NEFE High School Financial Planning Program Webinar

[Lori Hendrickson] Welcome and thank you
for joining us for the NEFE High School Financial Planning Program Webinar. I’m Lori Hendrickson and today we’ll
be talking about the NEFE High School Financial Planning Program as well as providing you some resources from the University of Minnesota Extension With me today are Sara Croymans
and Becky Hagen Jokela. And today our objectives include providing you introductory presentation and looking at the following objectives: Summarizing how NEFE serves consumers and financial educators, outlining the learning outcomes of the High School Financial Planning Program, previewing
the program materials, and creating an awareness of additional financial literacy resources
and strategies to assist students as they plan for post-secondary educational costs. At this time I’ll turn the program over to Sara Croymans and she’ll continue. [Sara Croymans] NEFE — or the National Endowment for Financial Education — is a nonprofit, noncommercial foundation dedicated
to empowering individuals for financial decision-making through all stages of their lives. In the
1980s, the foundation evolved from the college of financial planning to meet the need of
providing reliable, impartial financial information to consumers — particularly those who are underserved. The High School Financial Planning Program is the Flagship program of NEFE and also provides
many additional free resources. During this webinar, we will introduce
several resources available for teens. So you may be wondering, “What is Extension’s role?” Education Well, nationally, the National Endowment for Financial Education partners with many organizations and the cooperative Extension service and the Credit Union National Association are some of those national partners.
So here in Minnesota, the University of Minnesota Extension and the Minnesota Credit Union
Network are state representatives or partners in that program. So as indicated, NEFE partners
with many financial educators and practitioners to teach consumers with credible, non-commercial
personal financial resources and strategies. NEFE has developed partnerships and alliances
with many organizations such as the National Institute for Food and Agriculture, which is the new name for the USDA Cooperative Extension Program credit unions, the Jump Start Coalition,
Catholic Charities, American Red Cross, and the National Military Families Association.
Additional partnership activities can be found on the NEFE website at under
the “Who We Help/Partners” tab. In addition, NEFE provides grants for research about the
field of personal finance. Examples of research include the University of Wisconsin’s study
about teacher preparedness, and the current long-term study of student financial behaviors
at the University of Arizona. Summaries of all NEFE-sponsored research can be found, again, at NEFE’s website at under the “Research” tab. NEFE provides an ever-growing
collection of financial literacy resources including the High School Financial Planning Program, financial workshop kits for adult workshops, and consumer resources at their website. This slide provides a visual showing NEFE’s target audiences across the lifecycle. You can see down at the bottom on that first step is for middle school students all the way up to the top for those considering or in retirement. Listed on each stair step are the corresponding programs or resources for each target audience. All of these resources can be accessed from NEFE’s website ( So, what every
teen should know. Since the mid-1980s, the High School Financial Planning Program has reached nearly 8 million students across the country and at over 100 military bases around the
world. The High School Financial Planning Program is designed for teachers and youth
mentors who want to help students get off to a good start managing their own finances. The program is designed for in-person teaching. That can happen in a traditional classroom,
or perhaps in a workshop, or in one-to-one settings. The program is used both in public
and private schools, home-school settings, community youth programs, scouts, 4H, church, seminars, junior ROTC programs, adult and youth learning centers,
and juvenile detention centers. The High School Financial Planning Program has been revised a few times over the years and after each revision of the program, after it’s been in circulation for 2 to 3
years, the program impact has been evaluated. And the most recent study of the program revealed that students who participated in the High School Financial Planning Program actually increased financial knowledge, confidence, and ability to apply what they have learned. The two most recent impacts studies can be found on the program website. So the High School Financial Planning Program is designed to equip teens for financial independence
in three ways, as you can see on the slide. Learners will build confidence in handling financial matters, they will use what they’ve learned to apply sound financial principles, and learners
will use what they’ve learned in practice to exhibit mindful money management behaviors
long after participating in the program. And so the key concepts we want young people to apply include spending less than what they make, growing their money, and protecting
what they have. Now with that third bullet, we talk about mindful money management behaviors,
and when NEFE uses that term, it’s used to reflect the reality that not all behaviors are gonna be sensible. Rather, mindful behaviors indicate that the consumer has considered the consequences to their actions and is willing to accept responsibility for those outcomes. So now it’s time to hear from our participants. And so Lori’s going to pulling in a poll here
and we would like to know how you have connected with the High School Financial Planning Program.
