1. Create Successful Financial Literacy on Campus Presented by: Dianne Fulmer, USA Funds Colleen MacDonald, SimpleTuition Pat Robles-Friebert, Inceptia WASFAA Conference 2013

2. CLFE Mission As a diverse coalition of industry participants, CLFE shall engage in activities that improve and preserve the quality and integrity of education financing products and services delivered to California students, parents and schools. WASFAA Conference 2013

3. What is financial literacy? Aptitude for understanding finance Ability to make informed, effective decisions about finances Knowledge of personal finances  Budgeting▪ Banking basics  Managing credit cards▪ Student loan  Understanding a paycheck WASFAA Conference 2013

4. Delivery Methods  Website Links  Email  Group Workshops  One-on-one Sessions  Online Education/Gaming  Publications  Inserts  Articles  Flyers  Other WASFAA Conference 2013

5. Making the Case – Rise in COA & Student Debt 19% 12% 19% of full-time students at public four-year colleges and universities attend institutions that increased their published prices by 12% or more. $22,000 $28,100 Average debt per borrower was $22,000 from the public 4-year colleges and $28,100 from private 4-year colleges WASFAA Conference 2013 Source: 2011 College Board Trends in Student Aid Source: 2009 Decision Partners Financial Literacy 101 webinar

6. Making the Case – Lack of Financial Skills 2010 State-by-State Financial Capability Survey WASFAA Conference 2013 Source: 2010 State-by-State Financial Capability Survey conducted by FINRA Investor Education Foundation

7. Making the Case – Legislative Environment  Changes to Cohort Default Rates (CDR)  Initiatives by Consumer Financial Protection Bureau (CFPB)  Gainful Employment Regulations WASFAA Conference 2013

8. Making the Case – Stress and Money WASFAA Conference 2013 Source: 2007 DUCK = Deep Underground Credit Knowledge

9. Making the Case – Students Want Help  84%  84% of college students want more information on financial education topics.  24%  24% of college students say they are well prepared for the financial challenges that await them after graduation WASFAA Conference 2013 Source: 2007 Hartford Financial Services Source: 2009 Sallie Mae survey

10. Identify Your Students’ Needs Survey students – Topics – Delivery methods Review results Draft a curriculum Survey Topics Banking Basics Buying a home or car Credit reports and scores Debt and Borrowing Financial Goal-Setting Health and life insurance Identity theft Investment basics Making a budget Making major purchases Paycheck and taxes Paying for College Rebuilding credit Renter’s and auto insurance Setting and saving for goals Understanding credit WASFAA Conference 2013

11. Create a Success Team  Look at your organization chart to identify potential departments to partner with  Create a proposal  Define the purpose  Identify benefits to school and students  Propose delivery methods and potential content  Note success measurements  Outline costs, resources, and potential personnel  Confirm buy-in WASFAA Conference 2013

12. Public/Private College Organizational Chart WASFAA Conference 2013

13. Career School Organizational Chart WASFAA Conference 2013

14. Why They’ll Buy In WASFAA Conference 2013 Full chart available at: http://apps.Inceptia.org/PDF/Inceptia_FinancialCapability_Whitepaper.pdf

15. Implementing Financial Literacy on Campus WASFAA Conference 2013

16. Planning Timeline WASFAA Conference 2013

17. The Proposal WASFAA Conference 2013

18. Marketing - Getting Students to Attend  What is the topic/name of the workshop?  What time does the workshop begin and end?  Where is the workshop?  Which methods will be used to promote the workshop?  flyers /posters  e-mail  newsletter/newspaper  word of mouth/social media  other  How will the attendee benefit? WASFAA Conference 2013

19. Marketing and Promotion  Utilize social media  Build in to existing services (FYE, Greek Life, Housing, etc.)  Educate your colleagues  Word-of-mouth WASFAA Conference 2013

20. Example Flyer WASFAA Conference 2013

21. Paying for a Financial Education Program  External  Internal dollars  In-kind  Leverage existing resources  Certify your staff  Students  Free resources WASFAA Conference 2013

22. Student Participation WASFAA Conference 2013  Innovators – Seek new opportunities and ideas  Early adopters – Grasp and apply some ideas  Early majority – Gathering ideas  Late majority – Aware of ideas  Laggards – Unconcerned

23. Case Study: Corinthian Colleges, Inc.  A Campus Student Loan Specialist at Every Everest and WyoTech campus: Creating and Fostering Rapport  Mandatory Financial Literacy  Mandatory In-Person Exit Counseling for Graduates  On-going workshops and outreach events WASFAA Conference 2013

24. Case Study: Monterey Institute of International Studies  Summer Debt Letters with Current and Projected Repayment  Mandatory Exit Loan Counseling  Post Enrollment Budgeting Assistance WASFAA Conference 2013

26. MIIS Summer Debt Breakdown Loan Type Total Outstanding Debt Current est. monthly payment Total Paid over life of loan (includes interest) Amount paid in interest only Prior Borrowing History Perkins Loan$0 Stafford Loans$41,000$472$56,620$15,620 Grad PLUS$48,214$598$71,734$23,520 Private$0 Totals to date$89,214$1,070$128,354$39,140 2010-11 A nticipated Loan Debt Perkins Loan$0 Stafford Loans$20,500$271$32,481$11,981 Grad PLUS/Private$13,970$169$20,251$6,281 Anticipated Totals for 10-11 $34,470$440$52,732$18,262 New Total Repayment $123,684$1,510$181,086$57,402 Debt Management for the Real World

27. MIIS Personal Budget

28. MIIS Post Grad Budgeting

29. Case Study – Stanford Graduate School of Business Workshop Series Autumn  Financial Aid At the GSB  “Why Didn’t Any One Tell Me This While I Was in Business School?”  Monitoring Spending, Determining Needs and Wants, and Creating a Spending Plan Spring  Financing 101: Mortgage  The Path to Home Ownership  Foreclosures and Short Sales  Mandatory In-Person Exit Counseling for Graduating Students  Loan Repayment Strategies WASFAA Conference 2013 Winter  Deducting Your GSB Expenses  International Tax Workshop  Knowing Your Credit Score  Identity Theft: Protect Yourself

30. Training Created by WASFAA Conference 2013 Colleen MacDonald cmacdonald@simpletuition.com cmacdonald@simpletuition.com Dennis Zanchi/Ruby Nieto dzanchi@ecmc.org/rnieto@ecmc.org Pat Robles-Friebert & Kate Trombitas PatF@inceptia.orgPatF@inceptia.org / katet@inceptia.orgkatet@inceptia.org Dianne Fulmer Dianne.Fulmer@usafunds.org