Financial Management - Wichita State University

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10 Νοε 2013 (πριν από 3 χρόνια και 10 μήνες)

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Building a Comprehensive
Collegiate Financial Education
Program



Bryan Ashton

Senior 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

9 DIMENSIONS OF WELLNESS

Student Wellness Center


Wellness is

INTERCONNECTED

Student Wellness Center

Financial Wellness & SGF

2001

Credit card task force

MNBA funds
educational efforts

2003

Financial wellness
incorporated into
Student Wellness
strategic planning

2006

Scarlet & Gray
Financial founded

SWC & EHE

2012

Huntington 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



7

0

31

14

0
10
20
30
40
Peer Coaches
Interns
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 Session

Up 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

91%

97%

94%

0
20
40
60
80
100
This session was helpful in accomplishing
my immediate objectives.
The coach demonstrated a genuine
desire to help me.
I would recommend this service to other
students.
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


1
st

Year: Financial Goals, Budgeting

and Credit


2
nd

Year: Financial Education Mandate (Phasing
In)


3
rd

Year: Graduate School Planning


4
th
/5
th

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 2
nd

Year Experience


Additional outreach locations


FWAB
r
ecommendation 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


Questions?




Ashton.53@osu.edu

614
-
292
-
4527