Enhancing Student Financial Education

The Enhancing Student

Financial Education Project

identifies best practices for

preparing students to make

informed financial decisions

that will advance their

academic and career goals.

Today’s graduate and undergraduate students face a much different situation financially than previous generations of students. At a time when state and federal funding for education is decreasing, stu-dents are taking on an unprecedented debt burden to support their education. As a result, total U.S. student loan debt now exceeds $1 trillion.

Advanced degrees are generally a good investment, as average salaries are higher and the chances of unemployment lower at every degree level from bachelor’s to master’s to the doctorate. But debt accu-mulated in college can cause some qual-ified students to decide that they are unable to pursue their career of choice or a graduate degree. An essential part of making rewarding and successful careers possible for today’s students involves ad-dressing their financial questions, needs, obstacles, and goals.

Institutions can play an important role in providing students with the information and skills they need to make financially sound decisions. To help graduate and undergraduate students learn how to successfully manage their finances and debt, the Council of Graduate Schools (CGS) launched a three-year project, supported by a grant from TIAA-CREF, a leading financial service organization with a long history of serving those in the academic, research, medical and cultural fields. Fifteen institutions are partnering with CGS to develop innovative and engaging financial education programs. Through this project, CGS will identify Best Practices in financial education pro-gramming and foster the adoption of these practices throughout U.S. higher education.

In partnership with the Graduate Community and TIAA-CREF, CGS is:n Developing financial education and debt

management resources for studentsn Researching the attitudes, behaviors,

and financial circumstances of graduate students

n Designing and delivering innovative financial literacy programs for students

n Promoting the broader integration of evidence-based best practices in financial literacy into higher education programs

*An additional 19 universities are participating in the project as affiliate partners.For full details about the project and partner institutions, visit: https://www.cgsnet.org/enhancing-student-financial-education

ENGAGING THE GRADUATE COMMUNITYThe 15 participating research partner institutions* are:

in collaboration with

STUDENT VOICESResearch activities will inform the development of programs and resources to ensure that they effectively meet a range of student needs.Survey #1: Student Financial PerspectivesExamines graduate students’ attitudes toward debt and finances, and their exposure to financial education resources prior to and after project implementation.Survey #2: Student Financial StandingA separate survey of graduate students explores their debt burden & financial circumstances.Student Focus GroupsBetween 2014 and 2015, CGS will conduct 30 focus groups of master’s and doctoral students on financial issues, behaviors, and education before and after admission to their program.Results expected Fall 2014 through Spring 2015

Students gain useful information through interactive tools and engaging infographics.

ADD IT UPHow Much Could You Be Saving?Consider how daily spending decisions can add up over time after graduation.

BY DEGREESHow Much Debt Makes Sense for Your Degree?Explore academic degrees and fields to find average salaries and student debt levels.

In developing GradSense, CGS brought together, for the first time, two essential federal data sources: on debt and potential earnings. The tool allows students to see median education debt by degree and field and salary information for similar degree holders in occupational areas.

LOAN REPAYMENTWhat Will It Take To Cover My Monthly Payments?Understand repayment options.

JOB TIPSExplore Salaries by Occupation Explore earnings potential, evaluate job offers, and transition into a career.

GradSense (gradsense.org) is an online resource designed to help graduate and undergraduate students make informed financial decisions that will support their academic and professional career goals. The Web site provides students with important financial information about a variety of issues related to topics such as: the value of obtaining an advanced degree, potential future earnings, responsible borrowing and spending, and compound interest. GradSense was developed by CGS, in collaboration with TIAA-CREF, as part of the Enhancing Student Financial Education project.

For more information about the Enhancing Student Financial Education Project & GradSense, please contact:

Daniel Denecke at CGS (ddenecke@cgs.nche.edu) Council of Graduate Schools, One Dupont Circle NW, Suite 230, Washington, DC 20036, Phone: (202) 223-3791 | www.cgsnet.org

In Collaboration with

Enhancing StudentFinancial Education

Examples of Funding Opportunities for Graduate Students* Name of Program Brief description of funding opportunity Website for More Information

American Association of University Women (AAUW) Fellowships/Grants

Fellowship and grant recipients perform research in a wide range of disciplines and work to improve their schools and communities.

http://www.aauw.org/learn/fellows_directory/

Eloise Gerry Fellowship The Eloise Gerry Fellowship is a Fellowship sponsored by Sigma Delta Epsilon/Graduate Women in Science (SDE/GWIS).

http://www.scholarships4school.com/scholarships/eloise-gerry-fellowship.html

Experimental Program to Stimulate Competitive Research (EPSCoR) Doctoral Dissertation/Graduate Student Research Assistantship

This program helps increase opportunities for students from the North Dakota University System baccalaureate universities and ND tribal colleges, to pursue graduate degrees at North Dakota’s two research universities in the areas of science, engineering and mathematics.

http://www.ndepscor.nodak.edu/rfps/gsra2014rfa-11-3-14.htm

International Dissertation Research Fellowship (IDRF)

The Mellon International Dissertation Research Fellowship offers nine to twelve months of support to graduate students in the humanities and humanistic social sciences enrolled in PhD programs in the United States and conducting dissertation research on non-US topics.

http://www.ssrc.org/fellowships/idrf-fellowship/

L’Oréal USA Fellowships for Women in Science Program

National awards program that annually recognizes and rewards five U.S.-based women researchers at the beginning of their scientific careers. Recipients each receive up to $60,000 that must put towards their postdoctoral research.

http://www.aaas.org/programs/education/loreal.shtml

National Science Foundation GraSUS Fellowships

GraSUS-II is a GK-12 project funded by the National Science Foundation. GK-12 (Graduate Teaching Fellows in K-12 Education) programs provide support and funding to graduate students in STEM (Science, Technology, Engineering, and Mathematics) disciplines.

http://www.ndsu.nodak.edu/grasus/

National Science Foundation Graduate Research Fellowship Program (NSF GRFP)

Recognizes and supports outstanding graduate students pursuing research-based masters and doctoral degrees in fields within NSF's mission. The GRFP provides three years of support for the graduate education of individuals who have demonstrated their potential for significant achievements in science and engineering research. $34,000/year stipend plus cost of education. NDSU Assistant Dean of the Graduate School serves as Coordinating Official.

http://www.nsfgrfp.org/

Food and Agricultural Sciences National Needs Graduate and Postgraduate Fellowship (NNF) Grants Program

Supports: (1) training students for Master's and doctoral degrees in food, agricultural and natural resource sciences, and; (2) Special International Study or Thesis/Dissertation Research Travel Allowances. Intended to support traineeship programs that engage outstanding students to pursue and complete their degrees in USDA mission areas.

http://nifa.usda.gov/program/national-needs-graduate-and-postgraduate-fellowship-grants-program-funding-opportunity-nnf

NDSU North Dakota State Board of Higher Education Scholarship

A tuition discount awarded to a limited number of high-quality graduate students nominated by faculty advisers and approved by the dean of the Graduate School.

http://www.ndsu.edu/fileadmin/english.ndsu.edu/Board_of_Higher_Education_Scholarship.pdf

*Check the websites for eligibility, application instructions and deadlines. These examples and others are updated on the NDSU Graduate School website at https://www.ndsu.edu/gradschool/current_students/fellowships_and_awards/multi_year_fellowships/. Many other funding programs exist, and we encourage you to explore these – a few hours of research within your area of interest can pay off well in the end.