12015 -2016ANNUALREPORT

grand valley state university financial aid office

moneysmartLakers

MoneySmart Lakers is a financial literacy program at GVSU, specifically focused

on educating students about basicfinancial skills for their future.

3MESSAGE FROM THE ASSiSTAnT diREcTOR .................................................4

pROGRAM SERvicES ...............................................................................................6

MEET THE TEAM ........................................................................................................8

MOnEySMART iMpAcT ....................................................................................... 10

CONTENTS

4Every University faces its own challenges and at Grand valley there is a large number of first generation and pell eligible students. As financial literacy and overall financial wellness continues to be discussednationwide, Grand valley State University is taking a proactive approach to prepare our students with the creation of the MoneySmart Lakers program.

The program is housed within the Financial Aid Office and experienced tremendous growth during the 2015-2016 academic year. At thebeginning of the Fall semester the program hired its first mentorsusing a peer-to-peer model. peer mentors were trained on various topics including budgeting, investing, smart borrowing and all topics regarding student wellness as it applies to financial literacy.

ASSISTANTDIRECTOR

Message froM tHe

513%Of the undergraduate student body at GvSU interactedwith someone from the MoneySmart team.

Through various outreach and marketing strategies the program was able to connect with 2,880 students. These interactions consisted of one-on-one appointments, presentations, and classrooms sessions. The program is extremely pleased with these numbers as they relate to the fact that this was the first year the program actively reached out to students.

The MoneySmart Academy also saw expansion this year due to student requests. The MoneySmart Academy grew into a 6 session mini course, offered in the Fall and Wintersemesters, that allowed participants to gain a foundational knowledge of their personalfinances. The program was able to offer one participant from each session a $500scholarship.

As the program continues to grow, we are excited to establish MoneySmart Lakers as a focal part of the Grand valley State University community.

Thank you,

Luis A. Lozano

6SERVICESPrograM

The MoneySmart Lakers is a financial literacy and wellnessprogram at Grand valley State University created for the solepurpose of serving students. The program is able to meet the needs of the student population through various servicesincluding individual appointments, group presentations, and the MoneySmart Academy.

INDIVIDUAL APPOINTMENTSThe program allows for students to meet individually with peer mentors to discuss specific personal finance questions or issues a student might be facing. Students are able to request these appointments over the phone, by email, or by utilizing an online request form.

GROUP PRESENTATIONSMoneySmart Lakers has over 10 presentations created on various financial topics available for classroom or group presentations. The information in all presentations represents research andexpertise from leading studies and members of the financial field.

MONEYSMART ACADEMYThis series is a customized program designed to provideparticipants with tools and resources to help them understand their finances, and to help develop or define their moneymanagement skills. Sessions are held during the Fall and Winter semesters.

One participant from each session wins a $500 Scholarship.

7kNOwLEDgE TOPICS

SPENDING PLANS Mentors address strategies to create apersonalized budget/spending plan while highlighting the differences between needs and wants, income and expenses, and theimportance of setting realistic goals.

CREDITStudents gain information on navigating a credit report, the meaning behind a credit score, and how decisions impact an individuals credit.

SMART BORROWINGStudents learn the difference between various loan types, gain tools to navigate loan terms, and successfully manage debt.

SAVING AND INVESTINGLearning the power of time and interest allows students to think about investing in a new way.

8TEAmMeet tHe

YEARSOpHOMORE

TOPIC INTERESTSAvinG And invESTinG

YEARSOpHOMORE

TOPIC INTERESTScHOLARSHipS, LOAnS,& SpEndinG pLAnS

YEARSOpHOMORE

TOPIC INTERESTWEALTH BUiLdinG

eMily K.PEER MENTOR

Brittany s.PEER MENTOR

Payton M.PEER MENTOR

For the 2015-2016 academic year, MoneySmart Lakers hired its first peer mentors for the program. Four undergraduatestudents joined the MoneySmart team and completedcontinuous training on topics including meeting withstudents, budgeting and spending plans, credit, smart borrowing, financial aid, wealth building and various other topics relating to personal finance.

9444

365

566

86

190

354

497

371

0 100 200 300 400 500 600

INDIVIDUAL

CLASSROOM

PRESENTATIONS

OUTREACH

FALL

WINTER

SEmESTER INTERACTIONSFALL FOCUS The primary objective was to increase awareness of the program through strategic tabling, cashcart & Welcome Week events, LakerLife night, email campaigns to profes-sors and student groups, and other events.

WINTER FOCUS After increasing awareness the team was able to focus on serving students through individual appointments and presentations.

YEARFRESHMAn

TOPIC INTERESTSpEndinG pLAnS

MaKenZie s.PEER MENTOR

danielle n.GRADUATE ASSISTANT

steven e.COUNSELOR

10

ImPACTMoneysMart

2880=

13%

12%

10% 63%

2%

FRESHMAN SOPHOMORE JUNIOR SENIOR GRADUATE

WITh ThE ADDITION OF PEER MENTORS ThE PROGRAM WAS ABLE TO INTERACT WITh ARECORD NUMBER OF STUDENTS DURING ThE ACADEMIC YEAR.

OUTREACh Marketing strategies were used through all forms of outreach to ensure message consistency and quality. identity guidelines were created and used to foster brand awareness.

PRESENTATIONS While serving Grand valley students, the team was also able to expand its efforts and reach high school juniors from the Grand Rapids public School district through a collaboration with Michigan GEAR Up.

CLASSROOM directed communication was used to connect with faculty members to establish a partnership opportunity for the team to reach students in an academic setting. This partnership allowed for an entire class session to be dedicated to MoneySmart material.

INDIVIDUAL APPOINTMENTS These interactions were high contact and high impact. Students were able to discuss personalized information in scheduled appointments and exit counseling sessions. The team was able to meet with 31% of the graduating class during the Winter semester.

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13%

12%

10% 63%

2%

FRESHMAN SOPHOMORE JUNIOR SENIOR GRADUATE

CLASS STANDINg

i LOvEd talking about budgeting; even though i dont think my peers would agree with me. i like planning because when you plan you can achieve anything. Budgeting is a planning tool i can use to reach my personal financial goals in life.

Academy Attendee, Winter 16

Being a peer Mentor has allowed me to help other students in a way that will have a lasting impact on the way that they live, for the rest of their lives. it has been incredible to coach students out of financial trouble and instill a MoneySmart mind-set within them.

MoneySmart Peer Mentor

i REALLy hope this organization becomes a class!!! Students need to know this information and this class definitely would help everyone learn how to manage their finances! i learned so much in only three weeks, its exciting to think what could be learned in sixteen weeks! Also, Luis Lozano has been the best instructor ive ever had! He was extremely knowledgeable, personable, open to questions, and made me evaluate my finances/goals at the present time and future.

Academy Attendee, Winter 16

i thought overall it was an excellent class, and it should be mandatory for all students. its powerful information that you are learning through this class.

Academy Attendee, Fall 15

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MoneysMart laKerswww.gvsu.edu/MoneysMart

MoneysMart@gvsu.edu(616) 331-3234