And so on the righthand side of your screen you will see the poll where you can place
a vote. And actually you can indicate as many that apply to you. So tell us which activities
have you completed? Have you registered as an instructor for the High School Financial
Planning Program? Have you ordered instructor materials or ordered student materials? Have you used the High School Financial Planning Program in your classroom? Or none of the above?
So you can go ahead and vote or indicate as many of those that apply to you and then be sure to hit the “submit” button down on the righthand side just below the poll.
Nobody has registered as an instructor yet. One person has ordered materials. So I’m guessing you’ve registered if you’ve been able to order materials. Two people have ordered student materials.
One has used it in her classroom. So we have got a great audience on the webinar here today
with a lot of introductory materials so we’re hoping that this will be very useful for you.
Thank you for sharing. So let’s take a look at the High School Financial Program features. The curriculum is designed to include the following features as listed on the slide. It teaches fundamental, personal finance topics. It’s easy to use and flexible. It provides an opportunity for students to apply what they have learned. Teacher trainings are available,
and you’re participating in one of those today. It provides an opportunity for teachers to
engage with one another via the forum and on Facebook, and it features a growing collection of resources on the NEFE website. And we’ll be covering these program features on the next couple of slides here. Throughout the High School Financial Planning Program, students have opportunities to reinforce skills that relate to multiple program outcome. These transferable skills can be applied in other settings beyond the personal finance course
or workshop. Goals, decision-making, values, personal, gathering information, and organizing records, help students have a plan and monitor their plan. Now if you happen to have a student
guide in front of you, I would ask you to flip to page 40 in the back of the student
guide, which is the last page, and all of, this page, page 40, is the same in all of
the student handbooks. In it provides several memory aids that are integrated into many of these lessons, including a smart goal guide, decide steps to help with decision-making, a stop, drop, and think before you buy test, and an overview of the financial planning
process. The program materials are categorized into 6 topical modules as shown on the slide. They are also listed on the inside cover of each student guide. Each module targets a
foundational personal finance learning outcome and it’s made up of multiple lessons and learning activities. It also includes performance assessments that measure a student’s ability to actually perform target competencies
under authentic conditions. Each lesson also targets a competency
that addresses one or more of the program learning outcomes and it’s designed so that
the students practice and, again, apply what they’ve learned as a result of the learning
experience. Every module includes online learning resources, a student guide booklet, and teacher
lesson plans. The curriculum is designed so educators can teach the 45-minute lessons in any sequence they decide based on their local requirements and their students’ needs. Teachers have the flexibility to select each module and lessons they want to use, so they can use some or all of them based on, again what time they have to cover their curriculum.
Teachers also have the flexibility to extend learning beyond the High School Financial
Planning Program materials. For example, a teacher might want to or choose to use the “Understanding Taxes” program as an add-on to the “Earning Power” module. Each module has a separate student guide. So actually there are six of them. Each learner
can have his or her own little workbook to use during the lessons and to keep and use
later as a reference guide. Teachers can order or download each module for every student or just the modules that’ll be covered in the classroom workshop. The content is written at an 8th grade reading level and is relevant specifically to the lives of teens. The content includes theory, storytelling to show relevance, oh my, relevance, and activities. All right. The inside cover of the- each guide lists the program modules and so this is an example example here of an inside cover, and this is what each of the program modules would look like with a list of each of the six. Each guide features two teen case studies throughout the booklet as readers follow one student in either grade 11 or 12 or another student in grades 8, 9, or 10 while covering
the personal finance concepts within the booklet. For example, module 1 features a senior high school student, Michael, and a freshman student, Selena. Activities are embedded into each
guide so students can process and practice as they learn new content. Each student guide is a different color, which is really nice for quick identification. And the student guides
are designed to cover the basics of personal finance that seem really most relevant to those
students in grade 8 through 12. Further learning and additional concepts are available in the ever-growing collection of online learning activities at NEFE’s website. And then registered part– users can access the student guides in two ways: First, they can place an order to request a shipment of enough copies for their students. And shipment’s at no cost. Or, you can download the student
guides right off the website. So, instructor material. Easy to access those lesson plans
and learning materials. They can be obtained, again, online there. Or, um, the instructor packet
there, the option to order, you can get the lessons, complete set of six student guides,
the color-coded 3-ring binder dividers, and then teachers can add what they want to the
module by placing those in their 3-ring binder. So within the teacher lesson activities they’re
strategically choreographed to address specific learning objectives and guide students through the 4-phase learning cycle. And so the 4-phase learning cycle involves motivating or inquiring activities to introduce the value of what’s being learned. The second step is to gather
new information in small chunks. The third is to process and practice the new information in chunks. And then the fourth step of the 4-phase learning cycle is to wrap up with an application/challenge activity. And so each lesson guides instructors through activities
and the student guide as well as offers suggestions for additional activities beyond the guide,
including tasks to complete at home or independently beyond the class session. Each lesson pack
includes a one-page student learning plan to share with the students and plan their work.
