1. Financial Literacy for Graduate/Professional Students CASFAA Conference, San Francisco, CA December 16, 2013 Daniel Roddick Director of Financial Aid UC Berkeley Haas School of Business Jacquie Carroll Financial Education & Campus Engagement Consultant American Student Assistance

2. Financial Literacy for Graduate/Professional Students Agenda –The Grad/Prof Student Statistics Testimonials –Methods Workshops/In-Person Email/Online/Text/Chat Campus/External Partners –Best Practices Counsel the whole student Small Group Scenarios

3. Financial Literacy for Graduate/Professional Students Statistics –Many Programs but Small Community Full-time programs Part-time programs Doctoral programs Internships, department awards, parent grants

4. Financial Literacy for Graduate/Professional Students Statistics –High Touch for High Price Consumer culture Mature but too busy International students Existing debt from previous programs (grad and UG) Cost/Benefit, ROI

5. Financial Literacy for Graduate/Professional Students What students think and experience!

6. Financial Stress + Solution = Happiness? Melior Group & American Student Assistance, 2011

7. More About Debt Debt is scary. With or without loans, in or out of school, the idea of being in debt is pretty daunting. Deals ≠ saving money. Debt is a situation they think about, but don’t always address it.

8. ATTITUDES TOWARD AND EXPERIENCE WITH DEBT AND FINANCIAL EDUCATION

9. Total 21-25 26-30 31-37 White Non-White Public Private 49% 48% 45% 56% 46% 56% 49% 48% 21%30% 19%33% 23%32% 22% 32% 18%26% 20%31% 21%31% Age Race School Type “UNTIL I HAD TO START PAYING BACK MY LOAN, I DIDN’T THINK ABOUT HOW I WAS GOING TO AFFORD IT.” Base: Those with Student Loans Agree Strongly/Somewhat Neutral Disagree Somewhat/Strongly

10. Total 21-25 26-30 31-37 White Non-White Public Private Age Race School Type 54% 59% 50% 49% 55% 51% 53% 56% 22%24% 20%21% 25% 23%28% 20%25% 26%23% 21%26% 22% “STUDENT LOAN DEBT HAS DIRECTLY IMPACTED THE CHOICES I’VE HAD TO MAKE (JOB, LIVING, ETC.).” Base: Those with Student Loans Agree Strongly/Somewhat Neutral Disagree Somewhat/Strongly

11. More About Managing Money Student and graduates know it is important to get a grip on their money. They already budget around the things they love (family, pets, friends, hobbies, alcohol, dining out, etc.). They are interested in knowing their own spending patterns. They fear not having money to spend on what they enjoy!

12. Financial Literacy for Graduate/Professional Students Students think: It feels like there is nowhere to turn for money questions...especia lly about loans!

13. More About Money Management Resources There is little awareness around existing money management resources—most students and graduates cannot name a single resource. There is interest in checking out resources and tools. But, if the tools are too much work, they won’t use them. After all, they are getting along fine without them!

14. Remember when?

15. Financial Literacy for Graduate/Professional Students Methods –In-person Workshops we do Admit Weekends “Financial Aid & Billing Overview” (Entrance Counseling) Tax Workshop Loan Repayment Workshop (Exit Counseling) –Workshops we don’t do Budgeting, Spending Plans Compensation Strategies –Spruce it up…

16. Financial Literacy for Graduate/Professional Students Methods –Webinar Great for Part-time students –Chats Great for Prospective students –Passive Programming Podcasts, website –Online Counseling –Campus partners For Perkins counseling

17. Counseling Techniques 1. Know Your PAL 2. Get Their Attention 3. Note The Objectives 4. Stimulate Prior Learning 5. Present The Content 6. Provide Learning Guidance 7. Elicit Performance 8. Note Important Resources 9. Finish With A Call To Action!

18. Purpose: Inform, persuade and provide guided practice Audience: Know your audience Logistics: How you will get it done Know Your PAL

19. Get and Keep Their Attention! People pay attention when their world stops! Outgoing SenderMessage Incoming ChannelsReceiver Process Elements FeedbackEnvironment

20. Communication Obstacles Inadequate preparation – Credibility results when knowledge is demonstrated Vague instructions – Leads to confusion No rules – Use overview, simple & succinct, specific & repeat, repeat, repeat Cultural barriers

21. Communication Obstacles Phrases that should be avoided: You did statements- blames others for their behavior You should statements- No one likes being told what to do Defending statements- Pull rank and push authority Threatening statements- Break relationship trust

22. Financial Literacy for Graduate/Professional Students Partner-up Pick a card Discuss scenario Share solutions Remember Takeaways

23. Financial Literacy for Graduate/Professional Students Questions? More to Share?