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#MMoC2016
#MMoC2016
Betsy Burton-Strunk Vice President, Refund Management Higher One [email protected]
Today’s Presenter
#MMoC2016
Student loan debt estimated at
Source: Federal Reserve Bank of New York
$1.3 TRILLION second only to mortgages
in consumer debt
#MMoC2016
#MMoC2016
7 in 10 graduates of 4-year colleges graduate with an
average student loan of
Source: Project for Student Debt, 2015
$29,950 #MMoC2016
#MMoC2016
Source: NCES, 2012
FINANCES are the #1 reason
students leave college
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#MMoC2016
Methodology and Demographics
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Methodology and Demographics
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Healthy Planned Behaviors
Figure 1
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Comparative Behaviors
Figure 3
Students from community and technical colleges reported engaging in more fiscally responsible behaviors than their four-year peers, especially in regards to monitoring their finances
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Variations Across the Semester
Financial Behaviors Financial Plans
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Variations Across the Semester
Financial Stress
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Variations Across the First Year
Figure 12
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Variations Across the First Year
Figure 14
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Variations with Age
Figure 16
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Variations with Age
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Implications for College Administrators
Financial education should begin early • Provide intervention programming in first months of college experience
• Conduct needs analysis
• Tailor programs to recognize to the needs and differences of student body
• Recognize early risk factors such as attitudes and past behaviors
• Include more opportunities for students to gain real-life experiences
#MMoC2016
Implications for College Administrators (Con’t)
For two-year students: • Cater toward young adults with financial experience but limited resources.
• Focus more on credit card behavior and less on student loans.
• Provide tangible strategies for managing resources and planning for the future.
For four-year students: • Focus on attitudinal components of financial wellness to improve students’ general perspective
towards money management.
• Consider attitudinal and behavioral shifts that often occur in a student’s first-year experience.
• Help students to distinguish between their true financial need and the loans available to them.
#MMoC2016
Implications for College Administrators (Con’t)
Special attention should be made to helping students understand their loan obligations
• Proactive communications
• Help with accessing loan balances
• Better information on loan repayment options before senior year
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