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Financial literacy: a successful school-developed program. Champlain College Life Experience & Action Dimension (LEAD) Mike Fife - Financial Sophistication Coordinator Kristi Jovell – Director of Financial Aid NYSFAAA Conference October 10, 2012. - PowerPoint PPT Presentation
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FINANCIAL LITERACY: A SUCCESSFUL SCHOOL-DEVELOPED PROGRAM
Champlain CollegeLife Experience & Action Dimension (LEAD)
Mike Fife - Financial Sophistication CoordinatorKristi Jovell – Director of Financial Aid
NYSFAAA Conference October 10, 2012
Why is Financial Literacy Important to Institutions? • Politics/Legislation – Financial Literacy Emphasis
• Rise in Student Loan Debt and Cohort Default Rates
• Whole-campus Impact• Admissions• Financial Aid • Classroom Performance• Accounts Receivable• Alumni Relations/Institutional Allegiance• Advancement/Development
• Positive View of Financial Aid Office• Students appreciate the information and view office as a resource and an ally• Positive Image for the office with students, alumni, parents, administration, other
offices, prospective students• Higher results for office on student satisfaction surveys
Financial Literacy at Champlain College
Nationally Recognized Financial Literacy Program:• LEAD
• Required, for-credit programs for current students• Financial Sophistication• Peer Advisors
• Center for Financial Literacy• Policy-focused at national, state and local level• Literacy summit, high school pilot program, summer institute
• Financial Aid Office • Currently limited participation• Loan repayment classes, staff at Game of Life, peer advisor
feedback
Professional Major
Core Life SkillsLEAD
Integrated Professional Education
LEAD 3 Areas of Focus
LEAD Engaged Citizenship
Lifelong Career
Management
Financial Sophisticat
ion
1st Year
MBTI
Financial Literacy Assessment
Engaged Citizenship
Financial Workshop
LEAD: 4 Years At-A-Glance
Peer Advisors of 2012-2013
Financial Sophistication - Years 1-3Peer to Peer
Game of Life Fair
Understanding Credit
Professional Workshops
Budgeting & Goal Setting
Buying Your First Car
Renting in Burlington
Understanding Employee Benefits
Paying Back Student Loans
Making Your Money Work For You
Consumer Protection
Free Credit Review
Day
Personal Tri-Merged
Credit Report
Online Workshops
Budgeting and Goal Setting
Financing Your First Car
Budgeting and Goal Setting
Live or Online Budgeting Workshop - Mike Fife• Goal setting, budgeting and tracking your money• Being intentional with your money• Judgment free!!!
• Projecting your priorities around money is a sure way to get ignored and it’s not polite!
• Specific workshop for study abroad students
Professional Workshop
Buying Your First Car
Live – New England Federal Credit Union• Choosing a car: priorities and research• Credit, financing and negotiating• Common sales tactics and scams
Online – Written by Mike Fife• Choosing a car: priorities and research • Real cost to own and finance• Complementary to live workshop
Professional Workshop
Renting in Burlington
Five Person Panel Two students - Res-life Staff - Local landlord -
Local expert on tenants rights/housing
• Tenant and landlord rights and responsibilities• Roommate contracts, cosigners, credit,
budgeting
Professional Workshop
Understanding Employee Benefits
Center For Financial Literacy• Overview of value of employer benefits and their
value• Advantages of saving for retirement early and
employer matching programs• Rule of 72
Professional Workshop
Repaying Your Student Loans
Financial Aid• Repayment options, and borrowers’ rights
• Income Based Repayment• Extended Repayment• Forbearance• Deferment• Dangers of default
Professional Workshop
Making Your Money Work for You
Morgan Stanley Smith Barney• Differences between types of accounts
• Roth vs. Traditional IRA• 401K, 403B
• Explanation of stocks vs. bonds vs. mutual funds• Rule of 72• Advantages of saving early for retirement
Professional Workshop
Consumer Protection
VT Department of Financial Regulation• Identity Theft, current cases• Sales and marketing tactics • How to protect yourself
Professional Workshop
Question
I enjoyed Participating
in this workshop.
I learned a lot from my
participation in this
workshop.
Based on my experience, I would encourage other students to participate
in this workshop.
This Workshop
held my interest.
This Workshop made me
think.
Average Response 4.07 4.17 4.33 4.15 4.24
• Provide volunteers with feedback• Outline specifically what you would like to see from volunteers
• Jumpstart national standards grid • Marketing (We do a lot!)
• Even though we’re a required program we still reach out to all student groups!
• Your future audience is in the room, promote related events during and after!!!
