MASFAA 2013 October 6 th – 9 th, 2013 Indianapolis, Indiana FINANCING A GRADUATE EDUCATION – PUTTING STUDENTS IN THE COCKPIT John Garcia – Michigan State.

MASFAA 2013

October 6th – 9th, 2013

Indianapolis, Indiana

FINANCING A GRADUATE EDUCATION – PUTTING

STUDENTS IN THE COCKPIT

John Garcia – Michigan State University College of LawCandi Frazier – West Virginia University

First things first --Do you need a financial literacy

program?

Questions from your students Types of professional judgments Exit counseling sessions Average debt of students Accreditation Administrative questions

WHY? Impetus for developing program

Students unaware of their own debt Students requesting a financial

literacy program Concerns from Deans about reporting

that could impact accreditation Rising debt Increased requests for budget

appeals

HOW? Getting buy-in

Students Dean’s Office Student Affairs Development Office Compliance Office

WHO to Involve? Institutional partners

Department of Personal Financial Planning

Agreement with Financial Advisor Work with local CPA’s, Attorneys and

local businesses State or local government

Who to involve? Students

Get their input, feedback and most importantly their support

Monitor students’ needs to make improvements to the program

Educating students to take responsibility of their own personal finances

How to begin? Outline of the program

Evaluate the needs of the students Student advisory board Evaluate your office resources Set goals each year with targeted

completion date and financial allocation (including both cost savings and anticipated expenditures)

Determine the best time, frequency, and delivery method

Start small, build on the program each year

Sample Basic Outline

Budgeting Credit scores and credit cards Tips on saving money Understanding taxes Understanding contracts including

mortgages Tips for borrowing and loan

management Investments and money management Other program specific concerns

How? Marketing the Program

Consider branding the program WVU Wallet Watch is mandatory

within the School of Medicine Consider using incentives (food, gift

cards, etc.) to boost attendance iGrad at MSU College of Law Use social media

iGrad

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Evaluating the Effectiveness

Survey students Comment box Decreased debt

What benefits to anticipate?

Important for overall health of the students

Reducing indebtedness for students Help make your students more

financially aware More transparency for the school

Statement on Education Loan Indebtedness

“We are aware that loan assistance is an integral source of financing law school for many law

students and that the decision to borrow funds for law school is a highly individualized one

based on each borrower’s personal and professional goals and circumstances, future

earnings potential, debt from other educational programs or consumer debt, and comfort level

with debt.”13

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QUESTIONS AND DISCUSSION