Inside the Vault - Spring 2013

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The Growing Student Loan Debtand Delinquency Rate

Studnt oan dbt incrasd sinicantovr th past w ars, aost doubinro ha a triion doars in 007 to nar

$ triion toda. Atr mrgge deb, it isth arst aount o dbt hd b U.S. con-surs. In contrast, th aount o auto oanand crdit card dbt hd b U.S. consurs

toda is approxiat $78 biion and $679biion, rspctiv. Th substantia rowthin studnt oans is ik du to an incrasin th nubr o borrowrs as w as thaount o dbt incurrd pr borrowr. Fro005 to 0, th nubr o borrowrsincrasd ro 4. iion to 7.5 iion (a

54 prcnt incras) and avradbt prborrowr incrasd ro $6,000 to $5,000

(a 56 prcnt incras). Th medin dbtpr borrowr in 0, howvr, was uchowr$4,00. Ovra, as shown in Fiur ,9. prcnt o borrowrs in th ourth quar-tr o 0 had ss than $0,000 in studntdbt. In othr words, th avra dbt vis skwd b a sa prcnta o borrow-rs with a ar aount o dbt: .6 prcntborrow or than $00,000, ik or xpn-siv drs, or xap, in dicin or aw

Sinc th hiht o th nancia crisis, thdinqunc rat or studnt oans has asorown. Dinqunc rats or othr oantps, howvr, hav ithr dcind or hdstad (s Fiur ). In th ourth quartro 0, .7 prcnt o studnt oan baancswr dinqunt or 90 das or or, upro prcnt in th third quartr.4 Du

Student Loan Delinquencies SurgeBy emIly DAI1

EconomicSnapshot

Studnt loan Dbt

Whats YourQuestion?

Studnt loans

ResourcesNw This Sprin

www.stouisd.or/ducation_rsourcs

In th third quartr o 0, th shar odelinquen studnt oan baancs

xcdd th shar o dinqunt crdit card baancs, accordin to th FdraRsrv Bank o Nw yorks Consur Crdit Pan and to equiax. This is th

rst such occurrnc sinc 00, whn riab data bca avaiab. In th

ourth quartr o 0, th shar o dinqunt studnt oan baancs continud

to ris. With U.S. studnt oan dbt stiatd at cos to $ triion, th sur in

dinqunt studnt oan baancs has brouht incrasd attntion ro anasts

and poicakrs. In addition, th prsistnt hih U.S.unemplymen re

now 7.7 prcntus rowin concrn that wrull-ime emplymen

opportunitis coud trir a wav o studnt oan dinquncis, providin t

anothr shock to th U.S. cono. This artic xpors th rasons bhind th

rowin studnt oan dbt and delinquency re in th Unitd Stats.

Vou 8Issu

Sprin 0

A n Economic EducA tion nEwslEttEr f rom th E f EdErA l rEsErvE BA nk of st. louis

continud on Pa

The federal reserv e bank of sT. louis : C e n t r a l t o a m e r i C a s e C o n o m y

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hutterstock


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Student Loan Delinquenciescontinud ro Pa

to a uniqu accountin tratnt usd in cacuatinstudnt oan dinqunc rats, rsarchrs at th Fra Rsrv Bank o Nw york sust that th hihdinqunc rats a actua b undrstatd.5 Thound that nar ha o a studnt oan borrowrs

ar ithr in a deerrl or a rbernce priod. Brovin drrd oans ro th sap and ocusinon on thos oans in an actua rpant cc, thrsarchrs wr ab to show that th dinquncrat on studnt oans is actua or than doubwhat is currnt rportd.

