“Sensible Strategies: A financial literacy program with impact.” Nathan Ernst, M.Ed. Director of Student Financial Services Midwestern University 1.

“Sensible Strategies: A financial literacy program with impact.”

Nathan Ernst, M.Ed.Director of Student Financial Services

Midwestern University1

Midwestern University8 programs – Downers Grove Campus

Dental Medical Pharmacy Health Sciences: 5 programs

12 programs – Glendale Campus Dental Medical Optometry Pharmacy Health Sciences: 8 programs

Total Enrollment – 5,100 for 2011 - 2012

2

UNIVERSITY-WIDE SUPPORT

Support from Board of Trustees and University Administration

Campus-wide support from other departments

Increased funding levels

3

RESOURCES

Current staff

Peer Counselors through Federal Work-Study

Other campus units/faculty and staff

Outside resources [guarantors, servicers, others - paid or unpaid]

4

Admissions and Orientation Presentations

Armed Forces Day

Budget Workshop

Couples and Finances Workshop

Financial Experts Forum

Loan Repayment Workshop

Managing Your Loan Portfolio Workshop

Mid-Point Presentation

Real Estate Basics Workshop

5

Managing Your Loan Portfolio Workshop

6

Peer Financial Counselors

7

Budget Workshops

8

Mid-Point Presentations

9

Armed Forces Day

Financial Experts Forum

10

Couples and Finances

Real Estate Basics

11

COMING ATTRACTIONS 2012- 2013

Budget Webinars

Credit Basics Workshops

Small Group Sessions – Exit Counseling

Pre-orientation webinars for new students – Spring 2013

12

PGPresents Services

Short informational videos Customized listservs Repayment primers Toll-free one-on-one

assistance with repayment questions

13

Designed to emphasize “Best Practices” in minimizing debt and demonstrating solid efforts in an essay

Four scholarships on each campus One $5,000 Three $2,500

FINANCIAL LITERACY SCHOLARSHIPS

14

FINANCIAL LITERACY SCHOLARSHIPS

Essay factors evaluated:

Active financial planning effortsLiving frugally or modestly while at MWUDemonstrated efforts to minimize debt

More than 100 applied between both campuses in Spring 2012

15

Midwestern University

Impact MWU has seen on students –2012 research project

16

Research questions and methodology

Review of research results

Conclusions and Recommendations

The impact of these programs on students

Next steps

17

Research QuestionsHow and to what extent does participation in financial literacy programs influence financial decision-making among students at MWU?

18

Research QuestionsSecondary questions-how does participation influence students’

borrowing decisions on budgeting and spending money Paying interest on student loans while in school credit card usage

19

Methodology

Mixed Methods Design

Sample population

Quantitative research

Qualitative research

20

Variables StudiedStudent loan

borrowing and paying the interest on student loans

Budgeting and spending

Use of credit cards

Overall financial decision-making

21

Results and ImpactParticipation in financial literacy programs did influence

financial decision-making.

Students attending one or more sessions have lower overall monthly budgets.

22

What does all of this mean?

Aha

23

Conclusion

This study validates the need to continue and expand financial literacy

efforts, and encourage or require students to attend more sessions.

24

Next steps for MWU

Require more mandatory financial literacy sessions

Increase marketing efforts

Capitalize on support from University administration

Develop additional targeted efforts for each program

25

Thanks for coming!

26