“Sensible Strategies: A financial literacy program with impact.”

Nathan Ernst, M.Ed.Director of Student Financial Services

Midwestern University1

Midwestern University8 programs – Downers Grove Campus

Dental Medical Pharmacy Health Sciences: 5 programs

12 programs – Glendale Campus Dental Medical Optometry Pharmacy Health Sciences: 8 programs

Total Enrollment – 5,100 for 2011 - 2012

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UNIVERSITY-WIDE SUPPORT

Support from Board of Trustees and University Administration

Campus-wide support from other departments

Increased funding levels

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RESOURCES

Current staff

Peer Counselors through Federal Work-Study

Other campus units/faculty and staff

Outside resources [guarantors, servicers, others - paid or unpaid]

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Admissions and Orientation Presentations

Armed Forces Day

Budget Workshop

Couples and Finances Workshop

Financial Experts Forum

Loan Repayment Workshop

Managing Your Loan Portfolio Workshop

Mid-Point Presentation

Real Estate Basics Workshop

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Managing Your Loan Portfolio Workshop

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Peer Financial Counselors

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Budget Workshops

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Mid-Point Presentations

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Armed Forces Day

Financial Experts Forum

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Couples and Finances

Real Estate Basics

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COMING ATTRACTIONS 2012- 2013

Budget Webinars

Credit Basics Workshops

Small Group Sessions – Exit Counseling

Pre-orientation webinars for new students – Spring 2013

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PGPresents Services

Short informational videos Customized listservs Repayment primers Toll-free one-on-one

assistance with repayment questions

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Designed to emphasize “Best Practices” in minimizing debt and demonstrating solid efforts in an essay

Four scholarships on each campus One $5,000 Three $2,500

FINANCIAL LITERACY SCHOLARSHIPS

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FINANCIAL LITERACY SCHOLARSHIPS

Essay factors evaluated:

Active financial planning effortsLiving frugally or modestly while at MWUDemonstrated efforts to minimize debt

More than 100 applied between both campuses in Spring 2012

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Midwestern University

Impact MWU has seen on students –2012 research project

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Research questions and methodology

Review of research results

Conclusions and Recommendations

The impact of these programs on students

Next steps

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Research QuestionsHow and to what extent does participation in financial literacy programs influence financial decision-making among students at MWU?

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Research QuestionsSecondary questions-how does participation influence students’

borrowing decisions on budgeting and spending money Paying interest on student loans while in school credit card usage

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Methodology

Mixed Methods Design

Sample population

Quantitative research

Qualitative research

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Variables StudiedStudent loan

borrowing and paying the interest on student loans

Budgeting and spending

Use of credit cards

Overall financial decision-making

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Results and ImpactParticipation in financial literacy programs did influence

financial decision-making.

Students attending one or more sessions have lower overall monthly budgets.

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What does all of this mean?

Aha

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Conclusion

This study validates the need to continue and expand financial literacy

efforts, and encourage or require students to attend more sessions.

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Next steps for MWU

Require more mandatory financial literacy sessions

Increase marketing efforts

Capitalize on support from University administration

Develop additional targeted efforts for each program

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Thanks for coming!

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