Tailoring Student Loan Counseling to Meet theNeeds of Students

May 21, 2013

Association of American Medical Colleges (AAMC)

• 141 accredited US medical schools– Approx. 75,000 med students

• 17 Canadian medical schools• 400 Teaching hospitals • 90 academic societies

Washington DC based not-for-profit representing:

Our Mission: The AAMC serves and leads the academic medicine community to improve the health of all

Our Audience = Medical School Students and Residents

• Fewer of them to reach• LCME accreditation standards include debt

management counseling• Slightly more mature audience• Strong job prospects• Higher starting salaries• Much higher debt

Medical Education Debt 2012

• Median Education Debt $170,000

• 86% have debt

• 36% have $200,000 or higher

Data includes medical and premedical/undergraduate debt

Source GQ

Financial Information Resources Services and Tools (FIRST)

FIRST Resources

aamc.org/FIRST

FIRST Resources

aamc.org/FIRST

• Onsite debt management, financial literacy, exit/entrance sessions

• Downloadable presentations for FAO’s to use with students/residents

FIRST Resources

• Onsite debt management, financial literacy, exit/entrance sessions

• Downloadable presentations for FAO’s to use with Students/Residents

• Medloans® Organizer and Calculator

“Can Medical Students Afford to Choose Primary Care? An Economic Analysis of Physician Education Debt Repayment”

“Physician Education Debt and the Cost to Attend Medical School”

What Have We Learned?

• Adjust, adjust, and then adjust some more

What Have We Learned?

• Adjust, adjust, and then adjust some more

• It takes constant attention

What Have We Learned?

• Adjust, adjust, and then adjust some more

• It takes constant attention

• You don’t have to reinvent the wheel

What Have We Learned?

• Adjust, adjust, and then adjust some more

• It takes constant attention

• You don’t have to reinvent the wheel

• Seek continual feedback from your audienceo Analyticso Focus Groupso Surveys

Adjustments Made Based on Feedback

• SHORT bursts of information

• Removed the online Exit/Entrance – added modules

• Only requires registration and log-in if you want to save your info or verify completion

• Individualized services/attention

• Lots of great resources

• Really hard to find

• Financial Aid Toolkit

Adjustments Made Based on Feedback

“An investment in knowledge always pays

the best interest”

Julie A. FresneDirector, Student Financial Servicesjfresne@aamc.orgaamc.org/FIRST

Tailoring Student Loan Counseling to Meet theNeeds of Students

May 21, 2013

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Strategies

Engaging the Student

Providing interactive tools

Going beyond regulatory requirements

Keeping students informed

Seeking new ideas

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Engaging the student

Blended approach Technology

Student as teacher Gamification

Engaging the Student

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Engaging the student

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Engaging the student

•Calculators•CareerShip•PowerWallet

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Providing interactive tools

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Providing interactive tools

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PowerWallet

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Content and techniques strategies include:

•More information and more often •Online and in-person• Self-administered quizzes online• Student as teacher

Going beyond regulatory requirements

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Online Counseling

22 sessions

Customized pages

Report options

Printable materials

• Financial Literacy• Grace Period and

Repayment• Loan Management• Non-Traditional • Private Loan

Non-regulatory Counseling

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Content and techniques strategies include:• Newsletters• Social media• MappingYourFuture.org• Printed materials

Keeping students informed

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Keeping students informed

• Connections• Feedback• Webinars/Webinars on-demand• Assessing success• Professional development

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Seeking new ideas and tips

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http://usatoday30.usatoday.com/money/perfi/basics/story/2012-04-23/millenials-financial-nowledge/54494856/1?dlvrit=206567

http://www.acus.org/event/financial-literacy-skilled-futurehttp://voices.washingtonpost.com/answer-sheet/learning/why-fun-matters-in-education.htmlhttp://net.educause.edu/ir/library/pdf/ELI0525.pdfhttp://www.marketingprofs.com/articles/2011/5791/snackable-content-the-key-to-engagementhttp://www2.ed.gov/pubs/EdReformStudies/EdTech/effectsstudents.htmlhttp://www.pbisworld.com/tier-2/reward-system/http://mazur.harvard.edu/research/detailspage.php?rowid=8http://www.kumondallas.com/articles/The%20Value%20of%20Repetition.pdf

Resources and credits

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Catherine Muellercathy@mappingyourfuture.org

940-497-0741

Contact Usfeedback@mappingyourfuture.org

(573) 796-3730

Contact us