Evidence-based Communication Strategies

Valencia’s FLIRT (Financial Learning Initiative & Research Team) program

Speed Financial Learning Flirting• Introduce yourself - quickly

• Discuss how you created your budget and how you stick to it.

• Discuss examples of smart borrowing.

About Valencia• Urban Community College in Orlando Florida• Annual Enrollment

– 55,304 Credit seeking– 64,506 Total Individuals served

• Student Characteristics– 56.9% Female, 43.3% Male– 27.8% Hispanic– 15.9% African-American– 39.5% Caucasian– 16.8% Asian/Pacific Islander/Native American/Not Indicated

About Valencia• Enrollment Status

– 44.7% Full-time, 55.3% Part-time, Average Credit Hours 9.4– 70.3% Day classes, 29.7% Evening classes

• Average Student Age– 23.6%– 17 and under 7.4%– 18-24 64.8%– 25-29 12.2%– 30-39 9.4%– 40-49 4.4%– 50-59 1.4%– 60+ 0.3%

About Valencia• Retention & Graduation Rates (IPEDS)

– 72% first-to-second year retention for full-time students– 56% first-to-second year retention for part time students– 41% Graduation Rate FT-FTIC

• Financial Aid 2009-2010– 49% receive some form of aid– 41% receive Pell Grant– Over $153,000,000– Official Default Rate 8.5%– Draft 3 year Default Rate 15.6%

About Valencia

LifeMap

Start of Something Great!• Valencia attended the IHEP Summer Institute in Fort Lauderdale in

2009 on a Learning Grant from USA Funds• Our Team

– Chris Klinger, Dean of Students, Osceola Campus– Christy Cheney, Director of LinC (Learning in Communities) College-wide– Kathy Suarez, Coordinator of Financial Aid, East Campus & Winter Park

Campus– Madelyn Young, Career Center Counselor and SLS Coach, West Campus– Brad Honious, Director of Financial Aid College-wide

• Worked with Dr. Low and other institutions to create a financial literacy plan

Start of Something Great!• Valencia attended the IHEP Summer Institute in Fort Lauderdale in

2009 on a Learning Grant from USA Funds• Our Team

– Chris Klinger, Dean of Students, Osceola Campus– Christy Cheney, Director of LinC (Learning in Communities) College-wide– Kathy Suarez, Coordinator of Financial Aid, East Campus & Winter Park

Campus– Madelyn Young, Career Center Counselor and SLS Coach, West Campus– Brad Honious, Director of Financial Aid College-wide

• Worked with Dr. Low and other institutions to create a financial literacy plan

Created FLIRT!

Financial LearningInitiative &

Research Team

Communicating with Evidence• Used evidence – What was the need to offer financial learning

opportunities for our students• Needed to expand the team to bring the programs to scale• Surveyed Students• Gathered information and made presentations to:

– Student Success Faculty– Student Affairs Leadership Team– Board of Trustees– LinC (Learning in Communities) Faculty

Valencia – Financial Aid Trends

0203 0304 0405 0506 0607 0708 0809 910$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

$160,000,000

$180,000,000

$42,540,557 $41,575,391 $40,607,858 $38,892,022

$43,123,327

$58,522,106

$90,400,294

$153,935,137

$15,044,051 $13,751,824 $12,982,668 $11,595,126 $11,688,351

$18,430,008

$35,814,867

$63,766,889

Total Aid Loans

Default Rates & Unemployment

Student Survey – Fall 2009• Opened the survey for a week• Offered Prizes

– 3 $25.00 Gift Cards to the Bookstore– 6 Copies of Getting Loaded: Make a Million…While You’re Still Young Enough

to Enjoy It by Peter G. Bielagus– 1 set of Suze Orman Financial Cards

• 2274 Student responded• 5 questions and a comment section

Survey Results

Survey Results5. How would you like personal financial learning opportunities

delivered (choose all that apply)?1429 Online web pages1112 Classroom instruction1008 Computer-based instruction 983 Workshop format 877 E-mail blasts 760 Newsletters 683 Videos online 665 Social networking web page (i.e. Facebook)

Survey Results

17.2

16

13.4

13.1

11.3

11

8

62 2

Topics

Avoiding Loans and Paying for College

Credit/Credit Cards

Managing Money

Budgeting

Saving

Investing

Get out of/Avoid Debt

Personal Spending

Banking/Insurance

Employment Ideas

National Statistics - Examples• 32% of college students, when thinking about their freshman year,

admit they are “not at all” or “not very well prepared” for managing money on campus.