Reasons for High Levels of Student Debt

Whi stanant houshod inco is nra snas a sinicant contributor to rcnt incrass in stu-dnt oan borrowin, rsarch aso susts that hihvs o studnt dbt ar corratd with hihr tuiti

and s. Fro 99 to 0, ducation costs incras65 prcnt. In coparison, durin th sa priod,

broad inin was 56 prcnt and dica car costincrasd approxiat 00 prcnt. Accordin toCo Board data, th nationa avra or tuitionand s or th 0- acadic ar is $8,655 or(in-stat) pubic our-ar univrsitis and $9,056 orprivat, not-or-prot, our-ar univrsitis, incraso 4.8 prcnt and 4. prcnt, rspctiv, ovr thprvious acadic ar. Both incrass ar consistnwith th risin tuition trnd obsrvd ovr th pastsvra ars, athouh th currnt pac is sowr.

Why Are Tuition and Fees Rising So Fast?

Svra actors point to wh th prcntaincras in tuition and s is outpacin th broadination rat. First, ars o stat undin cuts ahav d pubic univrsitis to rais tuition.6 As showin Fiur , it appars that whn stats cut duca-tion undin, tuition and s at pubic univrsitisincrasd or draatica.

Scond, th Bauo ct, or Bauos cost dis-as, nad atr conoist Wiia Bauo, xpaithat so industris, such as ducation, cannotasi incras productivit. For xap, th avra

tachr-to-studnt ratio in co toda is about whait was 0 ars ao. Instructors toda, howvr, whinot ncssari or productiv than th wr in, sa980, ar paid hihr saaris atr adjustin or ina-tion. Univrsitis, thror, ust ithr rais prics sk or subsidis ro th ovrnnt to covr thincrasd costs.

Third, th dra ovrnnts invovnt inprovidin nancia aid to studnts a hav d to

FIgUR e 3

F IgUR e 2

F IgUR e 1

PERCENT

Appropriations per Full-Time Equivalent Student Public Four-Year Tuition and Fees

1993

-94

1983

-84

1986

-87

1991

-92

1995

-96

1998

-99

2001

-02

2004

-05

2009

-10

1982

-83

1985

-86

1988

-89

1990

-91

1994

-95

1997

-98

2000

-01

2003

-04

2007

-08

1981

-82

1984

-85

1987

-88

1989

-90

1992

-93

1996

-97

1999

-00

2002

-03

2005

-06

2011

-12

2010

-11

2008

-09

2006

-07

-15

-10

-5

0

5

10

15

Annual Percent Changes in College Appropriations and Tuition and Fees(Ination Adjusted)

SOURCE: College Board.

PERCENT

Credit CardsStudent LoansAuto LoansMortgages

Home Equity Loans

0

2

4

6

8

10

12

14

16

03:Q1

04:Q1

06:Q3

05:Q1

08:Q1

09:Q3

11:Q1

05:Q3

07:Q1

08:Q3

10:Q1

03:Q3

04:Q3

06:Q1

07:Q3

09:Q1

10:Q3

12:Q3

12:Q1

11:Q3

Percent of Loan Balances Delinquent 90+ Days (by Loan Type)

SOURCE: Federal Reserve Bank of New York Consumer Credit Panel and Equifax.

$1 $9,999

$10,000 $24,999

$25,000 $49,999

$50,000 $74,999

$75,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 and above

39.11%

29.98%

18.11%

6.63%

0.60%0.85%

2.12%

2.59%

Student Loan Borrowers by Balance Level (2012:Q4)

Total number of borrowersis 37.5 million.

SOURCE: Federal Reserve Bank of New York Consumer Credit Panel and Equifax.

Percentages do not add to 100 due to rounding.


