Your Money Matters Developing Financial Responsibility in Students

1
Your Money Matters! Developing Financial
Responsibility in Students

• Elena Larson Gina Curry
• Sacramento State

2
Why Develop a Program?

• AB521 chap. 1.3 The Student Financial
  Responsibility Act reduce marketing of credit
  cards on campus and establish debt education
  program to students
• In 2001, according to NellieMae, Undergrads
  carried more than 3,000 credit card debt and 1/3
  of those had balances more that 7,000.
• Impact on retention of students failing or
  dropping out due to worries about high debt
• Educating student borrowers to reduce your campus
  default rate

3
Our Background

• Sacramento State began its money management
  program for students in Spring of 2000
• Our materials have improved from a set of
  photocopied articles to a cohesive color handbook
• Initially presenting to groups during
  orientation, we soon added a schedule of Freshman
  Seminar courses
• We also offer one-on-one advising to students who
  need more personal help

4
Latest Development

• Now, with a grant from EdFund and the help of our
  friends at University Media Services, we have
  launched an interactive website!

5
Information Resources

• Refer to established programs
• Use our favorite resources
• Internet research
• Use your lenders
• Join CASDRAP California Student Debt Resource
  and Awareness Project
• Attend workshops and seminars

6
Making it Work

• Budget
• Go for grants!
• Use your partners
• Commit to reallocating savings
• Staff
• Use student help
• Identify appropriate staff
• Training and job descriptions

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Your Money Matters!

• Elena Larson Gina Curry
• Sacramento State
• [phone] [phone]
• miscel_at_csus.edu curryg_at_csus.edu
• www.csus.edu/sfsc-ymm