This is also a useful document to share with students who might– or to share with the special
ed instructors or aids who work individually with students so they can offer suggestions
or adaptations that meet the student’s needs. Um, so it includes a lesson overview, lesson outcomes,
learning tasks, and lesson extension ideas. Each lesson includes an 8- to 15-slide presentation — so
a Powerpoint presentation — and it completes with those facilitator teaching notes that
are found in the lesson plans. So that’s really nice to have. The lesson pack also contains all of the handouts needed for the lesson. Note that many of the lessons include information and activities beyond what is in the student guide. So the guide is just that — a guide for students to reference as they’re learning about personal finance tasks. Each lesson addresses a specific concept and competency and actually goes a little bit deeper than
the material provided in the student guide. The program is designed… I’m gonna go one more, here we go. The program is designed so students learn
about and practice skills that relate to their own life situations. An authentic assessment, otherwise known as that “challenge” strategy, is built into each lesson. The learners show that they know and
they show what they’ve learned and what they can do as a result of
the learning experience. The homepage or the High School Financial Planning
Program .org homepage is where the public can find general information about the program. And there’s a portal there
for teacher and student webpages. This is where the portal
is located for educators and students to register and login to use the program materials. And here is a picture of the educator page where they can have access to those materials. This is an example of the instructor materials available for the first module. All of the instructional materials are available on these module pages. The download button in the upper
left is used to only download materials that students use. The arrow shows where the lesson
plan materials are available through hyperlinks. Teachers can also place orders for print materials from this page. The student page— The student page is where the students can access the following: They can get learning activities that are assigned by their teacher. They can get worksheet templates such as a budget spreadsheet or decision-making form. They can also access
student guides in the .pdf format. Please note that students will log in to access student content, but their personal contact information will not be requested, so that is good. Teachers can also gain access to everything on the student pages with another set of login credentials. Downloading the student materials. Users must be registered
and logged in to access the download feature. The student learning materials
are available in electronic format, so either Microsoft Word, Excel, and also a .pdf format. Teachers and students can select the activities that they want to use during a particular learning experience. Now I am going to pass the ball back to Lori, who is going to take us and talk to us about
how the high school financial planning program fits personal finance programs. Lori. [Lori Hendrickson] Great. Thanks, Sara. The High School Financial Planning Program lessons are designed for 45 minutes
of instruction, but they can be expanded to use any of the supplementary activities. Teachers and workshop leaders can pick
which lessons to use and choose the sequence of lessons based on the audience, on their purpose, and their time frame. So you can see the example on your screen of SMART Goals plus the Spending Plan plus Investing and this could be a 3-hour
workshop. The content is designed to be used as a stand-alone program or with other resources.