Professional Workshop Evaluations
Financial Sophistication - Years 1-3Peer to Peer
Game of Life Fair
Understanding Credit
Professional Workshops
Budgeting & Goal Setting
Buying Your First Car
Renting in Burlington
Understanding Employee Benefits
Paying Back Student Loans
Making Your Money Work For You
Consumer Protection
Free Credit Review
Day
Personal Tri-Merged
Credit Report
Online Workshops
Budgeting and Goal Setting
Financing Your First Car
Champlain College Bi-annual Game of Life
Peer to Peer
Question
I enjoyed Participating
in this workshop.
I learned a lot from my
participation in this
workshop.
Based on my experience, I would encourage other students to participate in
this workshop.
This Workshop
held my interest.
This Workshop made me
think.
Average Response 4.21 4.12 4.38 4.27 4.30
Student Evaluation Results:Game of Life
• A total of 148 students signed up for the event with 103 attending
• 71 % of students responded that that Credit for Life made them, “think about their spending habits”.
• 86% of students said that this event, “made them more aware of living costs after graduation”.
Peer to Peer
Understanding Credit Workshop
Peer Advisors• Who collects credit information?• How does credit affect your life?• Responsible use of credit• Advertise and sign students up for Free Credit
Review Day!
Peer to Peer
QuestionI enjoyed
Participating in this workshop.
I learned a lot from my
participation in this
workshop.
Based on my experience, I would encourage other students to participate in
this workshop.
This Workshop
held my interest.
This Workshop made me
think.
Average Response 3.59 4.11 4.08 3.73 4.07
Student Evaluation Results:Understanding Credit
• Pre and post Quiz Results (in handout)• 25% on pre-quiz increasing to an 85% on the post quiz• Teaching to the test?
• Follow up event in Free Credit Review Day
• Probably the most misunderstood topic in financial literacy and one of the most important for our students
• Pride of peer advisors in being knowledgeable on the subject!
Peer to Peer
Financial Sophistication– Years 1-3Peer to Peer
Game of Life Fair
Understanding Credit
Professional Workshops
Budgeting & Goal Setting
Buying Your First Car
Renting in Burlington
Understanding Employee Benefits
Paying Back Student Loans
Making Your Money Work For You
Paying Back Student Loans
Free Credit Review
Day
Personal Tri-Merged
Credit Report
Online Workshops
Budgeting and Goal Setting
Financing Your First Car
Credit Review Day
Credit Review Day
Peer Advisors and Professional Volunteers• Students receive a free copy of their credit report,
score and a 20 minutes analysis.
• Includes peer to peer as well as professional counseling
(Collaboration between the Center for Financial Literacy, Champlain Housing Trust, Peoples United Bank and LEAD)
Year
I enjoyed participating in Free Credit Review Day.
I learned a lot from my
participation in Free Credit Review Day
Based on my experience, I would encourage other
students to participate in the Free Credit Review Day.
Free Credit Review Day helped me feel
comfortable with my personal credit.
I learned what I hoped
to learn.
2011 (34) 4.71 4.85 4.82 4.85 4.88
2012(71+51) 4.57 4.69 4.73 4.71 4.66
Student Evaluation Results:Credit Review Day
• Extremely popular event• Highly trained and observed peer to peer can do the job
• Students may opt into a professional • High debt loads go to a professional• Always a professional on call
Credit Review Day
Financial Sophistication - Years 1-3Peer to Peer
Game of Life Fair
Understanding Credit
Professional Workshops
Budgeting & Goal Setting
Buying Your First Car
Renting in Burlington
Understanding Employee Benefits
Paying Back Student Loans
Making Your Money Work For You
Consumer Protection
Free Credit Review
Day
Personal Tri-Merged
Credit Report
Online Workshops
Budgeting and Goal Setting
Financing Your First Car
Online Workshops
Online
• Consistently slightly lower ratings than live workshops although they are still well liked.
• Must include learning outcomes due to our program requirements
• Looking to expand our online presence with an online resource/referral list
• Should be used as a supplement not as a basis for a program
• Self selection issue!
Conclusions• Full Time Position +• Required for all students with a hold on registration as
stick• Culture is changing around LEAD program• Community and internal partners are a must!!!• Peer to peer learning has HUGE benefits• Must track learning outcomes and pay attention to
feedback• Be willing to change• Interactivity and fun where and whenever possible
Lots of resources are available so ask for help!!!
• Jennifer Sweeney, Director: LEAD, [email protected], 802-383-6608
• Abigail Mendenhall, LEAD Coordinator, [email protected], 802-865-6427
• Mike Fife, LEAD Financial Sophistication Coordinator, [email protected], 802-865-5716
LEAD Contact Information
