AFFECTING CHANGE ACROSS CAMPUS

MOHAVE COMMUNITY COLLEGE’S FINANCIAL LITERACY &

DEFAULT MANAGEMENT EFFORTS REVEALED

By: Doug Masterson05/10/2012

HIGHLIGHTS

• Financial Aid Leadership Opportunities• What is leadership?• Making a case for financial literacy?

– Why is financial literacy important?• Developing and implementing a plan• Conclusion

• Unite Stakeholders on Campus• Promoting Student Success• Finances and Retention Connection• Learning How To Measure What We Do

Well

FINANCIAL AID LEADERSHIP

OPPORTUNITIES

WHAT IS LEADERSHIP?

“Taking people someplace where they would normally not go on their own”

“Ideas are a dime a dozen; it is the execution that counts”

What is leadership to you?

MAKING YOUR CASE?

MCC 05/2012

FINANCIAL LITERACY

• For students it is the understanding of financial facts, concepts, principles, and technological tools that are fundamental to making sound financial decisions.

• For the institution it is the understanding of the impact of financial illiteracy on campus mission, goals, and future possibilities.

INCREASING TUITION & FEES 2010-11

• Two-Year Public: $2,713– Up 6.0% from 2009-10

• Four-Year Public: $7,605– Up 7.9% from 2009-10

• Four-Year Private: $27,293– Up 4.5% from 2009-10

Trends in College Pricing 2010, The College Board

STUDENT LOAN BORROWING 2008-09

• Four-Year Public: $19,800– 55% of students borrowed

• Four-Year Private:$26,100– 65% of students borrowed

Trends in Student Aid 2010, The College Board

CREDIT CARD USAGE

• In 2008, 84% of undergraduates had a credit card– Over 50% have four or more cards– Average outstanding balance: $3,173

• 92% have charged a college-related expense• 30% charge tuition• 17% charge room and board

Sallie Mae Study, 2009

DEVELOPING AND IMPLEMENTING A PLAN

MCC 05/2012

KEY ELEMENTS

• Perceived need/purpose • Goals and objectives• Format of program• Audience• Partners and resources• Measuring success

GOALS AND OBJECTIVES

• Learn good financial decision making• Get students to attend• Get students to pay attention• Lower borrowing levels• Lower Cohort Default Rate• Collaborate with other offices

FORMAT OF PROGRAM

• In-person– Course– Orientation– Workshop series

• Online• Written material• Counseling

– Certified professionals– Peer-to-peer

AUDIENCE

• All entering freshmen• All graduating seniors• College 101 class• Commuter students• Campus organization/major• Young alumni

PARTNERS AND RESOURCES

• Campus partners– Find some champions: staff, faculty, students

• Community resources– Local credit unions, banks, insurance

professionals, etc.• National resources

– Not-for-profit agencies• Blogs and websites

– studentlendinganalytics.com, todayscampus.com

MOHAVE COMMUNITY COLLEGE

MCC 05/2012

How It Worked!

THE PROCESS

• Identified perceived need/purpose • Goals and objectives• Selected the program• Audience• Partnered on campus• Held an event, created a buzz of

excitement

MAKE IT SIMPLE!

• Held an Event– Social Media Tools

• School Newspaper Will follow up with a regular article on money

management and/or student loan basics advertisements in the newspaper

• School Videos (MCC Cast)• Evaluate • Celebrate Success!

POSTED TO FACEBOOK

POSTED TO FACEBOOK

Got all involved:

The Mascot!

THE DENTAL HYGIENIST TEAM

THE WINNER !!!

LESSONS LEARNED

• Financial Literacy/Default Management is a Living Process

• Communication– Open– Honest– Often

• Don’t Take Things Personally• Address Concerns• Celebrate your Successes!

QUESTIONS?

Doug Mastersondmasterson@mohave.edu