And teachers are able to incorporate other “favorite” activities and resources into the
NEFE program. And you see there at the “Plug and play to supplement existing programs” include the investing module, maybe integrating with a stock study or stock simulation, and also the earnings module, integrating with the’s tax unit. At this time, we’d like
to have a little chat with you and if you’d use the chat area please, we’d like you to
answer this question: How have you utilized the high school financial planning program materials in the classroom? And if you go to the chat area, and you should see a box,
be able to type into that box, and then please select either “all attendees” or “all participants”
and share your responses and we’ll collect some of those responses along the way. Takes a little bit here to get some responses. [Sara Croymans] This is Sara again and I know the first time I used this webinar system I couldn’t see the chat box and so you will see up at the top
righthand side of your screen a tab for participants, chat, Q&A, and so if you click on that “callout bubble chat,” the chat box will show up for you down below. [Lori Hendrickson] Still waiting to see any comments. So even if you’ve used some of the materials and um and maybe not the whole classroom activity but maybe a piece of something, please feel free to share those, too. Okay, so we have a few coming in now. “Have used the booklet or the supplement to personal finance.” “Nice for the students to have their own books and to use them to explore later and as personal options.” “Have only used the older materials, but used the materials as a textbook,” k, “and going through different sections throughout the semester, and adding material.” Yeah, and that’s perfectly fine,
we’ll talk more about some, some ways that we are providing
some materials for you to supplement as well. “We have all of the books, the lesson plans, and have enjoyed student activities.” How— “Very helpful for adaptation,” that’s great. Okay, we’ll just wait a minute longer here and see if anyone else has anything to share. At this point I’m not seeing any additional responses— Oh, maybe one more here. Okay. “And I’ve also used parts of the Powerpoints.” So it’s nice to be able to have those Powerpoints available so that you don’t necessarily have to create them all yourself. So, great, those are are
wonderful responses and uses of the materials and what they’re meant for and so um hopefully we’ll
give you some other ideas along the way here. Thank you for your responses. Let’s move on. NEFE appreciates the collaborative partnerships
with a variety of organizations and we’ve mentioned some of these
so we’ll just detail a little bit more. The JumpStart Coalition, USDA NIFA
Extension Service, America’s Credit Unions, and Army’s JROTC program. Also local and state representatives of those programs can answer questions about programs and in
some cases may be able to co-teach the lessons. And if you would like further information, we do
have Minnesota Credit Union network partners that are available to come into the classroom
and we have materials related to that that we usually take out to conferences and such.
So if you would like those, please certainly let me know in the chat area
and I can make sure to send those out. And The JumpStart Coalition is a national nonprofit organization. It’s an organization of organizations that all share in interest in financial literacy among youth. NEFE is over— one of over 100 coalition partners and even the JumpStart Clearinghouse
is a great thing to do to search specifically for personal finance resources. For example, you might find a video about stock market to use in a middle-grade class, and so you
can go in and search whatever terms you happen to be looking for and find some great resources. Also Reality Check is fun simulator to use with students when discussing budgeting or living expenses. The State Extension Services offer
a variety of personal finance resources, including publications
and of course state-specific resources. Here you see an example from Ohio State University’s, their “Real Money. Real World.” website. And again, we’ll be showing you some University of Minnesota Extension resources along the way. Extension service offers
a helpful personal finance resource through “Ask a Question” feature on At this site— you go to this webpage, it also will identify your particular state extension service.
So, being that you are in Minnesota, you will find that as the resources come up, there will be a University of Minnesota
identifier on the page as well. We as University of Minnesota Extension
have resources to assist you in your role in working with students. Here you see an example of our
“Youth and Money” website, just one of the pages among
many on that website. NEFE has contributed to
a new government resource that provides personal finance tasks for statistic common core standards. And at,
you can select “math” or “English language standards” to find ideas for integrating personal
finance into existing lessons. Other tasks are organized by standard and grade level
and each semester you can return to this site and find new tasks that will be added
to expand the collection. NEFE provides additional resources that are relevant to youth including the
CashCourse website and “40 Money Management Tips for College Students.” The CashCourse website provides
helpful worksheets and strategies for basic money management strategies, including
budgeting, banking, saving, dealing with credit, and preventing identity fraud. Students can also explore tips to financially prepare for college, and the site includes scholarship
and FAFSA information. The CashCourse is typically thought of as a college site, and colleges are encouraged to host this site. However, students can register individually if their chosen college does not participate. And the topics included on CashCourse include
financial basics, paying for college, college life, the world of work, and economic survival tips. A .pdf version of “40 Money Management Tips Every College Student Should Know” as a guide can be downloaded from the Smart Money— Smart About Money website website or from the High School Financial
