Why Is Financial Literacy Important to Your Campus?

1. Why Is Financial Literacy Important to Your Campus? Anne Barton, AFC NSLP

2. Today’s focus • Who, What, When, Where, Why • How to Start • Find the Experts • What Can You Do • Who Needs This

3. WHY?

4. Why? • Nellie Mae 2005 Survey • 74% college students use credit cards for supplies • 71% college students use credit cards for books • 24% college students use credit cards for books • College students double their credit card debt between freshman and senior year

5. Why? • Nellie Mae 2005 Survey • 21% pay off balance each month • 44% pay more than minimum payment • 11% pay less than minimum

6. Why? • 2007-08 National Postsecondary Student Aid Study • 86% of college students take out student loans • Average undergraduate student loan debt is $24,651

7. Why? • National Cohort Default Rate is rising • New calculation of CDR will result in across the board increases • Financial Aid is a natural to take the lead

8. Why? • Jump Start Coalition Survey 2008 • High School students scored 48% on personal finance survey • College students scored 62% on the same survey

9. Why? • Sallie Mae 2009 Survey • 84% of college students want more information on financial management topics • One in three students graduate with $10,000 in credit card debt

10. Why? • Hartford Financial Services Group Study • Only 24% of college students say they are well prepared to deal with the financial challenges they face after graduation

11. Why? • In 2009 CARD Act was signed – implementation complete in 2010 • In September 2010 US Treasury launched their Financial Literacy Campaign • Created a national strategy • In 2010 US Government released a revised website www.mymoney.gov

12. WHAT?

13. What? • Students Need Basic Financial Literacy Skills • Budgeting • Credit and Credit Reports • Identity Theft • Taxes

14. WHO?

15. Who? • Varies by campus • Financial Aid Office • Student Accounts • Student Affairs • Residence Halls • Business/Economics Department • Greek Organizations

16. WHEN?

17. When? • The sooner the better • SUNY Agreement with the AG

18. HOW TO START

19. How to Start • Create a task force to identify creative ways for outreach • Evaluate available resources • Coordinate outreach efforts to include presentations, training, websites and surveys • Learning outcomes • Think outside the box

20. FIND THE EXPERTS

21. Find the Experts • Who has the expertise on campus? • Do you need to seek help elsewhere? • Check with colleagues • Ensure accuracy of information provided • Liability assessment

22. WHAT CAN YOU DO?

23. What can you do? • Learn from colleagues • Expand entrance and exit counseling • Explore what is being done on campus • Spread the word • Post information • Links on website

24. WHO NEEDSTHIS?

25. Who Needs This? • First time students to graduate students • Parents and spouses/partners • Faculty and staff • Student clubs and organizations • Everyone!

26. Questions

27. Contact Information Anne Barton, AFC Regional Director NSLP anneb@nslp.org 585-319-9140