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www.stlouisfed.org/education_resource

unchckd rowth in co costs. So critics havdrawn a para btwn studnt oan dbt and sub-pri orta dbt. Th biv that a co du-cation, ik hoownrship bor th nancia crisis,is incrasin viwd as a socia oodbut on that

coud quick bco a iabiit. And th axiudra oan aount avaiab to studnts continus toincras, undrpinnin ar o th siz o th potntiaiabiit: As o 0, dpndnt undrraduat stu-dnts can borrow up to $,000; indpndnt undr-raduat studnts up to $57,500; raduat studnts upto $8,500; and studnts in crtain hath-prossionaproras up to $4,000.7

Fina, univrsitis copt with ach othr or stu-

dnts throuh incrasd spndin on inrsrucure,anant, and instructors. Usin data providdb th Univrsit o minnsota, th Wall Street Journal

rcnt rportd that, ro 00 to 0, th univr-sits anant paro xpnss incrasd 45.5 pr-cnt, outpacin th 5.5 prcnt incras in its tachinparo and .4 prcnt incras in studnt nront.8This phnonon is not uniqu to th Univrsit ominnsota. As on as studnts ar ab to borrow orach ar, univrsitis can continu to incras tuition,akin th ss ik to rin in spndin.

Reasons Behind the High Delinquency Rate

Rsarch shows a corration btwn studnt oandinqunc rats and th hath o th abor arkt

and susts that th orr is unik to iprovunti th attr sinicant iprovs. Rsarch asohihihts that dinqunc rats ar sinicanthihr or studnts who attnd prive, r-pr

clleges. Studnts at privat, or-prot cosaccount or about 0 prcnt o th nations conront, but, accordin to th Dpartnt o edu-

cation (DOe), nar ha o a suden ln deuls.This act has d so to aru that or-prot schoosabus dra oan proras to incras studnt nro-nt, and thus incras rvnu, b usin qustion-ab rcruitnt practics and isadin potntiastudnts about th tru costs o thir ducation and

actua raduation and job pacnt succss rats.In rspons to concrns about or-prot schoos, on

Jun , 0, th DOe pubishd nw ginul emply-

men ruations. Ths ruations stipuat that

in ordr to rciv ederl suden lns a proraust ad to ainu pont, which is dtrindb th prora tin on o th oowin thrcritria: (i) at ast 5 prcnt o orr studnts arpain down th principa on thir oans, (ii) th annua

oan pant dos not xcd 0 prcnt o a tpica

raduats discreinry incme, or (iii) th annuaoan pant dos not xcd prcnt o a tpicaraduats tota inco. Th ruations appto ost carr cos, incudin th ajorit o or-

prot schoos and crticat proras at nnpr

scls and public scls. On Jun 0, 0, howvr,a dra jud ound that th DOe didnt provid aood rationa to support th 5 prcnt thrshod andth ainu pont ruations wr put on hod.

Conclusion

Th dinqunc rat on studnt oans has surdin rcnt onths. givn that th nubr o studntoans and th ovra aount o studnt oan dbthav baoond in rcnt ars, studnt oans rprsnta potntia svr prob or th Unitd Stats.

Bcaus th vast ajorit o ths oans ar backd bth U.S. ovrnnt, th rprsnt a hu potntia

libiliy or U.S. taxpars. As houshod incoscontinu to stanat and ducation costs continu torat outpac ination, th aount o studnt oandbt wi ik on incras. With hih unpontand a wak abor arkt, it is ik that th dinquncrat on studnt oans wi aso continu to incras. Inth absnc o a stron cono, studnts, particuarthos with hav studnt oan dbt, ar or ik toda th purchas o a ho or car and ai ora-tion, thus rducin ovra consuption rowth in th

U.S. cono. Whi th ovra ipact o such a shit isdifcut to dtrin, its ik that anothr conoicshock to th U.S. cono woud urthr incras thdinqunc rats on studnt dbt nationwid.

. Th author thanks Bran Noth and Jas Fuchs or thir hp.

. Dinqunt hr rrs to baancs past du or 90 das or or.

. Th data wr rst capturd b equiax in 00 and rst rportd in 00

in th Fdra Rsrv Bank o Nw yorks Household Debt and Credit

Report.

4. www.nworkd.or/houshodcrdit/.

5. http://ibrtstrtconoics.nworkd.or/0/0/radin-studnt-

oans.ht.

