The NHHEAF Network

Organizations’ Campaign for Financial

LiteracyPresented for: EASFAA

Tori Berube Rebecca PalmerVice President, Product Marketing Director of EducationThe NHHEAF Network Organizations Consumer Credit Counseling Services of NH/VT

May 20, 2008

Some Statistics• Average credit card debt in America - $9000 (11 cards)• NH students have the 2nd highest student loan debt in the

country, on average ($24,800).• Only 59%, or roughly 23 million of the young adults in

Generation Y, those ages 18-29, pay their bills on time every month.

• From Clothed, Fed, & Over Their Heads, a recent NHHEAF Network Organizations’ survey of our own borrowers:– The average credit card balance of student borrowers was

$3,106. – Consumers carried a higher average credit card balance,

averaging $4,433. – 82% percent of all college freshmen had at least one open

credit card. – 42% of college students in the study had 6 or more open

credit cards.

Consumer Credit Counseling Services of NH/VT

• Consumer Credit Counseling Services of NH/VT• a private, not for profit 501(c) 3, United Way-

affiliated organization, committed to helping people in New Hampshire and Vermont take charge of their money.

• members of the National Foundation for Credit Counseling, the nation’s largest and longest-serving non-profit credit counseling network.

• members of the Better Business Bureau of New Hampshire

• not affiliated with any governmental agency

The NHHEAF Network Organizations• comprised of four 501(c) (3) nonprofit

organizations that provide New Hampshire students and families with the resources and funding to pursue higher education aspirations

• New Hampshire Higher Assistance Foundation (NHHEAF) – guarantor

• New Hampshire Higher Education Loan Corporation (NHHELCO) – lender

• Granite State Management & Resources (GSMR) – servicer

• NHHEAF Network Education Foundation (NNEF) – charitable giving administrator

The Gap• Most college students have little education on

financial literacy.– “What’s a FICO?”– Managing a credit card or debit card.

• Most college students do not make the connection that financial decisions they make today affect their long-term financial goals.– Short-term:

• Paying rent, car insurance, cell phones, credit cards

– Long-term:• Mortgages, starting a business, student loans

Our Solution!• A Partnership with Consumer Credit Counseling

Services of NH/VT• A certified instructor from CCCS-NH/VT leads any

of six sessions and provides support materials for students.

• Sessions designed to share the fundamentals of financial literacy on college campuses across the state

• Customizable to meet a school’s needs– Night/day– 30 minutes, 60 minutes, 2 hours– Formal v. Informal

• No charge to school

Promoted Throughout Campus• Financial Aid Offices

• Career Services Offices• Student Activities Offices• Health Services Offices• New Student Orientation• Residential Life Offices• Guest Speaker in Classroom

– Freshman Experience– In-services

See Our Sample of Marketing Materials!

The Six Sessions• “Credit Worthy” – Credit For Your Future• “Broke Not Broken” – Life After College • “Show Me (Where to Put) the Money!” – Keys to

Banking• “The Very Real Life” – Budgeting for Success• “The Freshman Forty” – 40 Money Management

Tips Every College Freshman Should Know”• “Deter, Detect, Defend” – The Crime of Identity

Theft

What Tools We Provide• A qualified speaker • Announcement Posters• A raffle prize to encourage attendance• Complimentary Materials

– My Student Loan Folder– Financial Aid Organizer– “Default Prevention”, “What To Do If You

Withdraw from School”, and “Borrow Responsibly” brochures

– It’s Not Free Money For College magnets & posters

– 7 Tips For Keeping Debt in Check note pad

– “Life After Graduation” book

“Please Share Two or Three Things You Learned During This

Class”• “Where to get my credit report for free”• “To get renter’s insurance”• “What a FICO score is and that it ranges from 300 – 850”• “The average FICO score in America is 723”• “It’s important to pay my bills on-time”• “There are three credit bureaus – TransUnion, Experian,

Equifax”• “Never cancel a credit card because it will lower your FICO

score.”• “Some ways to avoid identity theft – shred my mail!”• “How to opt-out from junk mail and telemarketer’s calls”• “That I can call my credit card company and ask them to

lower my interest rate”• “freecreditreport.com is not FREE!”

Thanks For Coming!

• Becky Palmerbjp@cccs.mv.com(603) 224-6593, x120

• Tori Berubetberube@nhstudentloans.org(800)719-0708, x 117