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Welcome! WWW.HSFPP.ORG 0 NEFE High School Financial Planning Program® ©2013 Your Presenters Sara Croymans 1 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 2 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. 3 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 4 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 5 NEFE High School Financial Planning Program® ©2013 NEFE REACHES CONSUMERS 6 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 7 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 8 NEFE High School Financial Planning Program® ©2013 Poll • • • • • • 9 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 10 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. 11 NEFE High School Financial Planning Program® ©2013 6 Program Modules Module Topics 12 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 13 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 14 NEFE High School Financial Planning Program® ©2013 Student Guide Style 15 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 16 NEFE High School Financial Planning Program® ©2013 Teacher Pack – Lesson Plan 17 NEFE High School Financial Planning Program® ©2013 Teacher Pack - Student Learning Plan 18 NEFE High School Financial Planning Program® ©2013 Teacher Pack - PowerPoint Print out notes pages to view presenter notes (same as in Teacher Lesson Plan) 19 NEFE High School Financial Planning Program® ©2013 Teacher Pack – Activity Handouts 20 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 21 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 22 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 23 NEFE High School Financial Planning Program® ©2013 Download Teacher Packs • Lesson Plans • Handouts • PowerPoint presentations • Performance assessments 24 NEFE High School Financial Planning Program® ©2013 Student Page • Registration required • Access learning materials • Find resources 25 NEFE High School Financial Planning Program® ©2013 Download Student Materials • Students and teachers must register for authorized access • Select desired lessons, activities, assessments 26 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 27 NEFE High School Financial Planning Program® ©2013 How Have You Utilized HSFPP Materials in the Classroom? 28 NEFE High School Financial Planning Program® ©2013 HSFPP National Partners & Alliances 29 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 30 NEFE High School Financial Planning Program® ©2013 State Extension Services http://extension.osu.edu/topics/family http://realmoneyrealworld.osu.edu/ 31 NEFE High School Financial Planning Program® ©2013 eXtension Resources 32 NEFE High School Financial Planning Program® ©2013 www.extension.org University of Minnesota Extension Resources Personal FinanceCommon Core www.MoneyAsYouLearn.gov 34 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 35 NEFE High School Financial Planning Program® ©2013 OnYourOwn.org • Blogs: Young adults sharing real lessons learned 36 NEFE High School Financial Planning Program® ©2013 Spendster.org Assess spending habits and consider strategies to control spending. 37 Your Stuff: consumer polls, stats, and resources More Stuff: spending tips blog Spendster Calculator: calculate value of “wasted” money 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 38 NEFE High School Financial Planning Program® ©2013 Question Options 39 NEFE High School Financial Planning Program® ©2013 Ready … Set … Get Started Now Order Online (and/or) Download files www.hsfpp.org 40 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 41 NEFE High School Financial Planning Program® ©2013 What issues do your students and their families encounter as they prepare to finance higher education? 42 NEFE High School Financial Planning Program® ©2013 Family Communication • 43 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 • 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? • • • • • 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 • • • 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? • • • • 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 • • • • 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? 76 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 79 NEFE High School Financial Planning Program® ©2013 Contact information: Sara Croymans, [email protected] Becky Hagen Jokela, [email protected] Lori Hendrickson, [email protected] 80 NEFE High School Financial Planning Program® ©2013