6. So chan th viw that stat undin cuts caus tuition to ris.

Th aru that privat univrsit tuition has incrasd as w, athouh

at a sowr pac.

7. Th Fr Appication or Fdra Studnt Aid cassis a studnt as ithrindpndnt or dpndnt basd on th v o accss th studnt

has to nancia rsourcs ro his or hr parnt(s) or uardian(s) and

othr critria. most traditiona co studnts ar cassid as dpn-

dnt. Studnts in raduat and prossiona proras ar cassid as

indpndnt.

8. Dans list: Hirin Spr Fattns Co BuraucracAnd Tuition,

Wall Street Journal, Dcbr 8, 0.


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Deerrl Postpond unti a atr ti.

Delinquen Faiin to ak ti pants undr a oan

or othr crdit arnt.

Delinquency re In nra it rrs to a prcnta dtr-ind b dividin th nubr o oans that hav dinquntpants b th nubr o tota oans. In this artic, th trrrs to th prcnt o th oan baanc that is dinqunt.

Discreinry incme Th portion o prsona incoavaiab or spndin atr taxs and basic ssntiashav bn dductd.

Federl suden lns loans providd b th ovrnnt topostscondar studnts and thir parnts to assist in painor ducation.

Frbernce Tporar suspnsion or rduction o onthoan pants, usua up to on ar.

Full-ime emplymen Athouh dnd b th U.S. Burauo labor Statistics as pont o 5 hours or or ina wk, th attr o u-ti pont is nradtrind b th por.

Ginul emplymen A job, spcia thos takn atrraduation, that is suitd to th abiit and potntiait o thon pod.

Inin A nra, sustaind upward ovnt o prics oroods and srvics in an cono.

Inrsrucure Basic structurs, incudin buidins and acii-tis such as roads, brids, and wast disposa ssts.

Libiliy mon owd; dbt.

Medin Th vau in an ordrd st o vaus bow and

abov which thr is an qua nubr o vaus; th nubrthat divids nurica ordrd data into two qua havs;th idd nubr o a st o nubrs.

Mrgge deb Dbt owd or oans or hos and ra stat.

Nnpr scls A pubic schoos, incudin pubiccos, and schoos not a part o th pubic schoo sstopratd with no intntion o akin a prot.

Prive (r nnpublic) scls Schoos ownd and opr-atd b an individua; riious institution; partnrship; or acorporation othr than th stat, a subdivision o th stat,or th dra ovrnnt and supportd priari with non-

pubic unds.Prive, r-pr clleges Cos anad and ovrnd

b privat oranizations or corporations with th oa oarnin prot.

Public scls Schoos that rciv ontar support ropubic unds.

Suden ln deuls Studnt oans with no ikihood obin paid in u b th borrowrs.

Unemplymen re Th prcnta o th abor orc that iswiin and ab to work, dos not currnt hav a job, and isactiv ookin or pont.

gy

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5 www.stlouisfed.org/education_resources

s l db

e C O N O m I C S N a P S h o t

Q1-12 Q2-12 Q3-12 Q4

Grw ReRa gDP .0% .% .% 0.4

Inin ReConsur Pric Indx

.% .0% .% .

Civilin Unemplymen Re 8.% 8.% 8.0% 7.8

*Third estimate

SOURCE: GDP, Bureau of Economic Analysis; www.bea.gov;

Unemployment and consumer price index, Bureau of Labor Statistics; www.bls.gov.

Curren Ecnmic D1. Bsed n e mp belw, w des verge suden lndeb per brrwer vry crss ses?

Avra studnt oan dbt varis wid across stats. Wo-

in has th ast, oowd b th Dakotas, Nbraska, andOkahoa. Th hihst avras occur ain in Caiornia andon th east Coast.

2. Bsed n e mp belw, w d suden ln delinquencyres vry crss ses?

Studnt oan dinqunc rats var wid across stats. Witha w xcptions (.., th midwstrn stats o michian andIndiana), northrn stats hav owr dinqunc rats thansouthrn stats.