Planning Program website. And these links can be
found on the high school program website. — this NEFE resource includes money management tips for young adults who are starting out on their own. And the site also features blogs
contributed by young people who are willing to share their personal stories and lessons learned as they transition into adulthood. You can also find this link
on the high school program site. and this site is part of the Smart About Money program. Spendster’s a fun site
where people post short videos to confess poor money management, poor spending decisions, and share how they might have better used their money. And the videos are a great way to prompt some discussion
about spending habits and opportunity costs. The NEFE Evaluation Tookit. This evaluation toolkit guides users
through the process of deciding what to evaluate and how to evaluate the program that they’re
involved with. What kind of impacts are you seeing? The toolkit includes a user guide and is equipped
with a library of evaluation questions. And these are all related to categories
of personal finance. At the bottom of the homepage, you can find a link to watch an introductory webinar to learn more about the evaluation toolkit. And on the next slide we’ll take
a look at examples of the question database. So here you can see that users can generate
evaluation tools from the library of questions and add their own questions to customize a
reusable evaluation form. The evaluation is saved electronically to reuse or modify as needed and so if you’re needing to provide data on why your program is important, perhaps
to an administrator, or to show justification for maybe including another section of a class,
this is a great way to be able to provide some data. Just to get started now to use
the program material, again, just register at if you haven’t already done that
and place an order for student materials or select the teacher lessons to use in class
and you can download those materials as well. You might be wondering about supplementing
some of the modules and we did talk a little bit about that in the chat earlier. One of the things that we would like to share is an example of materials that we’ve developed that we think would be a nice fit to supplement
Module 3: Earning Power: More Than a Paycheck. And you see there that the objectives
in this module are making career and career preparation decisions, family communications related to plans, and understanding resources to limit
post-secondary debt. These are all items that we have added, then, to our module 3 learnings. So in the past two years, educators
at the University of Minnesota Extension have been investigating post-secondary debt
of students and how we can work to help students avoid an accumulation of
debt in post-secondary education. And this material could be used with module 3 and we’d
like to share some of this information with you you so you may use it with students and with
their families. We know that nationally, we’ve heard statistics this year that students are
graduating with an average of $33,000 in debt. So upon graduation, to come out with that kind of debt is very overwhelming for many students and families. We want to look at
ways that we may be able to address helping students to understand before getting into
this situation and how to limit debt along the way. So, moving on we would like to then
talk with you a little bit further in the chat area. Again, if you don’t see the chat
area, go to that bubble on top of the webinar bar and you should see chat there and be able
to click on it. During the chat, on the—
off to the side then, you will see a box that you can type
into and select “all attendees” or “all participants” and share with us this information. What issues
do you think — or do you see — that your students and families encounter as they’re preparing
to finance higher education? And please share those thoughts along with us. And we’ll take
a little bit of time to do this. Usually takes a little while for, first of all, the thought
process to sink in for us, and also then to start typing in and getting some of those answers back. Alright, Denise says, “Don’t know where
to start looking for the money.” Yes, certainly. And we’ve recently heard some information that people often just opt out
of some of this discussion because they are overwhelmed by all of the potentials that
are out there. They don’t know where to start. Yeah, “Don’t know how to do FAFSA.” Certainly. Bit longer here.
See if there are any more ideas coming in. In fact, we’ve been doing
some workshops to talk about family communication and discussing what those options might be
for students, and uh to… to go ahead and uh to make some decisions together as a family, as far as
educational goals, and also the um to uh make some decisions
as to how they will access resources. Also “How to fit it into their budget,” certainly. You know, when you’re looking at they high cost and
not knowing what you might be eligible for in terms of assistance, how to fit it into
an already tight family situation is certainly difficult. Okay, great. Thank you for your
comments there and we will move onto the next slide. So one of the items that I mentioned
that we had been concerned with is that students and families as they prepare for and plan
for students entry into post-secondary education is that idea of family communication throughout. And so as a part of this and to understand what will be needed,
it’s important for students and families to discuss educational goals and their plans, what students want to do
with their lives, and how they might reach those goals. Also the resources that might
be available whether the family has resources available or what they need to be looking
for for additional resources, and what is needed to achieve those goals. Also, who might
take what kind of role. Will the student take jobs in order to finance the education?
