Obligation Levels and Wellness SUNYFAP Spring 2009

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Obligation Levels and Wellbeing SUNYFAP Spring 2009. Objectives/Destinations. Talk about the significance of monetary proficiency programs for understudies at graduate and expert schools Offer with all of you the instruments you have to execute an effective project on your grounds

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Obligation Levels and Wellness SUNYFAP Spring 2009

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Goals/Objectives Discuss the significance of monetary education programs for understudies at graduate and expert schools Share with all of you the instruments you have to actualize a fruitful program on your grounds Provide assets/thoughts for enhancing/growing existing projects

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What are budgetary proficiency programs? Programs that instruct to enhance money related proficiency give people the learning, inclination and aptitude base important to end up distinctly addressing and educated customers of monetary administrations and deal with their funds adequately. "Building the case for money related instruction", Journal of Consumer Affairs, Summer 2005.

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Ten Key Ideas Ten thoughts each money related guide office ought to know when actualizing/upgrading a program of budgetary proficiency instruction on your grounds. bfinger@amsa.com

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Commitments Student Learn Pay Society Teach Lend Student advances are the essential asset to pay for training. Obligation administration instruction is a fundamental piece of society's dedication. For more data visit www.amsa.com/approach/issues to peruse "Breaking the Deadlock: Unifying Our Federal Student Loan Programs"

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A glance at the numbers 1997-98 contrasted with 2007-08: Undergraduate understudies obtained $4280.00 in 1997-98 In 2007-08 normal sum acquired expanded to 5231.00 Trends in Student Aid 2008, www.collegeboard.com

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A glance at the numbers 1997-98 contrasted with 2007-08: # of graduate/proficient school borrowers expanded 78% Total sum obtained expanded 133% Trends in Student Aid 2008, www.collegeboard.com

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A gander at the numbers In 2007-08: 1.2 million graduate understudies acquired Stafford Loans averaging $17,076. 181,000 graduate understudies acquired Grad PLUS Loans averaging $16,269. Drifts in Student Aid 2008, www.collegeboard.com

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Grants versus Credits From 2002-03 to 2007-08: Grant help grew 2.6% every year Federal advances grew 7.3% every year Trends in Student Aid 2008, www.collegeboard.com Inflation balanced every year midpoints

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Grants versus Advances Trends in Student Aid 2008, www.collegeboard.com

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Nonfederal Loans as % of Total Between 1997-98 and 2005-06, 4% 10% Impact of Grad PLUS, 2007-08 4% 7% Trends in Student Aid 2008, www.collegeboard.com

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NPSAS:04, www.nces.ed.gov

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What the understudies say… "When I obtained cash to finish my college degree, I had just an ambiguous thought regarding the measure of obligation I was acquiring." Report on Student Debt and Alumni Giving, Drs. Margaret Platt Jendrek and Jean M. Lynch Department of Sociology and Gerontology Miami University, Oxford, OH

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What the understudies say… "Understudies who get cash for school ought to get budgetary directing."

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What the understudies say… "Undergrads ought to get more data about credit reimbursements."

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What the understudies say… College graduates who don't seek after doctoral level college accuse understudy advance obligation as the essential reason.

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High Debt/Large Impact The 10-year default rate for understudies graduating in 1992-93 with more than $15,000 owing debtors. Managing Debt, www.nces.ed.gov , June 2006

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Our Commitment Federal understudy advance program ought to concentrate on borrower as "customer" Consumer rights incorporate obligation administration training Debt administration instruction = Entitlement

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Right Info/Right Time "With the correct data at the opportune time, no understudy working in compliance with common decency ought to default."

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Right Info/Right Time In-Grace Borrowers Repayment updates Deferment/Forbearance Options Repayment Options Job Related Information Interview Techniques Cost of Living by City/Region Salary Data Negotiating Compensation

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Right Info/Right Time Works

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Right Info/Right Time at the School Orientation Creating a Financial Roadmap Money Management for Graduate Students Budgeting Credit Management Wise Borrowing Understanding Federal/Private Loans GradPLUS Loans Understanding Consolidation Loans

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Right Info/Right Time at the School Orientation Peer obligation advocates Alumni tributes Cooking classes "Requirements" Web assets

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Right Info/Right Time at the School Graduation 5 Weeks, 5 Months, 5 Years The Joys of Repayment Deferments/Forbearances Understanding Consolidation Loans Loan Forgiveness Programs Tax Benefits for Students

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Identify At Risk Populations Low-wage Borrowers Minority Borrowers First Generation Borrowers Withdrawn Borrowers In-elegance Borrowers Delinquent Borrowers

