Building a Comprehensive Collegiate Financial Education Program Bryan Ashton Senior Program Coordinator, Financial Wellness

Financial Wellness The financially well person develops a healthy budget managing both income and expenditures. They develop a discipline of saving to prepare for short-term, long- term, and emergency expenses. They manage credit cards and other consumer credit usage responsibly and develop the skills to manage resources.

Agenda Establish need Scarlet & Gray Financial (SGF) at Ohio State Growth of peer financial literacy at The Ohio State University Partnerships Curriculum Outcome metrics

Financial Landscape for Students Nearly 70% of college students take out loans to pay for school Average student loan debt: $26,600 –Over 9% default within two years –Over 13% default within three years Nearly 25%of college students have considered dropping out of school based on amount of money owed Source: Department of Education (2012). National Student Loan Data System [Database]. Retrieved from: Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.

Financial Landscape for Students Nearly 70% of college students take out loans to pay for school Average student loan debt: $26,600 –Over 9% default within two years –Over 13% default within three years Nearly 25%of college students have considered dropping out of school based on amount of money owed Source: Department of Education (2012). National Student Loan Data System [Database]. Retrieved from: Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.

Financial Landscape for Students Nearly 70% of college students take out loans to pay for school Average student loan debt: $26,600 –Over 9% default within two years –Over 13% default within three years Nearly 25%of college students have considered dropping out of school based on amount of money owed Source: Department of Education (2012). National Student Loan Data System [Database]. Retrieved from: Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.

Financial Stress and Ohio College Students MeasurePercentageAt Ohio State… Stressed about finances in general68.6%43,258 Worried about ability to pay monthly bills48.6%30,646 Not confident in ability to pay back any debt accumulated as a student 22.7%14,314 The amount of money owed causes a large or extreme amount of stress 34%21,440 Source: Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress (2011). Center for the Study of Student Life, The Ohio State University.

“Wellness is an active, ongoing process which involves becoming aware of and taking steps toward a healthier, happier, successful life." The Ohio State University Student Wellness Center

9 DIMENSIONS OF WELLNESS Student Wellness Center

Wellness is INTERCONNECTED Student Wellness Center

Financial Wellness & SGF 2001 Credit card task force MNBA funds educational efforts 2003 Financial wellness incorporated into Student Wellness strategic planning 2006 Scarlet & Gray Financial founded SWC & EHE 2012 Huntington National Bank partnership Growth of SGF

Growth of SGF at Ohio State Additional recent expansions Outreach hours Assessments Online Content $tart$mart Growth of SGF at Ohio State

Projected Numbers Outreach Over 1,400 one on one appointments Over 150 presentations Over 7,000 students reached Additional marketing campaigns – FASFA etc Team 37 peer coaches 19 students in Leadership Development Program – Autumn 30 students in Leadership Development Program – Spring

Training Session Up Front – Leadership Development Program Financial Foundations –Go through their own finances Motivational Interviewing Client Relationships Nuts and Bolts On Going Annual Semester Updates From Financial Aid Alumni and Industry Engagement Topical discussions

Outcome Metrics 4.7/5 – overall client satisfaction Qualitative student feedback –“I enjoyed talking to someone other than my immediate family and friends about financial concerns.” –“[Coach] was extremely prepared and explained things in layman’s terms.” –“Very personable, genuine advice given, felt very comfortable.”

Outcome Metrics

Assessment Efforts Wellness Inventory used to triage students –I am confident that I can engage in financial budgeting –I stress about my finances –I am concerned about my financial future –I practice financial budgeting –I am able to pay my bills on time –I am free of credit card debt –I feel stressed by the amount of money I owe (credit cards, student loans, car payments etc)

Additional Assessment Pre and Post Test –Knowledge, Attitudes, Behaviors and Stress –Is there a healthy level of financial stress? National Financial Wellness and Loan Assessment –Feb 2014 pilot –Fall 2014 full implementation

Financial Wellness Advisory Board Recommendations from acceptance to repayment Partners include: –Financial Aid –Academic Affairs –First Year Experience –Graduate/Professional Schools –Student Legal Services –Office of Research –Office of International Affairs –Office of Veterans Affairs –Student Service Center

Campus Partners Financial Aid Admissions Student Service Center Career Services Office Fisher College of Business College Education and Human Ecology Center for the Study of Student Life Student Legal Services University Housing Office of International Affairs The Graduate School First Year Experience Counseling and Consultation Service Student Advocacy Off Campus and Commuter Student Engagement Dinning Services Office of the University Treasurer Athletics Economic Access Alumni Association Student Organizations Student Governments

From Acceptance to Graduation Pre-Enrollment: College Funding Plan, Interest Rate Understanding and Cost of Attendance 1 st Year: Financial Goals, Budgeting and Credit 2 nd Year: Financial Education Mandate (Phasing In) 3 rd Year: Graduate School Planning 4 th /5 th Year: Real World Preparation Graduate / Professional Students: Enhanced budgeting, financial goal setting, credit and debt repayment planning

Financial Education Mandate 2 Part Mandate –First Complete an Online Module (Financial Knowledge) –Second Complete a 1:1 Coaching Session (Financial Attitudes and Behaviors) Scalability – Will Work To Triage Based on Risk Assessment

Future Growth Trial part of the 2 nd Year Experience Additional outreach locations FWAB recommendation implementation Greater partnership with Admissions and Financial Aid Specific tracks: –Graduate, Professional, International Students

Lessons Learned Collaboration High Risk Behaviors Tie In Motivational Interviewing and Social Norming Knowledge Gap Community Assistance Community and K-12 Partnerships Are Key

Questions?