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Welcome!
WWW.HSFPP.ORG
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NEFE High School Financial Planning Program® ©2013
Your Presenters
Sara
Croymans
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NEFE High School Financial Planning Program® ©2013
Lori
Hendrickson
Becky
Hagen Jokela
Objectives:
This introductory presentation addresses the
following objectives:
• Summarize how NEFE serves consumers and
financial educators
• Outline the learning outcomes of the HSFPP
• Preview the program materials
• Create an awareness of additional financial
literacy resources and strategies to assist
students as they plan for post-secondary
educational costs
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NEFE High School Financial Planning Program® ©2013
The National Endowment for
Financial Education is . . .
A nonprofit, noncommercial, independent, 501(c)(3), selffunded, private foundation based in Denver, Colorado.
NEFE inspires empowered
financial decision-making for
individuals and families
through every stage of life.
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NEFE High School Financial Planning Program® ©2013
Extension’s Role
• University of Minnesota Extension serves as
the state representative for the NEFE HSFPP
• MN Credit Union Network also works as a
partner in this role
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NEFE High School Financial Planning Program® ©2013
NEFE Overview
NEFE Serves …
• youth up to retired adults
• particularly “underserved”
• people in difficult or unusual life circumstances
NEFE Partners with …
• Financial educators and practitioners
• Other nonprofits
NEFE Provides …
• Grants for research about the field of financial literacy
• Resources for consumers, educators, and facilitators
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NEFE High School Financial Planning Program® ©2013
NEFE REACHES
CONSUMERS
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NEFE High School Financial Planning Program® ©2013
What Every Teen Should Know
NEFE’s High School Financial Planning Program
equips students in Grades 8-12
with fundamental personal finance skills
to prepare them for financial independence
and mindful money management
decisions and behaviors
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NEFE High School Financial Planning Program® ©2013
HSFPP Program Goals
Equip students with skills for financial independence:
• Build confidence
• Apply sound financial principles
• Exhibit mindful money management behaviors:
– Spend less than you earn
– Grow your money
– Protect what you have
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NEFE High School Financial Planning Program® ©2013
Poll
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Have you (check all that apply):
Registered as an instructor for HSFPP?
Ordered instructor materials?
Ordered student materials?
Used NEFE HSFPP in your classroom?
None of the above actions
NEFE High School Financial Planning Program® ©2013
HSFPP Program Features
• Fundamental concepts: Personal finance basics
• Turnkey teaching materials: Flexible and easy to use
• Performance-based learning: Apply what is learned
• Teacher training: In person and online
• Teacher community: Forum and Facebook
• Suite of resources: Growing collection on website
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NEFE High School Financial Planning Program® ©2013
5 Transferable Skills
Integrated Throughout the HSFPP
Act upon goals.
Be informed when making decisions.
Analyze how personal values impact behaviors.
Gather information from trustworthy resources.
Organize personal records for easy access.
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NEFE High School Financial Planning Program® ©2013
6 Program Modules
Module Topics
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Learning Outcomes
1. Money Management
Manage your spending.
2. Borrowing
Control your credit and debt.
3. Earning Potential
Boost your earning capacity.
4. Investing
Make the most of your financial resources.
5. Financial Services
Choose financial services that are right for you.
6. Insurance
Protect your financial resources.
NEFE High School Financial Planning Program® ©2013
Components
Online
instructional resources
Teacher
lesson
plans
Student Guide booklets
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NEFE High School Financial Planning Program® ©2013
Student Guide Series
• One booklet per module
(6 total)
• Use one, some, or all
• Content is relevant to teen lives, Grades 8-12
• Activities are mixed with basic personal finance theory
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NEFE High School Financial Planning Program® ©2013
Student Guide Style
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NEFE High School Financial Planning Program® ©2013
Instructor Materials
• Online resources, www.hsfpp.org
― Continually growing collection of lessons and resources
― Teacher Forum and Facebook to share ideas
• Instructor Packet, option to order
― Sampling of lesson plans
― Complete set of six Student Guides
― Color-coded 3-ring binder dividers for each module
― Teachers add what they want to manual
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NEFE High School Financial Planning Program® ©2013
Teacher Pack – Lesson Plan
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NEFE High School Financial Planning Program® ©2013
Teacher Pack - Student Learning Plan
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NEFE High School Financial Planning Program® ©2013
Teacher Pack - PowerPoint
Print out notes pages
to view presenter notes
(same as in Teacher Lesson Plan)
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NEFE High School Financial Planning Program® ©2013
Teacher Pack – Activity Handouts
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NEFE High School Financial Planning Program® ©2013
Performance Assessments
aka “Challenges”
• Designed for students to
show what they know and
can do
• One performance assessment
included in each lesson pack
• Examples:
- Set financial goals
- Create a spending plan
- Outline a career plan
- Use a checking account
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NEFE High School Financial Planning Program® ©2013
Public Home Page
www.hsfpp.org
• How to use the program
• How to get involved
• How to order or download
• News about HSFPP
• Financial literacy news
• Link to State Info map for contact and training info
• Links to other NEFE resources
• Portal for educators and students to access materials
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Educator Page
• Must register to access
• Same log-in info as in past
• Order or download materials
• News for educators
• Training resources for trainers
• State map for contact and training info
• Discussion forum
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NEFE High School Financial Planning Program® ©2013
Download
Teacher Packs
• Lesson Plans
• Handouts
• PowerPoint presentations
• Performance assessments
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NEFE High School Financial Planning Program® ©2013
Student Page
• Registration required
• Access learning materials
• Find resources
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NEFE High School Financial Planning Program® ©2013
Download Student
Materials
• Students and teachers
must register for
authorized access
• Select desired lessons,
activities, assessments
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NEFE High School Financial Planning Program® ©2013
How HSFPP Fits PF Programs
• 45-minute lessons to fit class/workshop timeframe
• Pick and choose lessons based on audience and purpose
– SMART Goals + Spending Plan + Investing (3-hour workshop)
• Plug and play to supplement existing programs
– Investing module: integrate with stock study or stock simulation
– Earnings module: integrate with IRS.gov tax unit
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NEFE High School Financial Planning Program® ©2013
How Have You Utilized HSFPP
Materials in the Classroom?
