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SEED Overview CTS Overview Why Financial Educa7on? SEED Financial Educa7on Model SEED Advocacy

Financial Aid and Financial Literacy Training for Students and Families

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Presented by The SEED Foundation at the NPEA 2014 conference in Minneapolis, MN on April 24-25, 2014.

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Page 1: Financial Aid and Financial Literacy Training for Students and Families

SEED  Overview   CTS  Overview   Why  Financial    Educa7on?  

SEED  Financial    Educa7on  Model   SEED  Advocacy  

Page 2: Financial Aid and Financial Literacy Training for Students and Families

Why  does  SEED  exist?  

2  

Only  half  of  all  low-­‐income  high  school  graduates  immediately  enroll  in  college.  

Only  one  in  ten  low-­‐income,  first-­‐genera4on  students  that  enroll  in  college  earn  a  bachelors  degree.    

Even  those  who  make  it  to  their  first  day  of  college  are  unlikely  to  see  gradua;on  day.    

 

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 3: Financial Aid and Financial Literacy Training for Students and Families

SEED  is  more  than    a  school.    SEED  brings  students  together  in  a  24-­‐hour-­‐a-­‐day,  5-­‐day-­‐a-­‐week  community  with  highly  dedicated  teachers,  counselors,  and  College  Transi:on  &  Success  (CTS)  specialists  focused  on  college  readiness  and  comple7on.            

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 4: Financial Aid and Financial Literacy Training for Students and Families

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

CTS:  Services  from  6  -­‐  16  

Page 5: Financial Aid and Financial Literacy Training for Students and Families

SEED’s  College  Matching  Tier  System  

5  

Page 6: Financial Aid and Financial Literacy Training for Students and Families

OUR  GOAL:  COLLEGE  COMPLETION  

8% 11%

%  earning  a  bachelor’s  degree    within  six  years  

Lowest  income  quar7le  students  

Low-­‐income,  first-­‐genera7on  students  who  enroll  in  college  All  SEED  graduates  who  graduated  from  high  school  5+  years  ago  SEED  graduates  who  enrolled  in  CTS-­‐recommended  colleges  

54% Na;onal    Average,  31%  

33%

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 7: Financial Aid and Financial Literacy Training for Students and Families

 College  affordability  is  a  na7onal  problem.    

Page 8: Financial Aid and Financial Literacy Training for Students and Families

         

College  students  are  paying  more  as  state  financial  aid  drops.          Median  debt  load  =    Approx.  $22,000  

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 9: Financial Aid and Financial Literacy Training for Students and Families

Many  colleges  have  high  costs  and  low  gradua:on  rates.    

College  or  University   Average  Annual  Cost  ASer  Grants  &  Scholarships  

Six-­‐Year  Gradua:on  Rate  

School  1   $14,207   8%  

School  2   $16,257   29.2%  

School  3   $9,489   39.7%  

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 10: Financial Aid and Financial Literacy Training for Students and Families

Affording  college    is  a  challenge.    

Page 11: Financial Aid and Financial Literacy Training for Students and Families

The  world  of  financial  aid  can  be  overwhelming…      Every  college  is  different  and  there  are  mul7ple  layers  of  complexi7es.      Many  colleges  offer  liZle  to  no    ins7tu7onal  financial  aid.      Some  colleges  reduces  ins7tu7onal  scholarships  when  students  receive  local/outside  scholarships.      Most  colleges  don’t  offer  a  loan-­‐free  educa7on.          

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 12: Financial Aid and Financial Literacy Training for Students and Families

SEED  is  taking  a  proac7ve  approach.  

Page 13: Financial Aid and Financial Literacy Training for Students and Families

The  world  of  financial  aid  can  be  overwhelming…      Every  college  is  different  and  there  are  mul7ple  layers  of  complexi7es.      Many  colleges  are  expensive,  and  a  lot  of  them  offer  liZle  to  no  ins7tu7onal  financial  aid.      Numerous  colleges  offer  scholarships  to  a  few  students.  Some  even  punish  students  for  receiving  outside  scholarships.      Most  colleges  don’t  offer  loan-­‐free  educa7on.          

…Unless  you  are  an  informed  consumer.      SEED  has  a  financial  educa:on  model  designed  to  simplify  the  complexi:es.    SEED  has  iden:fied  colleges  that  are  affordable  and  offer  numerous  financial  aid  op:ons.      SEED  has  iden:fied  colleges  that  give  scholarships  and  encourage  students  to  win  outside  scholarship  dollars.  SEED  helps  students  find  and  apply  to  scholarships.      SEED  has  iden:fied  colleges  that  offer  loan-­‐free  and  limited  loan  degree  op:ons.        

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 14: Financial Aid and Financial Literacy Training for Students and Families

SEED  advises    students  and  families  

about  making    college  affordable.    

Page 15: Financial Aid and Financial Literacy Training for Students and Families

Financial  educa:on  is  a  cri:cal  part  of  SEED’s  CTS  program.  We  provide:      •  Tools  to  evaluate  college  grants,  loans,  and  work  opportuni7es.  

•  Counseling  to  help  match  students  to  affordable  colleges.    

 •  Assistance  to  complete  and  submit  winning  scholarship  applica7ons.    

•  Training  to  make  informed,  quality  financial  decisions.      

