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Tailoring Student Loan Counseling to Meet the Needs of Students May 21, 2013.

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Presentation on theme: "Tailoring Student Loan Counseling to Meet the Needs of Students May 21, 2013."— Presentation transcript:

1 Tailoring Student Loan Counseling to Meet the Needs of Students May 21, 2013

2 Association of American Medical Colleges (AAMC) 141 accredited US medical schools – Approx. 75,000 med students 17 Canadian medical schools 400 Teaching hospitals 90 academic societies Washington DC based not-for-profit representing: Our Mission: The AAMC serves and leads the academic medicine community to improve the health of all

3 Our Audience = Medical School Students and Residents Fewer of them to reach LCME accreditation standards include debt management counseling Slightly more mature audience Strong job prospects Higher starting salaries Much higher debt

4 Medical Education Debt 2012 Median Education Debt $170,000 86% have debt 36% have $200,000 or higher Data includes medical and premedical/undergraduate debt Source GQ

5

6 F inancial I nformation R esources S ervices and T ools (FIRST)

7 FIRST Resources aamc.org/FIRST

8 FIRST Resources aamc.org/FIRST Onsite debt management, financial literacy, exit/entrance sessions Downloadable presentations for FAO’s to use with students/residents

9 FIRST Resources Onsite debt management, financial literacy, exit/entrance sessions Downloadable presentations for FAO’s to use with Students/Residents Medloans® Organizer and Calculator

10 “Can Medical Students Afford to Choose Primary Care? An Economic Analysis of Physician Education Debt Repayment” “Physician Education Debt and the Cost to Attend Medical School”

11 What Have We Learned? Adjust, adjust, and then adjust some more

12 What Have We Learned? Adjust, adjust, and then adjust some more It takes constant attention

13 What Have We Learned? Adjust, adjust, and then adjust some more It takes constant attention You don’t have to reinvent the wheel

14 What Have We Learned? Adjust, adjust, and then adjust some more It takes constant attention You don’t have to reinvent the wheel Seek continual feedback from your audience o Analytics o Focus Groups o Surveys

15 Adjustments Made Based on Feedback SHORT bursts of information Removed the online Exit/Entrance – added modules Only requires registration and log-in if you want to save your info or verify completion Individualized services/attention

16 Lots of great resources Really hard to find Financial Aid Toolkit Adjustments Made Based on Feedback

17 “An investment in knowledge always pays the best interest” Julie A. Fresne Director, Student Financial Services aamc.org/FIRST

18 Tailoring Student Loan Counseling to Meet the Needs of Students May 21, 2013

19 Page 19 Strategies

20 Engaging the student Engaging the Student 20

21 Page 21 Engaging the student

22 Page 22 Engaging the student

23 Calculators CareerShip PowerWallet Page 23 Providing interactive tools

24 Page 24 Providing interactive tools

25 Page 25

26 PowerWallet Page 26

27 Content and techniques strategies include: More information and more often Online and in-person Self-administered quizzes online Student as teacher 27 Going beyond regulatory requirements

28 Page 28

29 Financial Literacy Grace Period and Repayment Loan Management Non-Traditional Private Loan Non-regulatory Counseling Page 29

30 Content and techniques strategies include: Newsletters Social media MappingYourFuture.org Printed materials 30 Keeping students informed

31 31 Keeping students informed

32 Connections Feedback Webinars/Webinars on-demand Assessing success Professional development Page 32 Seeking new ideas and tips

33 /millenials-financial- nowledge/ /1?dlvrit= fun-matters-in-education.html content-the-key-to-engagement ents.html epetition.pdf Resources and credits

34 Catherine Mueller Contact Us (573) Contact us 34


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