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NEFE High School Financial Planning Program® ©2013
HSFPP National Partners & Alliances
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NEFE High School Financial Planning Program® ©2013
Jump$tart Coalition
www.Jumpstart.org/clearinghouse
• Clearinghouse of personal finance resources
– Select by grade and type
– Free or low-cost resources
• Reality Check calculator/budget simulator
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NEFE High School Financial Planning Program® ©2013
State Extension
Services
http://extension.osu.edu/topics/family
http://realmoneyrealworld.osu.edu/
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NEFE High School Financial Planning Program® ©2013
eXtension Resources
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NEFE High School Financial Planning Program® ©2013
www.extension.org
University of Minnesota Extension
Resources
Personal FinanceCommon Core
www.MoneyAsYouLearn.gov
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NEFE High School Financial Planning Program® ©2013
Add’l NEFE Resources for Teens
The CashCourse website helps high school students
prepare financially for college. The site includes
worksheets, calculators, and an interactive Budget
Wizard at www.CashCourse.org under “Other.”
40 Money Management Tips Every College Student
Should Know .pdf documents is available for
download at www.SmartAboutMoney.org
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NEFE High School Financial Planning Program® ©2013
OnYourOwn.org
• Blogs: Young adults sharing real lessons learned
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NEFE High School Financial Planning Program® ©2013
Spendster.org
Assess spending habits and
consider strategies to control
spending.
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
Your Stuff: consumer polls,
stats, and resources
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More Stuff: spending tips blog
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Spendster Calculator: calculate
value of “wasted” money
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Join the Conversation: talk to
others about spending habits
NEFE High School Financial Planning Program® ©2013
NEFE Evaluation Toolkit® http://toolkit.nefe.org
• Track and evaluate
program outcomes
• Judge program
effectiveness
• Guide adjustments
• Establish
accountability
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NEFE High School Financial Planning Program® ©2013
Question Options
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NEFE High School Financial Planning Program® ©2013
Ready … Set … Get Started Now
Order Online (and/or) Download files
www.hsfpp.org
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NEFE High School Financial Planning Program® ©2013
Supplementing Module 3: Earning
Power: More Than A Paycheck
• Making career & career preparation decisions
• Family communications related to plans
• Understanding resources to limit postsecondary debt
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NEFE High School Financial Planning Program® ©2013
What issues do your students and
their families encounter as they
prepare to finance higher
education?
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NEFE High School Financial Planning Program® ©2013
Family Communication
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Family members and teens need to
communicate about educational
plans, resources and how to achieve
educational goals.
NEFE High School Financial Planning Program® ©2013
Living with Student Loan Debt
3 A’s Decision and Action Stages
• Accepting debt
• Accumulating debt
• Attacking debt
repayment
WEBINAR OBJECTIVES:
To provide information for teachers to assist
students in making informed decisions before
students accept loan debt.
To introduce teachers to web tools to assist
students around accepting and accumulating debt.
WHY THE NEED?
Families are concerned about paying for
college:
• Americans now owe more on student loans
than on credit cards.
• There is a growing need for planning to pay for
college. (6 out of 10 families do not have a
financial plan upon enrollment.)
• Long term effects of student loan debt: It will
not go away, even in bankruptcy.
How are families paying for college?
Source: Sallie Mae, 2013
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Families are adapting to pay for
college
• Increased use of scholarships and grants
• Reduced parent contributions
• New cost consciousness
Source: Sallie Mae, 2013
Implications for students
Findings of literature review
Delayed life plans
• Educational debt has been a deterrent
of entry into marriage. “. . . sufficiently
high levels of educational debt may
result in delayed marriage.”
