AFFECTING CHANGE ACROSS CAMPUS MOHAVE COMMUNITY COLLEGE’S FINANCIAL LITERACY & DEFAULT MANAGEMENT EFFORTS REVEALED By: Doug Masterson 05/10/2012

HIGHLIGHTS Financial Aid Leadership Opportunities What is leadership? Making a case for financial literacy? –Why is financial literacy important? Developing and implementing a plan Conclusion

Unite Stakeholders on Campus Promoting Student Success Finances and Retention Connection Learning How To Measure What We Do Well FINANCIAL AID LEADERSHIP OPPORTUNITIES

WHAT IS LEADERSHIP? “Taking people someplace where they would normally not go on their own” “Ideas are a dime a dozen; it is the execution that counts” What is leadership to you?

MAKING YOUR CASE? MCC 05/2012

FINANCIAL LITERACY For students it is the understanding of financial facts, concepts, principles, and technological tools that are fundamental to making sound financial decisions. For the institution it is the understanding of the impact of financial illiteracy on campus mission, goals, and future possibilities.

INCREASING TUITION & FEES Two-Year Public: $2,713 –Up 6.0% from Four-Year Public: $7,605 –Up 7.9% from Four-Year Private:$27,293 –Up 4.5% from Trends in College Pricing 2010, The College Board

STUDENT LOAN BORROWING Four-Year Public: $19,800 –55% of students borrowed Four-Year Private: $26,100 –65% of students borrowed Trends in Student Aid 2010, The College Board

CREDIT CARD USAGE In 2008, 84% of undergraduates had a credit card –Over 50% have four or more cards –Average outstanding balance: $3,173 92% have charged a college-related expense 30% charge tuition 17% charge room and board Sallie Mae Study, 2009

DEVELOPING AND IMPLEMENTING A PLAN MCC 05/2012

KEY ELEMENTS Perceived need/purpose Goals and objectives Format of program Audience Partners and resources Measuring success

GOALS AND OBJECTIVES Learn good financial decision making Get students to attend Get students to pay attention Lower borrowing levels Lower Cohort Default Rate Collaborate with other offices

FORMAT OF PROGRAM In-person –Course –Orientation –Workshop series Online Written material Counseling –Certified professionals –Peer-to-peer

AUDIENCE All entering freshmen All graduating seniors College 101 class Commuter students Campus organization/major Young alumni

PARTNERS AND RESOURCES Campus partners –Find some champions: staff, faculty, students Community resources –Local credit unions, banks, insurance professionals, etc. National resources –Not-for-profit agencies Blogs and websites –studentlendinganalytics.com, todayscampus.com

MOHAVE COMMUNITY COLLEGE MCC 05/2012

How It Worked!

THE PROCESS Identified perceived need/purpose Goals and objectives Selected the program Audience Partnered on campus Held an event, created a buzz of excitement

MAKE IT SIMPLE! Held an Event –Social Media Tools School Newspaper  Will follow up with a regular article on money management and/or student loan basics  advertisements in the newspaper School Videos (MCC Cast) Evaluate Celebrate Success!

POSTED TO FACEBOOK

Got all involved: The Mascot!

THE DENTAL HYGIENIST TEAM

THE WINNER !!!

LESSONS LEARNED Financial Literacy/Default Management is a Living Process Communication –Open –Honest –Often Don’t Take Things Personally Address Concerns Celebrate your Successes!

QUESTIONS? Doug Masterson