1. Student Learning and Financial Realities
Jamie Petersen
Cheryl Warmann
Oakton Community College
Champions of Financial Aid ILASFAA Conference

2. Financial Literacy and Student Success
In Fall 2014, over 20 million students (undergrad and grad) attended a post-secondary institution (U.S. Dept. of Education, 2016)
Average net price of attendance for full-time/first-time students in (U.S. Dept. of Education, 2016)
$12,750 at 4-year public
$24,690 at 4-year private non for profit
$21,000 at 4-year private for profit
$7,100 at 2-year public

3. Financial Literacy and Student Success
Employment (U.S. Dept. of Education, 2016)
40% of full-time students between years old
76% of part-time students between years old
Seven in 10 seniors (68%) who graduated from public and nonprofit colleges in 2015 had student loan debt, with an average of $30,100 per borrower. (Project on Student Debt, 2016)

4. Financial Literacy and Student Success
An estimated two million students enrolled in college who were eligible for Pell Grants in 2007 did not apply for them (U.S. Department of Education, 2008)
One in three students reported his/her financial situation was “likely” or “somewhat likely” to affect the ability to complete a college degree (Lyons, 2003)
45% of community college students participating in the CCSSE indicated that finances were critical to their continued enrollment in college (Cooper, 2010)

5. Financial Literacy and Student Success
56% of students hold a credit card
Students reported being less prepared to manage their money than almost any other aspect of college life. (Higher One, 2016)

6. Oakton’s Financial Literacy Program
Began Fall 2013
Activities
SALT/online tool
Facebook/Twitter
Lecture
Financial Reality Store

7. Financial Reality Store
Game-based educational activity/experiential learning
Real money simulation
Student-centered
Cone of Learning
Active learning/Learning by doing
Fun and interactive
Reflects real life behavior
Less threatening way to reveal money habits
Safe environment to make mistakes

8. Financial Reality Store
Career/Salary
Budget
Fixed costs
Variable costs
Net income
Positive
Negative

9. Research Questions
How does the experience influence students’ current financial decision making?
How does the experience influence students’ future financial planning?
How does the experience influence students’ educational goals or career path?

10. Research Methods Qualitative Short answer student questionnaire
Comments recorded
Comments reviewed for patterns/themes
Comments reviewed for outliers

11. Student Questionnaire
In a few brief sentences, please share with us how this experience….
What financial decisions making strategies will you make in your daily life as a result of your participation in today’s program?
What financial goals (including college financing) will you set as a result of your participation in today’s program?
How will your participation in today’s program impact your educational goals or career path?

12. Influence on Students’ Current Financial Decision Making
Budgeting for needs vs wants (mindfulness)
“Use money wisely”
“Be conscious of what I am spending on”
“Make sensible decisions”
Saving
“Start a savings account”
“Put money in savings”

13. Influence on Students’ Future Financial Planning
Financial aid options
“Get many scholarships”
“Get scholarships and save financial aid [refunds]”
“Get job” and “work part-time”
“Get through school with few student loans” (Des Plaines only)
Budgeting
“Live with parents” and “room with someone”
“Save and spend wisely”

14. Influence on Students’ Educational Goals or Career Path
Study Hard
“Need to finish school” and “try harder to achieve goals”
“Study in school”
“Pursue further education”
Realize/consider career path supports lifestyle
“Realized I’m on the right track”
“Realize job will finance life”
“Find good paying job”

15. Changes to Consider for Future Programming
In evaluation, inquire into what change(s) are needed to achieve your chosen career and educational goals.
In evaluation, inquire into monthly savings goal.
Consider creation of a new reality game related to student loan repayment, credit card borrowing, and/or retirement planning.

16. Questions
Contact Information
Jamie Petersen
Cheryl Warmann