Creating a Collegiate Financial Well-Being Program from Concept to Reality

The formula for college success today has two components: grades and money. Higher education institutions have in place a legacy of support to educate students on academic requirements. Many fall short when it comes to helping students understand the new financial responsibilities and obligations refining student success. This session is an open forum question and answer format featuring the founders of two award-winning collegiate financial well-being programs. No question will be refused!

Financial well-being has become synonymous with student success on today’s college campuses, whether that campus is a public four-year campus, community college campus, junior college campus, professional program, or private four-year campus. Student success is no longer held captive to the academic performance occurring within classroom walls.  The formula for college success only has two components: Grades and Money.

Students are made aware of their academic requirements with every class syllabus. It is often the financial realities of pursuing a post-secondary education that create challenges for students. Many students (especially first-generation students and student veterans returning to campus) who find themselves adrift without knowledge, skills, or abilities to face new financial responsibilities and processes.

A collegiate financial well-being program provides a much needed bridge of support for all students. As educators and practitioners, the greatest gift we can provide to students is empowerment through education.

Let us not forget research. The findings from a variety of research briefs, studies, and polls throughout the years speak for themselves when it comes to the importance of financial well-being in higher education:

• More than one third (34 percent) of students agreed that the stress from financial issues had a negative impact on their academic performance or progress. (Inceptia Research Brief)
• 80% of young adults (average age of just over 18) worry about debt and are experiencing debt-related stress in their daily lives. (Money Matters on Campus Study)
• Nearly 60 percent of students said they worry about having enough money to pay for school, while half are concerned about paying their monthly expense. (National Student Financial Wellness Study)
• Almost 50 percent of students said there had been a point in the past 12 months when they had less than $100 in their bank accounts (AICPA survey)
• 42 million people owe $1.3 trillion in student debt. (New York Federal Reserve Study)
• Student loan debt is nearly $620 billion more than total U.S. credit card debt. (Student Loan Hero Findings)
• Class of 2016 is the most student loan-indebted graduates with an average of $37,172 of student loan debt. (Federal Reserve Findings)
• 68% of U.S. adults doubt they will be able to completely pay off their debts. (CreditCards.com SurveyOpens a New Window.)
• 30% of U.S. adults believe they’ll never be debt-free and another 38% don’t know how or when they’ll be able to swipe their slates clean in the future. (Institute of International Finance Study)

College is an important transitionary period for students. With ever-escalating tuition costs and living expenses, all students need access to financial education programs and services to be better prepared for life today as students and tomorrow as graduates. A well-structured collegiate well-being program built upon a foundation of research findings can be transformative in the lives of all students.

This session, led by the founders of two award-winning collegiate financial well-being programs – the Student Money Management Centers affiliated with Sam Houston State University and the University of North Texas – provides insights into practical designs, implementation strategies, and assessment methodologies that can easily be replicated on any campus. This session will follow an open forum format to allow participants to ask questions relevant to their personal program development and enhancement needs or areas of concern.

Learning Outcomes

Participants will have the opportunity to:

• understand the core steps in designing a collegiate financial well-being program;
• identify key design and implementation strategies; and
• learn how to replicate student-centric principles of both programs.