ForwardMomentumforFinancialLiteracy

KristenNorrisAssistant Director

StudentSuccessCenterUniversityofSouthCarolinanorris99@mailbox.sc.edu

Overview• Introductions

• FinancialLiteracyResearchFindings

• FinancialLiteracy&EducationattheUniversityofSouthCarolina

• KeyComponents ofaFinancialLiteracy&EducationProgram

• DevelopingaPlanforFinancialLiteracy&EducationonyourCampus

GettingtoKnowYou

• Name• University• Position• 30secsnapshotoffinancialliteracyonyourcampus

FinancialLiteracyResearchFindings• 1:3studentsexperiencefinancialstresseveryyear

(NCHA,2015)

• Only17statesintheUSmandateapersonalfinancecourseinhighschool(MoneyMattersonCampus,2016)

• 40%of85,000first-timecollegestudentsalreadyhaveacreditcard(MoneyMattersonCampus2016)

– 27%ofthefirst-timecollegestudentswithacreditcardhaveanoutstandingbalanceof+$1000.

• 7outof10collegegraduateshadstudentloansaveraging$29,400(COHEAO,2014)

FinancialImpactsonAcademics

• Financialissuesandtheneedtoworkisoftendeemedthe#1reasonstudentsdropoutofcollege(COHEAO,2014)

• Studentswhodonotcompletecollegeare4Xmorelikelytodefaultonstudentloans(COHEAO,2014)

Goals:FinancialLiteracy&Education

• Whatshouldafinancialliteracy&educationprogramaimtoachieve?– Advancestudentunderstandingofbasicmoneymanagement

– Aidstudentsunderstandingandimplementingfinancialwellnessstrategiesinordertomakewell-informedfinancialdecisions

– Supportthealleviatingfinancialstressnegativelyimpactingacademics

FinancialLiteracyProgramatUSC

• Foundedin2011• HousedintheStudentSuccessCenter– Providesauniquecontextforourwork– Nota“logical”placeforstudentstoseekfinancialassistance

FinancialLiteracyProgramatUSC

Freeone-on-oneconsultations

Presentations&Workshops

FinancialLiteracyOnlineModule

Short-termEmergency

LoanProgram

CampusCollaborations

FinancialAid&

Scholarships

University101

StudyAbroad

Off-CampusHousing

FinancialLiteracyProgramatUSCYear Consultations Workshops

First-Year MoneyManagement BasicBudgeting&FinancialGoalSettingFinancing College forNextYear

HowtoNotLoseYourScholarship

Sophomore Building&ManagingCreditMovingOff-Campus

GetSmart AboutCreditHowtoPaytheBills

WorkingWhile inCollege

Junior PersonalFinanceforStudyAbroad IdentityTheft101PlanningYourFinancesforStudyAbroad

Senior DebtManagementStudent LoanRepayment&Education

HowtoPrepare forStudentLoanRepaymentWhatyouAutoKnowAboutBuyingaCar

FinancialLiteracybytheNumbers

10Financial Literacy Workshops

34Presentations Facilitated

558Participants

100%EmergencyLoanRepayment

162One-on-OneFinancial LiteracyConsultation

*Based on2014-2015academicyear

KeyComponentsforaFinancialLiteracy&EducationProgram

ProgramType&Goals

Marketing& AwarenessforServices

CampusPartnerships

LeverageExistResources

EstablishedPrograms

Whatarethegreatestfinancial challenges facingstudentsonyourcampus?

Howcanyoubetterworkwithstudentspriortotheirarrivaloncampus?Whileoncampus?

Howdowebettereducatestudentsonthelong-termimplicationsofcollegiate financialwellness?

Whatspecificpopulationsareyoumostworriedabout?Howdoyoutargetthesestudents?

Whatwouldawinlooklikein2020onyourcampus?Whatareyourmetricsofsuccess?

NewPrograms

Whatarethegreatestfinancial challenges facingstudentsonyourcampus?

Howdotheseissuesaffectotherdepartmentsoncampus?

Whatresources/buy-inwouldyouneedtoaddressthoseissues?

Whatpartnersareneeded?Whatinformationfromotherinstitutionswouldbehelpful?

Whatwouldawinlooklikein2020onyourcampus?Whatareyourmetricsforsuccess?

Suggestions• Startsmall• Identifythefinancialneedofstudentsonyourcampus– Ex.Statescholarshipretention,loandebt,pellgrantrecipients

• Marketyourservices• Gainbuy-infromcampuspartners• Doesnotrequireafinancial‘expert’

Questions

KristenNorrisAssistant Director

StudentSuccessCenterUniversityofSouthCarolinanorris99@mailbox.sc.edu