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

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Presentation on theme: "Why Is Financial Literacy Important to Your Campus? Anne Barton, AFC NSLP."— Presentation transcript:

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

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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? 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

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

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

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17 When? The sooner the better –SUNY Agreement with the AG

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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

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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

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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

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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


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