Source: Shand, J.M. (2008). The Impact of Early-Life Debt on Household Formation: An Empirical
Investigation of Homeownership, Marriage and Fertility. The Ohio State University.
Implications for students
Findings of literature review
Stress/impact on relationships
It has been clearly established that
economic hardship can lead to
depression, distress and poor
interpersonal relationships with partners
and family members
Source: Shim, Xiao, Barber, & Lyons. (2009). Pathways to life success: A conceptual model of financial
well-being for young adults.
Implications for students
Findings of literature review
Lost hopes and dreams
“Higher outstanding debt may induce
students to choose more lucrative
occupations in the short term.”
Source: Zhang, L. (2011). Effects of college educational debt on graduate school
attendance and early career and lifestyle choices.
Implications for students
Findings of literature review
Long-term financial security
College debt and delayed financial tasks
accompanying debt can have lasting impact
on:
• an individual’s financial security
• the economy
• a generation
Source: Ratcliffe & McKernan.(2013). Forever in Your Debt.
HOW CAN WE HELP STUDENTS?
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Help students understand loans before
accepting debt
Help students limit debt incurred
Provide financial education while
attending post-secondary institutions
Encourage short and long-term savings
If young adults find themselves with
excessive debt, provide credible
resources for credit counseling
Before Accepting A Student Loan
STUDENT LOANS
Federal
Stafford Loan
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Subsidized and Unsubsidized
PLUS Loan
Direct Consolidation Loan
Other Loans
• Perkins Loan
Private or alternative loans
Minnesota state loan
http://www.ag.state.mn.us/Consumer/Publications/StudentLoans.asp
BEFORE APPLYING FOR A LOAN
Students should know:
• Total costs (tuition, room and board, etc.)
• Get as much information as possible to
aid in planning
• Assess the financial options available
(scholarships, prepaid college savings plans, grants,
personal savings and money from grants)
DECIDE TO MAKE A
SENSIBLE DECISION
1. Define your
goal.
Should I take
out a student
loan?
2. Establish
your criteria
What is
important in
this decision?
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Options
Take out a student loan
Parents take out a loan
Work an additional job
Work study
3. Choose 2-3
good options
Option
Pro
Con
Take out a student
loan
Time for school work
& activities; able to
meet expenses
Incur debt; later promise to repay
Parents take out a
loan/parents incur
debt
Time for school work
& activities; able to
meet expenses; no
additional debt
incurred
May feel obligation to parents to repay
Work an additional job Not incurring
additional debt; work
experience
Not as much time for studies & activities;
may still have problems meeting expenses
Work study
Not as much time for studies & activities
Additional income;
not incurring
additional debt; work
experience
Choice
Take out a
student loan.
This met my needs, but
after the first semester, I
realized that I needed to
stick to a spending plan
so I wouldn’t have to
take out another loan.
www.finaid.org
• Loan type definition
• Assistance in completing the FAFSA
form (Free Application for Federal
Student Aid)
• Calculators to estimate college
costs, loan payments or family
contributions
Finaid.org
US Department of Education
Financial Aid Shopping Sheetnt
of
Education
Standardized to simplify comparisons of
financial aid packages across institutions
US Department of Education
http://www2.ed.gov/policy/highered/guid/aid-offer/index.html
LIVING WITH STUDENT LOAN DEBT
ACCUMULATED WHILE IN COLLEGE
Consumer Financial Protection Bureau
www.consumerfinance.gov/
Consumer Financial Protection Bureau
http://www.consumerfinance.gov/paying-for-college/
Consumer Financial Protection Bureau
http://www.consumerfinance.gov/paying-for-college/compare-financial-aid-and-college-cost/
Consumer Financial Protection Bureau
http://www.consumerfinance.gov/paying-for-college/manage-your-college-money/
Finaid.org
http://www.finaid.org/calculators/
National Endowment for Financial
Education (NEFE) CashCourse
• Dual-branded- NEFE
and the institution
• 26 MN institutions
use CashCourse
• 148 post-secondary
institutions in MN
from short-term
certificate to research
doctorate programs
www.cashcourse.org/home
University of Minnesota Extension
Post-Secondary Debt Resources
www.extension.umn.edu/personalfinance
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Resource list of websites
Decision making worksheet
Credit strategies for college students
Spending strategies for going off to
college
• The college transition
• Managing Your College Life resources
Please share how you have or
will assist students in their
post-secondary education
planning?
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NEFE High School Financial Planning Program® ©2013
Summary
Today we have:
• Summarized how NEFE serves consumers and
financial educators
• Outlined the learning outcomes of the HSFPP
• Previewed the HSFPP program materials
• Created an awareness of additional financial
literacy resources and strategies to assist
students in planning for post-secondary
expenses
Questions?
Evaluation
http://z.umn.edu/vxh
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NEFE High School Financial Planning Program® ©2013
Contact information:
Sara Croymans, [email protected]
Becky Hagen Jokela, [email protected]
Lori Hendrickson, [email protected]
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NEFE High School Financial Planning Program® ©2013