3. accrding e cr belw, w re suden lnblnces disribued by ge?

Approxiat two-thirds o studnt oan baancs ar owd bpop undr 40, whi nar on-third ar owd b pop 40and odr.

14 %

New York

Pennsylvania

Maryland

Wisconsin

Mississippi

Louisiana

Arkansas

Missouri

Minnesota

North Dakota

South Dakota

Nebraska

Kansas

Oklahoma

Texas

Colorado

Arizona

Wyoming

Utah

MontanaWashington

Idaho

California

Nevada

Oregon

New Mexico

Iowa

Illinois

Michigan

Indiana

Kentucky

Ohio

Florida

Alabama

Tennessee

Georgia

South

Carolina

North Carolina

Virginia

West Virginia Delaware

Vermont Maine

Massachusetts

New JerseyConnecticutt

Rhode Island

New Hampshire

Student Loan Delinquency Rates Across States (2012:Q3)

Under 30

33.9%

32.8%

16.4%

11.3%

4.2%

1.4%

30 to 39

40 to 49

50 to 59

60 and over

Age not known

Student Loan Balance by Age in 2011:Q3Total Loan Balance: $870 Billion

$25

New York

Pennsylvania

Maryland

Wisconsin

Mississippi

Louisiana

Arkansas

Missouri

Minnesota

North Dakota

South Dakota

Nebraska

Kansas

Oklahoma

Texas

Colorado

Arizona

Wyoming

Utah

MontanaWashington

Idaho

California

Nevada

Oregon

New Mexico

Iowa

Illinois

Michigan

Indiana

Kentucky

Ohio

Florida

Alabama

Tennessee

Georgia

SouthCarolina

North Carolina

Virginia

WestVirginia

Delaware

Vermont Maine

Massachusetts

New Jersey

ConnecticutRhode Island

New Hampshire

(in thousands)

Average Student Loan Debt per Borrower Across States (2012:Q3)

SOURCe: www.kansascitd.or/pubicat/rswkpap/pd/rwp%0-05.pd?w=rs087;Fdra Rsrv Bank o Nw york Consur Crdit Pan and equiax.

SOURCe: www.kansascitd.or/pubicat/rswkpap/pd/rwp%0-05.pd?w=rs087;Fdra Rsrv Bank o Nw york Consur Crdit Pan and equiax.

SOURCe: http://ibrtstrtconoics.nworkd.or/0/0/radin-studnt-oans.ht;Fdra Rsrv Bank o Nw york Consur Crdit Pan and equiax.

continud on Pa


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6www.stlouisfed.org/education_resources

4. accrding e grp belw, w re ps due suden ln blncesdisribued by ge?

Approxiat 60 prcnt o past du studnt oan baancs ar owd b popundr 40 and about 40 prcnt b pop 40 and odr.

5. W is e rend in e mun usnding suden ln deb?

Outstandin studnt oan dbt has stadi incrasd in rcnt arsapproachin $ triion in 0.

s l db, .

e C O N O m I C S N a P S h o t

Under 30

25.0%

34.2%

23.1%

12.1%

4.8%

0.8%

30 to 39

40 to 49

50 to 59

60 and over

Age not known

Past Due Student Loan Balance by Age in 2011:Q3Total Past Due Loan Balance: $85 Billion

SOURCe: Fdra Rsrv Bank o Nw york Consur Crdit Pan and equiax;http://ibrtstrtconoics.nworkd.or/0/0/radin-studnt-oans.ht.

SOURCe: Fdra Rsrv Bank o Nw york.

$1.0

$0.8

$0.6

$0.4

$0.2

$0.0

Outstanding Student Loan Debt

TRILL

IONS

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012


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7

W H A T S y O U R Q U E S t I o N ?

s l

1. Wy re ederl lns preerred prive lns

r nncing cllege css?Fdra studnt oans or an bnts not tpi-ca ord with privat oans, such as ow xdintrst rats, inco-basd rpant pans, oancancation or crtain pont, and drnt(postponnt) options, incudin whn a studntrturns to schoo. Aso, privat oans, or nondraoans, issud b a ndr such as a bank or crditunion usua rquir a crdit chck.

