Tailoring Student Loan Counseling to Meet the Needs of Students May 21, 2013
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
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
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
F inancial I nformation R esources S ervices and T ools (FIRST)
FIRST Resources aamc.org/FIRST
FIRST Resources aamc.org/FIRST Onsite debt management, financial literacy, exit/entrance sessions Downloadable presentations for FAO’s to use with students/residents
FIRST Resources Onsite debt management, financial literacy, exit/entrance sessions Downloadable presentations for FAO’s to use with Students/Residents Medloans® Organizer and Calculator
“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”
What Have We Learned? Adjust, adjust, and then adjust some more
What Have We Learned? Adjust, adjust, and then adjust some more It takes constant attention
What Have We Learned? Adjust, adjust, and then adjust some more It takes constant attention You don’t have to reinvent the wheel
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
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
Lots of great resources Really hard to find Financial Aid Toolkit Adjustments Made Based on Feedback
“An investment in knowledge always pays the best interest” Julie A. Fresne Director, Student Financial Services aamc.org/FIRST
Tailoring Student Loan Counseling to Meet the Needs of Students May 21, 2013
Page 19 Strategies
Engaging the student Engaging the Student 20
Page 21 Engaging the student
Page 22 Engaging the student
Calculators CareerShip PowerWallet Page 23 Providing interactive tools
Page 24 Providing interactive tools
Page 25
PowerWallet Page 26
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
Page 28
Financial Literacy Grace Period and Repayment Loan Management Non-Traditional Private Loan Non-regulatory Counseling Page 29
Content and techniques strategies include: Newsletters Social media MappingYourFuture.org Printed materials 30 Keeping students informed
31 Keeping students informed
Connections Feedback Webinars/Webinars on-demand Assessing success Professional development Page 32 Seeking new ideas and tips
/millenials-financial- nowledge/ /1?dlvrit= fun-matters-in-education.html content-the-key-to-engagement ents.html epetition.pdf Resources and credits
Catherine Mueller Contact Us (573) Contact us 34