What will the family provide? And understanding clearly what those roles are. Okay. And so we’ve identified 3 points at which students are making decisions. The 3 As of Decision and Action Stages.
And these are Accepting debt, Accumulating debt, and Attacking debt
repayment. So were going to share some of those resources with you right now. For this section, we’re looking to provide information to you all to assist in making informed decisions
before accepting student loan debt and to introduce you to web tools to assist students
in accepting and accumulating debt. So why the need for this? Well, as our team looked
at the issue of post-secondary debt, we began exploring what was currently happening and
what factors make post-secondary debt different than other debt problems. And the following
were factors that we explored. Right now, Americans owe more on student loans than on credit card debt. And due to the costs of college,
there’s a growing need for planning to pay for college. 6 out of 10 families don’t have financial plans for that student’s education upon enrollment. Also long term effects of student loan debt
can have many impacts on life after college and this is debt that does not go away,
even in bankruptcy. And so we need to identify how
to handle that debt. So here’s a graphic from Sallie Mae
National Study of College Students and Parents. This was 2013. And in reviewing how families are paying for college, we found that grants and scholarships account for the largest percentage of funds, followed by parent
income and savings, student borrowing, student income and savings, parent borrowing,
and lastly, contributions of relatives and friends. We see that families are adapting to pay for college. Scholarship use has increased
to account for 30% of college costs and that’s up from 25% four years ago. Parent income and savings accounted for 27% in the 2013 study, but that was reduced considerably from the 2010 study, when parent income and savings
accounted for 37% of funding. Families are considering school choice now
as a part of their college costs. They take a look more closely
at those choices among the colleges to see what they’re getting because they’re becoming more cost-conscious. However, there is an increased belief
in the value of college. 85% of parents agree that it is an investment
in a child’s future, and that’s up from 81% in 2009. Our team conducted a literature review to see what problems remained once students graduated and were dealing with repayment
of post-secondary debt, and in the next few slides, we’ll share some of those major themes that we identified. Delayed life plans is the first of those themes. And post-secondary
debt has impact on what we would generally consider life-stage tasks of young adults,
including delayed entry into marriage, beginning a family, and purchasing a home. Stress and
impact on a relationship is another theme and the author indicated here, uh- indicates that in the
long term, adverse financial circumstances may affect psychological well-being, interpersonal
and family relationships, and potentially the student’s ability
to successfully transition into adulthood. Lost hopes and dreams is another one of the themes. Higher outstanding debt can induce students to choose more lucrative occupations in the short term. And this author
cited here goes on to say that this may lead to slower earning growth for individuals and
as a result can have an economic impact with individuals not saving for future expenditures,
and ultimately postponing retirement savings. But the losses are more than economic. In another study, Rothstein and Rouse concluded that when students were provided
grants rather than loans and were relieved of the accumulation of debt, they shifted towards jobs in public
service industry, indicating that they may have preferences for certain types of jobs, but have chosen others to deal with the accumulated debt. But what is the cost in terms of talent, contribution,
and passion for careers that they may have abandoned? While parents are borrowing to pay–
but parents borrowing to pay for college has remained fairly consistent over the past 5 years,
the share of college costs covered by student borrowing has increased last year from previous years. And when individuals are paying down debt, the effects are not only personal, but they
can ripple across the economy and may contribute to their inability
to save for their future financial security and that of the next generation. So then how can we help students? As staff working with students, it’s important to understand what students already know, what they need
to know, and where we can fill those knowledge gaps in order to help them make appropriate
decisions for their situation and to become critical consumers in the loan process. So then at this time, I will pass to Becky and she will take us through the remainder of
this material. [Becky Hagen Jokela] Thank you, Lori. In looking at the whole area of student loan debt, we’ll take a look at the first of the 3 As in the decision-making and action stages for students. And that is to further understand the loans before accepting them. With the passage of the Student Aid and Fiscal Responsibility Act of 2010, all federal loans are now offered
through the U.S. Department of Education and not through private institutions. The Minnesota Attorney General’s Office website offers information about the various types of loans, as well as many student focused publications. And this is an excellent resource of information. Before a student accepts a student loan, they must know the total costs, need to get as much information as possible, and take the time to review their options. This section of the presentation will review the decision-making process and the resources to help students
gain the knowledge needed to make informed choices. And if you look at that area it says
“total costs,” it’s tuition, room and board, et cetera, so again, taking the time to explore
those specific costs. You’ll notice the “DECIDE” acronym and it would be then to Define your goal, Establish criteria for an acceptable outcome, Choose two to three good options,
Identify the pros and cons of the options, Decide the option that best matches the criteria, and to Evaluate the results. And here we’ll take an example of course from a student loan scenario and walk it through the steps to decide. And you’ll notice step 1 then is to define
your goal. And so take time to even think, “Should I take out a student loan?” And once the student
understands, then, the total cost of their education to go further to this point, to
really think, “Is it needed?” Step 2 would be to establish your criteria.
