Building a Comprehensive Collegiate Financial Education Program

Building a Comprehensive Collegiate Financial Education Program

Bryan AshtonSenior 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: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.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: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.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: http://www.nslds.ed.gov/nslds_SA/defaultmanagement/.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

Measure Percentage At Ohio State…

Stressed about finances in general 68.6% 43,258

Worried about ability to pay monthly bills 48.6% 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

Career Creative Emotional

Environmental Financial Intellectual

Physical Social Spiritual

9 DIMENSIONS OF WELLNESSStudent Wellness Center

Wellness is INTERCONNECTED

Student Wellness Center

Financial Wellness & SGF

2001Credit card task forceMNBA funds educational efforts

2003Financial wellness incorporated into Student Wellness strategic planning

2006Scarlet & Gray Financial foundedSWC & EHE

2012Huntington National Bank partnershipGrowth of SGF

Growth of SGF at Ohio State

Additional recent expansions• Outreach hours• Assessments• Online Content• $tart$mart

Growth of SGF at Ohio State

Peer Coaches Interns05

101520253035

7

0

31

14

Projected 2013-2014 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 SessionUp 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

This session was helpful in accomplishing my imme-diate objectives.

The coach demonstrated a genuine desire to help me.

I would recommend this service to other students.

0 20 40 60 80 100

91%

97%

94%

Satisfaction 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

• 1st Year: Financial Goals, Budgeting and Credit• 2nd Year: Financial Education Mandate

(Phasing In)• 3rd Year: Graduate School Planning • 4th/5th 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 2nd 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?

Ashton.53@osu.edu614-292-4527