(SOURCe: http://studntaid.d.ov/sits/daut/s/dra-oan-proras.pd.)

2. W is ne price clculr?

A nt pric cacuator stiats th nt pric (a costsinus rant and schoarship aid) o attndin a partic-uar institution basd on what siiar studnts paid ina prvious ar. B aw, an postscondar institutionparticipatin in Tit IV dra studnt aid prorasust post a nt pric cacuator on its wbsit.

(SOURCe: http://ncs.d.ov/ipds/rsourc/nt_pric_cacuator.asp.)

3. hw cn I esime w lng i will ke py f suden lns?

Fr onin cacuators can hp ou dtrin thti it wi tak to pa o a oan at a ivn onthpant and intrst rat. Pus, ou can cacu-at how a hihr onth pant can shortnth nth o th oan and draatica rduc thintrst paid ovr th i o th oan. Hr is oncacuator to tr: https://biutur.coboard.or/pa-or-co/oans/studnt-oan-cacuator.

4. Cn suden lns be discrged in bnkrupcy?

Nora, studnt oans ar iniib or dischar inbankruptc unss it can b provn that th pantis an undu hardship, which ans th borrowr is

phsica unab to work and has no chanc oarnin on.

(SOURCe: www.saia.co/atr_raduation/ana_our_oans/borrowr_rsponsibiit/anain_dbt/.)

5. hw cn I esime e uure cs cllege?

Us th cacuator at th oowin ink to stiatth utur cost o co:

https://biutur.coboard.or/pa-or-co/co-costs/co-costs-cacuator.

6. Wen pplying r nncil id, wy re grnsnd sclrsips preerred suden lns?

grants and schoarships do not hav to b rpaid;oans ar borrowd on that ust b rpaid.

7. W cnsequences mig brrwer ce wen suden ln becmes delinquen r deuls?

Dinquncis ar rportd to th ajor crditburaus, so can act a borrowrs abiit to t crdit.Whn a oan dauts, th ntir unpaid aountbcos du and th borrowr a b sud and havtax runds intrcptd and/or was arnishd. Tha hav to pa coction s, costs, court costs, andattorn s. eiibiit or utur oan drnts and

othr dra studnt aid is withdrawn. A dautdborrowr can b dnid a prossiona icns. Fina,an otn-ovrookd aspct o dbt probs is thpschooica burdn carrid b th borrowr.

(SOURCe: www.kansascitd.or/pubicat/rswkpap/pd/rwp%0-05.pd?w=rs087.)

8. W re ypicl repymen erms r ederlsuden lns?

Th standard rpant tr or dra oans is 0ars with xd pants.

9. W re diferences beween subsidized ndunsubsidized suden lns?

Subsidizd oans ar awardd basd on nancia nd;borrowrs ar not chard intrst as on as th arattndin schoo. With unsubsidizd oans, borrows archard intrst ro th ti th on is borrowd.



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9 www.stlouisfed.org/education_resources

B U L L E t I N B O A R D

M e M P H i s

Persnl Finnce trining rSecndry tecers

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tecnlgy, e Cmmn Cre,nd Scil Sudies (K-12)

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Ge Mney Smr! (9-12)

ap 24, 2013 | 4:00 p.m. 7:00 p.m.

advnced Plcemen EcnmicsCnerence (9-12)

J 19 J 21, 2013

Ecnmic Episdes in americn hisry(8-12)

thy, Jy 11, 2013 | 8:00 .m. 4:00 p.m.


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F e A T U R e D R E S o U R C E S

Ge Credit CredNw!