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Identify At Risk Populations High Undergraduate Debt Large 1 st Year Loans Need-based Borrowers Academic Progress

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Lots of Resources Go to the source www.myfico.com www.ftc.gov www.bba.org.uk Use believable references www.annualcreditreport.com www.treas.gov/workplaces/residential back/monetary foundation/blade instruction/

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Lots of Resources Don't reexamine the wheel "Budgetary Literacy for Graduate Students" Presenters: Kristi L. Jovell Director of Financial Aid, Suffolk University Law School (MA) Charles Pruett Director of Financial Aid, Georgetown University Law Center (DC) http://www.nasfaa.org/overhaul/WebinarCenter/Webinar_11_06_08.asp

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Alumni Giving Important Findings Respondents with higher advance sums were less inclined to add to their institute of matriculation than those with lower credit sums. Fulfillment with the accommodation of the budgetary guide office as far as obligation administration data tends to expand graduated class giving. Perused the report: www.amsa.com/fap/assets

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Alumni Giving Important Findings Satisfaction with the support of the money related guide office as far as clarification of advance reimbursement arranges tends to expand graduated class giving. Fulfillment with the accommodation of the budgetary guide office as far as a clarification of advances tends to build graduated class giving. Perused the report: www.amsa.com/fap/assets

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Experiment

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Experiment Light versus Genuine representation; 10/06 email correspondence explore

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Experiment "Experimentation" "Fresh considering" "Test to perceive what works" "Experiential realizing" "Play"

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Experiment Evaluation is imperative! Functioned admirably Do Differently

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If You Build It, They Will Come pioneers (2.5%) early adopters (13.5%) early lion's share (34%) late larger part (34%) slow pokes (16%) Diffusion of Innovations, Everett Rogers, 1962.

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If You Build It, They Will Come Willingness and capacity to receive a development may rely on upon: mindfulness premium assessment trial achievement

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If You Build It, They Will Come Characteristics of every class of adopter include: trend-setters - brave, instructed, assesses shifted points of view, daring people early adopters – trailblazers, mainstream, will search out data on the off chance that they require it early dominant part - insightful, gets data from many sources late lion's share – needs the data, acquires normal or more normal sums slow pokes – needs the most consideration, yet last to get it

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If You Build It, They Will Come Some contemplations on promoting: Word of mouth Students Staff Faculty Campus Resources Televisions Newspaper Radio Posters

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If You Build It, They Will Come Testimonials Alumni Area experts In the news Co-mark with other like occasions Financial Planning Week (Oct.) Financial Literacy Month (Apr.) Financial Aid Awareness Month (Feb.)

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Collaboration Get Financially Fit! www.newyorkfed.org

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Collaboration: On Campus Financial Aid Office of the President Academic Deans Office of Student Affairs Admissions staff Student Health Services Career Center Student business administrations Residence Life Fraternities/Sororities Student Organizations Business schools Athletic Organizations Parent Associations Alumni Associations Other grounds Get Financially Fit! www.newyorkfed.org

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Collaboration: Off Campus Non-benefits Credit Counseling Services Centers for Economic and Financial Education Local Foundations United Way associations Guarantors Local/State/National government offices US Treasury Federal Reserve Bank Local Banks/credit unions Financial administrations establishments FTC Department of Education OCC Local organizations Financial Advisors Insurance organizations/offices Get Financially Fit! www.newyorkfed.org

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Build a Culture Use each chance to talk about monetary proficiency Students Financial Aid Other Departments on Campus Faculty Visit www.amsa.com/fap/assets to peruse the report: "Organization Dialog Series: A Focus on Communication."

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Build a Culture Let the understudies take an interest Assessment Design Development Implementation Evaluation

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Build a Culture Peer to Peer Programs Ohio University College of Osteopathic Medicine Vanderbilt University Divinity School Visit www.amsa.com/symposium/2008 to hear the introduction, "Working With Your High-Risk Borrowers"

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Doing Well by Doing Good Financial Literacy Education works National Foundation for Credit Counseling Study " Over half of guided borrowers had enhanced FICO ratings and greater part decreased records, obligation and misconducts ." "Building the case for budgetary instruction", Journal of Consumer Affairs, Summer 2005.

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Doing Well by Doing Good The Oklahoma Cooperative Extension Service Statewide Money 2000 ™ program "The information loan bolster for the viability of monetary proficiency preparing in advancing enhanced budgetary practices." "Money related Management Education: Its Role in Changing Behavior," Journal of Exte

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