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Building a Comprehensive Collegiate Financial Education Program
Bryan AshtonSenior Program
Coordinator, Financial Wellness
Financial Wellness
• The financially well person develops a healthy budget managing both income and expenditures. They develop a discipline of saving to prepare for short-term, long-term, and emergency expenses. They manage credit cards and other consumer credit usage responsibly and develop the skills to manage resources.
Agenda
• Establish need• Scarlet & Gray Financial (SGF) at
Ohio State• Growth of peer financial literacy at
The Ohio State University• Partnerships• Curriculum • Outcome metrics
Financial Landscape for Students
• Nearly 70% of college students take out loans to pay for school
• Average student loan debt: $26,600– Over 9% default within two years– Over 13% default within three years
• Nearly 25%of college students have considered dropping out of school based on amount of money owed
Source: Department of Education (2012). National Student Loan Data System[Database]. Retrieved from: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.
Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.
Financial Landscape for Students
• Nearly 70% of college students take out loans to pay for school
• Average student loan debt: $26,600– Over 9% default within two years– Over 13% default within three years
• Nearly 25%of college students have considered dropping out of school based on amount of money owed
Source: Department of Education (2012). National Student Loan Data System[Database]. Retrieved from: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.
Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.
Financial Landscape for Students
• Nearly 70% of college students take out loans to pay for school
• Average student loan debt: $26,600– Over 9% default within two years– Over 13% default within three years
• Nearly 25%of college students have considered dropping out of school based on amount of money owed
Source: Department of Education (2012). National Student Loan Data System[Database]. Retrieved from: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.
Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.
Financial Stress and Ohio College Students
Measure Percentage At Ohio State…
Stressed about finances in general 68.6% 43,258
Worried about ability to pay monthly bills 48.6% 30,646
Not confident in ability to pay back any debt accumulated as a student 22.7% 14,314
The amount of money owed causes a large or extreme amount of stress 34% 21,440
Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.
“Wellness is an active, ongoing process which involves becoming aware of and taking steps toward a healthier, happier, successful life."
The Ohio State University
Student Wellness Center
Career Creative Emotional
Environmental Financial Intellectual
Physical Social Spiritual
9 DIMENSIONS OF WELLNESSStudent Wellness Center
Wellness is INTERCONNECTED
Student Wellness Center
Financial Wellness & SGF
2001Credit card task force
MNBA funds educational efforts
2003Financial wellness incorporated into Student Wellness strategic planning
2006Scarlet & Gray Financial founded
SWC & EHE
2012Huntington National Bank partnership
Growth of SGF
Growth of SGF at Ohio State
Additional recent expansions• Outreach hours• Assessments• Online Content• $tart$mart
Growth of SGF at Ohio State
Peer Coaches Interns05
101520253035
7
0
31
14
Projected 2013-2014 Numbers
Outreach• Over 1,400 one on one
appointments• Over 150
presentations• Over 7,000 students
reached• Additional marketing
campaigns – FASFA etc
Team• 37 peer coaches• 19 students in
Leadership Development Program – Autumn
• 30 students in Leadership Development Program – Spring
Training SessionUp Front – Leadership Development Program
• Financial Foundations– Go through their own
finances
• Motivational Interviewing
• Client Relationships• Nuts and Bolts
On Going• Annual Semester
Updates From Financial Aid
• Alumni and Industry Engagement
• Topical discussions
Outcome Metrics• 4.7/5 – overall client satisfaction• Qualitative student feedback– “I enjoyed talking to someone other than
my immediate family and friends about financial concerns.”
– “[Coach] was extremely prepared and explained things in layman’s terms.”
– “Very personable, genuine advice given, felt very comfortable.”
Outcome Metrics
This session was helpful in accomplishing my imme-diate objectives.
The coach demonstrated a genuine desire to help me.
I would recommend this service to other students.
0 20 40 60 80 100
91%
97%
94%
Satisfaction Metrics
Assessment Efforts
• Wellness Inventory used to triage students– I am confident that I can engage in financial
budgeting– I stress about my finances– I am concerned about my financial future– I practice financial budgeting– I am able to pay my bills on time– I am free of credit card debt– I feel stressed by the amount of money I owe
(credit cards, student loans, car payments etc)
Additional Assessment
• Pre and Post Test– Knowledge, Attitudes, Behaviors and
Stress– Is there a healthy level of financial
stress?
• National Financial Wellness and Loan Assessment– Feb 2014 pilot– Fall 2014 full implementation
Financial Wellness Advisory Board
• Recommendations from acceptance to repayment
• Partners include:– Financial Aid– Academic Affairs– First Year Experience– Graduate/Professional Schools– Student Legal Services– Office of Research– Office of International Affairs– Office of Veterans Affairs– Student Service Center
Campus Partners• Financial Aid• Admissions• Student Service Center• Career Services Office• Fisher College of Business• College Education and Human Ecology• Center for the Study of Student Life• Student Legal Services• University Housing• Office of International Affairs• The Graduate School• First Year Experience• Counseling and Consultation Service• Student Advocacy • Off Campus and Commuter Student Engagement• Dinning Services• Office of the University Treasurer• Athletics• Economic Access • Alumni Association • Student Organizations• Student Governments
From Acceptance to Graduation
• Pre-Enrollment: College Funding Plan, Interest Rate Understanding and Cost of Attendance
• 1st Year: Financial Goals, Budgeting and Credit• 2nd Year: Financial Education Mandate
(Phasing In)• 3rd Year: Graduate School Planning • 4th/5th Year: Real World Preparation • Graduate / Professional Students: Enhanced
budgeting, financial goal setting, credit and debt repayment planning
Financial Education Mandate
• 2 Part Mandate – First Complete an Online Module
(Financial Knowledge)– Second Complete a 1:1 Coaching
Session (Financial Attitudes and Behaviors)
• Scalability – Will Work To Triage Based on Risk Assessment
Future Growth
• Trial part of the 2nd Year Experience• Additional outreach locations• FWAB recommendation
implementation• Greater partnership with Admissions
and Financial Aid• Specific tracks:– Graduate, Professional, International
Students
Lessons Learned
• Collaboration• High Risk Behaviors Tie In• Motivational Interviewing and Social
Norming• Knowledge Gap• Community Assistance• Community and K-12 Partnerships
Are Key