Crdit is a powru consur too that can hpstabish a r nancia ootin whn usdwis. Whn isusd, thouh, crdit can b thsourc o nancia rustration. In our nw oninCredit Credcours, hih schoo studnts andconsurs aik wi t th nitt ritt on how tobuid stron crdit, avoid coon crdit pitas,rad and onitor crdit rports, and rpair da-ad crdit. Thrs vn a sction dvotd tocrdit scors and how thr dtrind. Buid

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you askd or it! On th hs o our incrdibpopuar Personal Finance 101 chats that tak ain-b-in approach to xpainin th 040eZand W-4 ors, wr in th procss o dvopinth sa approach or th FAFSA. Studnts wihav th opportunit to wak throuh a siua-tion o th or with a dtaid dscription oach d and thir rquird actions in achsction. Kp our s pd or FAFSA,Dstid this sur!


11/12

www.stlouisfed.org/education_resource

Bank Contacts

Little Rock

Kris Brtsn50-4-868

[email protected]

Louisville

erin yttr

50-568-957

[email protected]

Memphis

Janntt Bnntt

90-579-404

[email protected]

St. Louis

mar Suitr

4-444-466

[email protected]

Barb Fowrs

4-444-84

[email protected]

Scott Woa

4-444-864

[email protected]

Jnnir Bradord

[email protected]

F e A T U R e D R E S o U R C E S

n f Pm

twnll wi Cirmn Bernnke:te hisry e Federl Reserve

nvmb 13, 2013

4:00 p.m. 7:15 p.m.(s. l, Mmph, l rk)

5:00 p.m. 8:15 p.m. (lv)

Dont iss this opportunit! Bn S. Brnank,Chairan o th Fdra Rsrv Sst andorr co prossor, wi spak to duca-tors around th countr via vido strainabout th histor o th Fdra Rsrv Sst.Th Fdra Rsrv Bank o St. louis wi hostducators in St. louis, mphis, litt Rock, and

louisvi. each ocation wi srv dinnr at thstart o th prora and provid an introduc-tion to thr nw ssons avaiab or tachinabout th histor o th Fdra Rsrv ro 9throuh 0. Th Chairan wi spak at 6:00p.. cntra ti. Thos participatin at FdraRsrv ocations wi hav th opportunit tosubit qustions via -ai durin th vnt. ThChairan wi answr qustions as ti prits.

Pas put th dat on our candar. I ou wantto ak sur ou rciv ristration inora-tion, pas contact th br o th Fdra

Rsrv Bank o St. louis istd in th coun toth riht at th ocation narst ou.

Sve e De r Fll Prgrms!

Federl Reserve FinncilEducin Dy: FinncilFundmenls rm e Fed

ob 23, 2013

Fdra Rsrv Financia education Da is anvnt bin ord b Fdra Rsrv Banks and

branchs around th countr. I ou want ratprsona nanc contnt and atrias, pan tojoin ussav th dat or proras at th FdraRsrv Bank o St. louis and its mphis, lou-isvi, and litt Rock branchs. Th prora wiincud introductor prsona nanc ssons onarnin inco, savin, budtin, and crdit. Inaddition, ou wi hav th opportunit to arnabout an othr rsourcs avaiab ro Fd-ra Rsrv Banks that can b usd to hp hihschoo studnts dvop nancia capabiitis.

I ou want to ak sur ou rciv ristration

inoration, pas contact th br o thFdra Rsrv Bank o St. louis istd in thcoun to th riht at th ocation narst ou.


12/12


Inside the Vault is writtn

b conoic ducation sta

at th Fdra Rsrv Bank

o St. louis, P.O. Box 44,

St. louis, mo., 666.

Th viws xprssd ar

thos o th authors and ar

not ncssari thos o th

Fdra Rsrv Bank o

St. louis or th Fdra

Rsrv Sst.

Woud ou ik to rciv our

onth nwsttr about

nw rsourcs and proras?

Subscrib hr:

.._

--

pd ccd pp ug 50% p-cu w

Documents

Inside the Vault - Spring 2013