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 16: Financial Aid and Financial Literacy Training for Students and Families

Snapshot  of  Financial  Educa:on  Model    •  25  student  workshops  (grades  6  –  12)      •  12  family  workshops  (grades  6  –  12)      •  Curriculum  integrated  weekly  with  financial  aid  and  financial  literacy  skills  (grades  6  –  12)    

 •  Regular  advising  services  via  webinars,  phone,  and  in-­‐person  sessions  (during  college  years)  

 SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    

Aid  Model   SEED  Advocacy  

Page 17: Financial Aid and Financial Literacy Training for Students and Families

Financial  Educa:on  Workshops  Middle  School  

     

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Grade   Curriculum   Student  Workshops   Parent  Workshops  

6   The  Classroom  Economy  

Math  is  Important  I  (October)      Math  is  Important  II  (November)  

Intro  to  SEED's  Financial  Educa7on  Model  (September)    Inves7ng  in  a  College  Educa7on  (October)  

7   College  Is  My  Future  

Career  By  Degree  (October)    Financial  Aid  Checklist  (November)  

College  Costs  (November)  

8   College  Is  In  My  Future  

Know  How  to  Go  (October)    Knowledge  is  Power  (November)  

Savings  and  Inves7ng  (November)  

Page 18: Financial Aid and Financial Literacy Training for Students and Families

Financial  Educa:on  Workshops  High  School  

         

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Grade   Curriculum   Student  Workshops   Parent  Workshops  

9   TG  Financial  Literacy  

Needs  and  Wants  (October)    Credit  Basics  (November)  

Intro  to  SEED's  Financial  Educa7on  Model  (September)    Needs  and  Wants  (October)  

10   TG  Financial  Literacy  

Looking  for  College  Scholarships  (October)    Managing  Credit  (November)    Book  of  College  Majors  (February)  

Looking  for  College  Scholarships  (October)    Managing  Credit  (November)  

Page 19: Financial Aid and Financial Literacy Training for Students and Families

Financial  Educa:on  Workshops  High  School  (cont.)  

         

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Grade   Curriculum   Student  Workshops   Parent  Workshops  

11   TG  Financial  Literacy  

Spending  Plans  (September)    Looking  for  College  Scholarships  (October)    How  Do  You  View  Money?  (November,  December,  January,  February)  (4  classes)    How  to  Write  a  Scholarship  Essay  Part  1    How  to  Write  a  Scholarship  Essay  Part  2  

Looking  for  College  Scholarships  (October)    The  Financial  Aid  Process  (February)  

Page 20: Financial Aid and Financial Literacy Training for Students and Families

Financial  Educa:on  Workshops  High  School  (cont.)  

         

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Grade   Curriculum   Student  Workshops   Parent  Workshops  

12   TG  Financial  Literacy   Employee  Compensa7on  (September)    Financial  Aid  Checklist  (September)    Monitoring  Spending  (November)    The  Financial  Aid  Process  (November)    Financing  a  College  Educa7on  (December)    Comparing  Financial  Aid  Offers  (January)  

The  Financial  Aid  Process  (November)    Financing  a  College  Educa7on  (December)    FAFSA  Comple7on  Night  (February)    Comparing  Financial  Aid  Offers  (February)  

Page 21: Financial Aid and Financial Literacy Training for Students and Families

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Financial  Educa:on  Workshops  High  School  Course  Snapshot      

 

Workshop  Curriculum:    TG  Financial  Literacy  Student  Workshop:  Comparing  Financial  Aid  Offers  Family  Workshop:  Comparing  Financial  Aid  Offers  Grade:  12    Workshop  Objec:ve:  Students  and  families  will  understand  the  components  of  a  financial  aid  award  leZer,  including  how  to  review  and  compare  offers  from  different  ins7tu7ons  before  making  a  final  decision.    Workshop  Agenda:    •  Financial  Aid  Programs  Review  •  10  Financial  Aid  Offer  Characteris7cs  •  Financial  Aid  Packaging  •  Sample  Financial  Aid  Packages  •  Analyzing  Financial  Aid  Offers  •  Applying  for  Late  Spring  Scholarships    

Page 22: Financial Aid and Financial Literacy Training for Students and Families

Financial  Educa:on  Workshops  Your  College  Years  (Sample:  College  Year  1)      

 

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Page 23: Financial Aid and Financial Literacy Training for Students and Families

It’s  Working!      Successfully  help  students  complete  financial  aid  appeal  processes    Emergency  support  and  financial  aid  counseling  provided  to  reduce  tui7on,  fees  and  housing  costs    Affordable  college  selec7ons  are  being  made  resul7ng  in  a  reduc7on  of  student  loan  debt  

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 24: Financial Aid and Financial Literacy Training for Students and Families

And  we’re  sharing  our  lessons  learned.      •  U.S.  Department  of  Educa7on  Mee7ngs  •  White  House  Ini7a7ve  on  Historically  Black  Colleges  and  

Universi7es  •  Best  Prac7ces  Sharing  with  Maryland,  Illinois,  and  more!  

   

SEED  Overview   CTS  Overview   Why  Financial  Aid?   SEED  Financial    Aid  Model   SEED  Advocacy  

Page 25: Financial Aid and Financial Literacy Training for Students and Families

Let’s  improve  college  comple7on  rates  by…  

 Improving  financial  

educa:on  awareness  and  making    informed  college  and  financial  aid  decisions.    

Page 26: Financial Aid and Financial Literacy Training for Students and Families

Ques7ons?