• 75% admit to having made mistakes with their money when they arrived on campus

• More than 50% of college student accumulate more than $5000 in credit card debt while in school. 1/3rd piled on more than $10,000.

National Statistics Questions in Presentations• What percentage of college students acquires their first credit card

during their first year of college?A. 15%B. 35%C. 55%D. 75% 55%

National Statistics Questions in Presentations• What percentage of college students has at least one credit card?

A. 63%B. 73%C. 83%D. 93% 83%

National Statistics Questions in Presentations• What is the average credit card debt among those university

students who carry a balance?A. $3800B. $5800C. $7800D. $9800 $7800

National Statistics Questions in Presentations• What percentage of U.S. households say they tend to live paycheck

to paycheck?A. 46%B. 56%C. 66%D. 76% 66%

National Statistics Questions in Presentations• What percentage of parents believes that their children are being

taught personal money matters in school?A. 20%B. 40%C. 60%D. 80% 80%

National Statistics Questions in Presentations• What percentage of students say whatever they know about

money they learn from their parents?A. 57%B. 67%C. 77%D. 87% 87%

FLIRT Membership Grows• Financial Learning Initiative & Research Team• New Members – Strategically Selected

– Marva Pryor, Professor of Business– Chanda Torres, Director of Student Development– Barbara Shell, Assistant Director for Community & Alumni Relations– Ilia Cordero, Coordinator of Financial Aid, Osceola Campus– John Stover, Director of Bridges to Success Program

Programs • College Learning Day Presentations

– Faculty & Staff Helping Students with the Financial Aid Puzzle @ Valencia– Learn to FLIRT in 75 Minutes

• Skillshops on all campuses– Spending and Budgeting– Repaying student loans

Programs • LinC Presentations (Learning in Communities)

– Flirting with Money• Bridges to Success Presentations• Roadmap Scholarship

– Student Success Class – Grade of C or higher– Points system– Financial Literacy 101 course & Money questions– Students earn $500.00 Scholarship

• Student Clubs & Organizations Presentations• Financial Learning Ambassadors

Programs• Spring Financial Learning Week – April

– Financial Learning Peers Information Fair– National Speaker on 3 Campuses

Peter G. Bielagus (www.peterbielagus.com) – Skillshops on 4 campuses

Finances Spinning out of Control? Learn about Budgeting and Savings Student Loans, ‘Oh My! I’m Graduating College – What Now? Other Financial Learning Sessions Planned

Student Success Faculty Convocation• Training on Financial Literacy

– Presentation– Hands on Financial Literacy 101

• What we learned– Financial learning was part of the curriculum (a chapter) in student success

but many skipped it due to not being comfortable teaching it• Nationally according to Financial Educators Council

– The majorities of educators were not giving a financial education course and feel unprepared to teach the subject

Tools we use at Valencia

Tools we use at Valencia

Tools we use at Valencia

Tools we use at Valencia – New Web Site

Creating Campus Buy In• Demonstrating the need through evidence • Strategically chose your team • Build on successes• Design quality programs• Demonstrate usage • Demonstrate effectiveness

What we do or are in the process of doing• Monthly Meetings• Develop a Web Presence & Brand• Develop Student Learning Outcomes• Look for Grant and other funding opportunities• Plan a Major Event once a Semester• Offer online learning opportunities• Offer classroom and workshop in person opportunities• Continue to Try New Things

What we need to enhance• Develop an Evaluation Strategy and Tools• Developing a Speakers Bureau with Alumni• Develop Programs for the Community• Develop a Financial Learning Library for Faculty & Staff• Plan a full year program• Refine and Develop a Sustainable Program• Determine how to bring the program to scale

Resources – Just a few!• http://www.cashcourse.org/home/• http://www.decisionpartners.org/ • http://www.usafunds.org/schools/Pages/LifeSkills.aspx • http://valenciacc.edu/finaid/Resources.cfm • http://www.fcs.uga.edu/hace/undergraduate/pfc.html (University

of Georgia - Peer Financial Counseling)

You can now say….