In other words, what is important in this decision? And once one understands, again, the total cost of their education, they will need to then ask themselves that same question: is it important
or not to take out that loan? In step 3, they begin to explore the options and it’s to choose 2 to 3 good options. So as you can see, it might be to take out a loan, it might be that the parents take out a loan, to work, work study, et cetera, so it’s to brainstorm those
options and to choose 2 to 3 of those options. In step 4, one examines the pros and cons
for each option. So they would consider and take time, again, to think and brainstorm what are the pros and cons. And it’s also important to, if needed, take time to revisit their options and perhaps add additional they may have not included at the beginning. The next step is to make a choice. And when a student comes to a decision to take out a student loan, they understand the cost and are informed of their options available to them in order to meet their needs. So that would be to take out, in this case, a student loan or not,
and again, narrowing down for the choice. In this step, evaluation is key. And to again,
reflect. Does this decision meet one’s need? For example, a student may have decided to
work during the summer to save money and consider other living options in order to reduce expenses.
And this would be, again, taking time to evaluate. So you can see the decision-making process is one that can help people to make a plan and to reach their goals. In this slide, you’ll notice a resource,
“FinAid,” and this was established in the fall of 1994 as a public service to help students look for ways to finance their education. It is known as a comprehensive,
informative, and objective source of student financial aid information. It offers advice and tools on or off the web. FinAid is free for all users and there’s no
charge to use the site. It is often the first stop on the web for students as they seek
guidance on acquiring financial aid. Remember that FAFSA is free, and the website is not a .com, and one should never have to pay, that’s the key point, so there’s no charge
for this resource. Why my slide is moving here… Here we go. Alright, FinAid serves as a student’s guide to financial aid information and that is for students in addition to parents
and financial aid administrators and educators. And it offers all kinds of information and as you can see by the bullets, everything from scholarships to savings to military aid to calculators and even beyond
financial aid. One real tool would be the calculators in that it can help students with the task
of estimating college costs, loan payments, and expected family contributions, and more. The Department of Ed’s mission is to promote student achievement and preparation for global competitiveness by fostering educational excellence and ensuring equal access. And the US Department of Education then has a financial aid shopping sheet, which is a tool that has been very helpful. And it was actually- Department of Ed was created in 1980 and has offered all kinds of information that may help, all kinds of data on American schools, talked about different
educational issues, and also prohibiting discrimination and ensuring equal access to education.
