Benefit Learn terms and conditions of financial aid and loans Make smart decisions about their financial futures Create their own personal budget Learn the differences between wants and needs
How Ohio Benefits More conservative borrowing over time Fewer college drop-outs More college graduates