affecting change across campus mohave community college’s financial literacy & default...
DESCRIPTION
Unite Stakeholders on Campus Promoting Student Success Finances and Retention Connection Learning How To Measure What We Do Well FINANCIAL AID LEADERSHIP OPPORTUNITIESTRANSCRIPT
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AFFECTING CHANGE ACROSS CAMPUS
MOHAVE COMMUNITY COLLEGE’S FINANCIAL LITERACY &
DEFAULT MANAGEMENT EFFORTS REVEALED
By: Doug Masterson05/10/2012
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HIGHLIGHTS
• Financial Aid Leadership Opportunities• What is leadership?• Making a case for financial literacy?
– Why is financial literacy important?• Developing and implementing a plan• Conclusion
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• Unite Stakeholders on Campus• Promoting Student Success• Finances and Retention Connection• Learning How To Measure What We Do
Well
FINANCIAL AID LEADERSHIP
OPPORTUNITIES
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WHAT IS LEADERSHIP?
“Taking people someplace where they would normally not go on their own”
“Ideas are a dime a dozen; it is the execution that counts”
What is leadership to you?
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MAKING YOUR CASE?
MCC 05/2012
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FINANCIAL LITERACY
• For students it is the understanding of financial facts, concepts, principles, and technological tools that are fundamental to making sound financial decisions.
• For the institution it is the understanding of the impact of financial illiteracy on campus mission, goals, and future possibilities.
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INCREASING TUITION & FEES 2010-11
• Two-Year Public: $2,713– Up 6.0% from 2009-10
• Four-Year Public: $7,605– Up 7.9% from 2009-10
• Four-Year Private: $27,293– Up 4.5% from 2009-10
Trends in College Pricing 2010, The College Board
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STUDENT LOAN BORROWING 2008-09
• Four-Year Public: $19,800– 55% of students borrowed
• Four-Year Private:$26,100– 65% of students borrowed
Trends in Student Aid 2010, The College Board
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CREDIT CARD USAGE
• In 2008, 84% of undergraduates had a credit card– Over 50% have four or more cards– Average outstanding balance: $3,173
• 92% have charged a college-related expense• 30% charge tuition• 17% charge room and board
Sallie Mae Study, 2009
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DEVELOPING AND IMPLEMENTING A PLAN
MCC 05/2012
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KEY ELEMENTS
• Perceived need/purpose • Goals and objectives• Format of program• Audience• Partners and resources• Measuring success
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GOALS AND OBJECTIVES
• Learn good financial decision making• Get students to attend• Get students to pay attention• Lower borrowing levels• Lower Cohort Default Rate• Collaborate with other offices
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FORMAT OF PROGRAM
• In-person– Course– Orientation– Workshop series
• Online• Written material• Counseling
– Certified professionals– Peer-to-peer
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AUDIENCE
• All entering freshmen• All graduating seniors• College 101 class• Commuter students• Campus organization/major• Young alumni
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PARTNERS AND RESOURCES
• Campus partners– Find some champions: staff, faculty, students
• Community resources– Local credit unions, banks, insurance
professionals, etc.• National resources
– Not-for-profit agencies• Blogs and websites
– studentlendinganalytics.com, todayscampus.com
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MOHAVE COMMUNITY COLLEGE
MCC 05/2012
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How It Worked!
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THE PROCESS
• Identified perceived need/purpose • Goals and objectives• Selected the program• Audience• Partnered on campus• Held an event, created a buzz of
excitement
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MAKE IT SIMPLE!
• Held an Event– Social Media Tools
• School Newspaper Will follow up with a regular article on money
management and/or student loan basics advertisements in the newspaper
• School Videos (MCC Cast)• Evaluate • Celebrate Success!
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POSTED TO FACEBOOK
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POSTED TO FACEBOOK
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Got all involved:
The Mascot!
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THE DENTAL HYGIENIST TEAM
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THE WINNER !!!
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LESSONS LEARNED
• Financial Literacy/Default Management is a Living Process
• Communication– Open– Honest– Often
• Don’t Take Things Personally• Address Concerns• Celebrate your Successes!