So this is a very important and helpful website. Going on to living with student loan debt
accumulated while in college — the second of the 3 As — a very important one as well. And in this section we will review resources to assist students learning to manage their resources
and to limit the debt accumulated. The Consumer Financial Protection Bureau works to ensure that consumers get the information that they need to make financial decisions that they believe are the best
for themselves and their families. And as Lori mentioned that we still
to include communication as a key component, taking that time to gather information and reflect. And when you think of consumers, when they have the information they need to understand terms and agreements, decisions become clear. There are several items on this website that are helpful for students to help them make these important financial decisions. Let me take a moment to look at those. The Consumer Financial Protection Bureau section on paying for college helps students compare college costs and the financial aid offers, in addition
to choose the loan appropriate for their needs, and offers a site to help students manage
their money. And we’ll go take a closer look at some of the tools that are available. As part of the Know Before You Owe project,
the Consumer Financial Protection Bureau worked with the Department of Education to create a Financial Aid Shopping Sheet, which we’ve already mentioned, but again, noted to be a very helpful tool. Now that hundreds of
colleges are adopting this clear and comparable form, the bureau has built a tool that complements the shopping sheet to help students make comparisons that are tailored
to their individual circumstances. If you are working with students or know some that
might have received financial aid offers, this tool, when used, will help them understand how all those numbers impact their payments down the road. The bureau’s page on managing
your college money helps students to identify their needs for a financial institution and financial accounts. This site in itself has students look at options available to them in accessing financial institutions. There is an action sheet that can help students make this decision. We have looked at this page already as a source of information before taking out a loan, but the site also provides a loan payment calculator. This calculator computes an estimate of the size of your monthly loan payment and the annual salary required to manage those payments without too much financial difficulty. This loan calculator can be used with Federal education loans such as the Stafford, Perkins, and PLUS, and most private student loans. And that we’ve found that is so helpful just looking at the reality of what type of salary might work to help pay back the loans. CashCourse provides financial education resources for colleges. It’s online, it’s free, non-commercial, and it’s brought to you by the National Endowment for Financial Education, referred to often as NEFE. And it is non-profit, and 26 Minnesota institutions out of 148 post-secondary institutions use CashCourse, and that included everything from short term certificate programs to research doctorate programs. So there is an opportunity to impact the effects of debt accumulation of students. Some points of interest regarding CashCourse: it can help students to build money management skills, survive in a tough economy, and prepare for success. In addition, the website is one that can be customized and dual-branded for institution needs. And it does provide easy access to financial resources for students. It’s low-maintenance and high value, zero cost, and as you can see a wonderful, potential tool to help. There’s workshop materials that can be provided when a school enrolls this CashCourse and they also have additional teaching resources that they share. So another tool that can be of use. We at the University of Minnesota Extension working with Post-Secondary Debt also have some resources that can be helpful and there you see that web address. Resources of websites, decision making worksheets, credit strategies for college students, spending strategies for going off to college, the college transition, and managing your college life resources. So a lot of good information that’s out there. So at this time we’d like you to share how you have or plan to assist students in their postsecondary education planning. So if you would write in the chat any thoughts you have on this that would be very helpful and if you’d hit where it says “to all attendees” then everyone would be able to see what ideas are shared. So we’ll take just a moment but please any ideas that you have on how you will or plan to assist students in postsecondary education planning. So just take a moment. [Lori Hendrickson] Becky, I just wanted to share also that I did post in the chat area the information on where to find those websites that you were sharing because we do have a couple of resource lists that we have used in previous webinars
with student support service workers. And so those resources are listed on those presentations and on the fact sheets that we have available so that’s in the chat area too. [Becky Hagen Jokela] Okay thank you and here I see a comment, thank you. School offering a class just starting called “College and Career Planning.” Very good. Yes. And I’m hearing and we have some work out there in similar types of things in schools where there’s a focus and that’s so exciting to see. Thank you. Any other thoughts? But thank you for sharing that. It’s certainly something to think of and I know many different institutions that are looking at this as an important, critical topic. So thank you for sharing. In summary today, we have summarized how NEFE serves consumers and financial educators, we’ve outlined the learning outcomes for High School Financial Planning Program, we have previewed the program materials from High School Financial Planning, and also created awareness of additional financial resources in literacy and strategies to assist students in planning for postsecondary expenses. So with that we–this is an exciting area, we have a post-secondary debt team we’re working on some exciting potentials here and very important work for all. At this time, are there any questions that you have? Oh, copies of the slides? Yes, I’m sure we can make those available and we can send out an email afterwards, thank you. [Lori Hendrickson] Hi, Becky, just me again, a couple of items I did post earlier that we can get those up on the web page when we post the webinar recording so we’ll go ahead and put the presentation slides up there as well. Oh and the other quest– The other thing I wanted to mention is that uh we do have the evaluation coming up, you have the link, um, coming up on a slide, but also you will be atten you will as attendees be getting an email and as a part of that you should have that evaluation link in there as well. [Becky Hagen Jokela] Yes, thank you Lori,
so here’s that link that Lori referred to and we would really like to thank you for joining us today for this webinar and we just found this whole topic so exciting and important, and please connect with us if you have any further questions or if we can help meet some needs. And here’s that contact information and that will be included in on the slide information as well. So again, we’d like to thank you so much for joining us and please let us know if you have any questions or comments.

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