Financial Literacy for
Graduate/Professional Students
CASFAA Conference, San Francisco, CA
December 16, 2013
Daniel Roddick
Director of Financial Aid
UC Berkeley
Haas School of Business
Jacquie Carroll
Financial Education & Campus
Engagement Consultant
American Student Assistance
Financial Literacy for
Graduate/Professional Students
• Agenda
– The Grad/Prof Student
• Statistics
• Testimonials
– Methods
• Workshops/In-Person
• Email/Online/Text/Chat
• Campus/External Partners
– Best Practices
• Counsel the whole student
• Small Group Scenarios
Financial Literacy for
Graduate/Professional Students
• Statistics
– Many Programs but
Small Community
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Full-time programs
Part-time programs
Doctoral programs
Internships, department
awards, parent grants
Financial Literacy for
Graduate/Professional Students
• Statistics
– High Touch for High Price
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•
•
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Consumer culture
Mature but too busy
International students
Existing debt from previous
programs (grad and UG)
• Cost/Benefit, ROI
Financial Literacy for
Graduate/Professional Students
• What students think
and experience!
Financial Stress + Solution =
Happiness?
Melior Group & American Student Assistance, 2011
More About Debt
Debt is scary. With or without loans, in or
out of school, the idea of being in debt is
pretty daunting.
Deals ≠ saving money.
Debt is a situation they think about, but
don’t always address it.
ATTITUDES TOWARD AND
EXPERIENCE WITH DEBT
AND FINANCIAL
EDUCATION
Age
21-25
26-30
31-37
White
Non-White
School Type
Base: Those with
Student Loans
Total
49%
48%
21%
30%
19%
45%
56%
46%
23%
33%
32%
22%
22%
22%
32%
Race
“UNTIL I HAD
TO START
PAYING BACK
MY LOAN, I
DIDN’T THINK
ABOUT HOW I
WAS GOING TO
AFFORD IT.”
Agree Strongly/Somewhat
Public
Private
Neutral
56%
49%
48%
18%
20%
26%
31%
21%
Disagree Somewhat/Strongly
31%
Total
Age
21-25
26-30
54%
59%
50%
31-37
49%
White
55%
22%
20%
25%
23%
24%
21%
25%
28%
20%
25%
23%
Race
“STUDENT LOAN
DEBT HAS
DIRECTLY
IMPACTED THE
CHOICES I’VE
HAD TO MAKE
(JOB, LIVING,
ETC.).”
Non-White
51%
26%
Public
53%
21%
School Type
Base: Those with
Student Loans
Agree Strongly/Somewhat
Private
Neutral
56%
22%
26%
22%
Disagree Somewhat/Strongly
More About Managing Money
• Student and graduates know it is important to get a grip
on their money.
• They already budget around the things they love (family,
pets, friends, hobbies, alcohol, dining out, etc.).
• They are interested in knowing their own spending
patterns.
They fear not having money to spend on what
they enjoy!
Financial Literacy for
Graduate/Professional Students
• Students think:
It feels like there is
nowhere to turn
for money
questions...especia
lly about loans!
More About Money
Management Resources
• There is little awareness around existing money
management resources—most students and graduates
cannot name a single resource.
• There is interest in checking out resources and tools.
• But, if the tools are too much work, they won’t use
them.
After all, they are getting along fine
without them!
Remember when?
Financial Literacy for
Graduate/Professional Students
• Methods
– In-person Workshops we do
• Admit Weekends
• “Financial Aid & Billing Overview”
(Entrance Counseling)
• Tax Workshop
• Loan Repayment Workshop
(Exit Counseling)
– Workshops we don’t do
• Budgeting, Spending Plans
• Compensation Strategies
– Spruce it up…
Financial Literacy for
Graduate/Professional Students
• Methods
– Webinar
• Great for Part-time students
– Chats
• Great for Prospective students
– Passive Programming
• Podcasts, website
– Online Counseling
– Campus partners
• For Perkins counseling
Counseling Techniques
1. Know Your PAL
2. Get Their Attention
3. Note The Objectives
4. Stimulate Prior Learning
5. Present The Content
6. Provide Learning Guidance
7. Elicit Performance
8. Note Important Resources
9. Finish With A Call To Action!
Know Your PAL
Purpose:
Inform, persuade and provide guided
practice
Audience:
Know your audience
Logistics:
How you will get it done
Get and Keep Their Attention!
People pay attention when their world stops!
Outgoing
Incoming
Process
Elements
Sender
Channels
Feedback
Message
Receiver
Environment
Communication Obstacles
• Inadequate preparation
– Credibility results when knowledge is
demonstrated
• Vague instructions
– Leads to confusion
• No rules
– Use overview, simple & succinct, specific &
repeat, repeat, repeat
• Cultural barriers
Communication Obstacles
Phrases that should be avoided:
• You did statements• blames others for their behavior
• You should statements• No one likes being told what to do
• Defending statements• Pull rank and push authority
• Threatening statements• Break relationship trust
Financial Literacy for
Graduate/Professional Students
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Partner-up
Pick a card
Discuss scenario
Share solutions
Remember Takeaways
Financial Literacy for
Graduate/Professional Students
• Questions?
• More to Share?