welcome college success through financial literacy
TRANSCRIPT
![Page 1: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/1.jpg)
WELCOMECollege Success through
Financial Literacy
![Page 2: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/2.jpg)
The Value of a College Education
Dr. William L. VanderburghExecutive Director
Office for Faculty Development and Student SuccessWichita State University
![Page 3: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/3.jpg)
My Plan Today
1. Higher Ed: Needs vs. Current Situation2. Why students drop out (and how we can help)3. Completing college is beneficial4. Chief value of college: “transferrable skills”
![Page 4: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/4.jpg)
Aspirational Goals
“By 2020, America will once again have the highest proportion of college graduates in the world.”
– President Barack Obama, February 24, 2009
![Page 5: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/5.jpg)
Hard Facts
• USA rankso 27th of 29 wealthy countries in proportion of
science/engineering graduateso 48th of 133 nations in quality of math and science
instruction
• Employers are already having a hard time finding enough skilled workers, and it is predicted to get worse.
![Page 6: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/6.jpg)
National Persistence and Graduation Rates
• At “four-year” universities:– Only about 75% of freshmen return for a second year.– Only about 50% of freshmen earn a degree within six years
of starting college.
• The statistics are even worse at community colleges
![Page 7: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/7.jpg)
The Greatest Tragedy in Higher Ed
![Page 8: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/8.jpg)
The Greatest Tragedy in Higher Ed
• A huge proportion of students who borrow for college fail to earn a degree, leaving them with the double whammy of student debt and no credential to help them pay it off.
![Page 9: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/9.jpg)
Academically Adrift, Arum and Roska (2011)
“How much are students actually learning in contemporary higher education? The answer for many undergraduates, we have concluded, is not much.”
“Three semesters of college education. . .have a barely noticeable effect on students’ skills in critical thinking, complex reasoning, and writing.”
![Page 10: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/10.jpg)
We need more college graduates,
and they need to be better educated.
![Page 11: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/11.jpg)
11 Reasons for Dropping Out1. Homesickness and feeling that you don’t fit in.2. Educational burnout.3. Academic unpreparedness.4. Personal or family issues. 5. Financial constraints.6. Too much fun — but not enough education. 7. The school isn’t a good academic fit for the student. 8. Setting sights on the wrong major. 9. No guidance or mentors.10. External demands, particularly within part time or full time
employment.11. External reasons (weather, romantic partner, etc.)
![Page 12: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/12.jpg)
12 Factors Influencing Drop-OutNon-Academic
1. Academic goals2. Academic self-confidence3. Academic-related skills4. Contextual influences5. Institutional commitment6. Social support7. Socioeconomic status8. Achievement motivation9. General self-concept
Academic
1. ACT Score2. HS GPA
Effect strength:Strong
ModerateWeak
![Page 13: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/13.jpg)
One way it matters…
![Page 14: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/14.jpg)
![Page 15: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/15.jpg)
“Given time and money, college was worth it.” (89% “yes” across 22 institutions—2010 ACE study)
![Page 16: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/16.jpg)
Why do employers and graduates think a college degree is valuable?
• College isn’t (just) job training.– Personal growth. (What kind of life do I want, what
kind of person do I want to be, how will I make the world a better place?)
– Completing college demonstrates fortitude, commitment, resilience, ability.
– Learn to learn.– TRANSFERABLE SKILLS
![Page 17: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/17.jpg)
The “I”-shaped professional of the past
![Page 18: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/18.jpg)
The “T”-shaped professional of the future
![Page 19: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/19.jpg)
The “System of Systems”1. Transportation2. Water3. Food4. Energy5. Information6. Buildings7. Retail8. Banking9. Healthcare10. Education11. Cities12. States13. Nations
![Page 20: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/20.jpg)
The “T”-shaped professional of the future
![Page 21: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/21.jpg)
Some Transferrable Skills College Teaches
• Written and oral communication• Teamwork and leadership• Critical thinking and judgment• Project management• Global understanding; perspective; understanding
organizational culture• Research skills, willingness and ability to learn independently• Ability to innovate; ability to navigate “grey areas”
![Page 22: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/22.jpg)
No single major has the market cornered on transferrable skills
– Breadth of exposure in college is important, as is conscious development of skills, attitudes and experiences.
– The traditional “liberal arts” teach many of these skills extremely well, even if those majors don’t lead directly to careers.• Contrary to popular stereotype, philosophy majors do
extremely well in the world of work.
![Page 23: WELCOME College Success through Financial Literacy](https://reader036.vdocument.in/reader036/viewer/2022070406/56649de75503460f94ae0140/html5/thumbnails/23.jpg)
Our Challenge
• Help students, especially those from underrepresented groups, find ways to afford going to college—and to excel while they are there—so that the value of college is maximized for individuals and society.