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  1. 1. DOLLARS AND SENSE <ul><li>SASFAA 2008 CONFERENCE </li></ul><ul><li>February 17-20 </li></ul><ul><li>Crystal City, Virginia </li></ul><ul><li>Brad Barnett </li></ul><ul><li>Senior Associate Director </li></ul><ul><li>James Madison University </li></ul><ul><li>Office of Financial Aid & Scholarships </li></ul><ul><li>Harrisonburg, Virginia </li></ul>1
  2. 2. JAMES MADISON UNIVERSITY <ul><li>Approximately 17,000 students, of which 15,500 are undergraduates. </li></ul><ul><li>Primarily 18-21 year olds who graduate high school, enroll full-time in college, and complete college in an average of 4.2 years </li></ul><ul><li>81% graduation rate (ranks 16 th nationally for schools our size, 10,000 – 18,000 students) </li></ul><ul><li>Male = 39% & Females = 61% </li></ul><ul><li>In-state = 71% & Out-of-state = 29% </li></ul><ul><li>Minority students = 11% </li></ul>
  3. 3. Office Mission – Which Way Are You Going? <ul><li>Mission Statement </li></ul><ul><li>Set of values/goals </li></ul><ul><li>These can be very important to determining exactly what type of service you want to provide (share with staff, not just the director) </li></ul>
  4. 4. JAMES MADISON UNIVERSITY MISSION STATEMENT <ul><li>We are committed to preparing students to be educated and enlightened citizens who will lead productive and meaningful lives. </li></ul>
  5. 5. JMU Office of Financial Aid & Scholarships <ul><li>Mission Statement: </li></ul><ul><li>W e will ASSIST with identifying and obtaining resources to finance higher education; DELIVER funds in a timely and equitable manner; and EDUCATE, so that informed financial decisions can be made. </li></ul>
  6. 6. CODE OF VIRGINIA <ul><li>§ 23-9.2:3.5. Education programs on economic education and financial literacy. </li></ul><ul><li>Virginia public colleges and universities shall make provisions for the promotion of the development of student life skills through the inclusion of the principles of economics education and financial literacy within an existing general education course, the freshman orientation process or other appropriate venue. These principles may include, but need not be limited to, instruction concerning personal finance, such as credit card use, opening and managing an account in a financial institution, completing a loan application, and managing student loans; consumer rights and responsibilities; and debt management. </li></ul><ul><li>The State Council of Higher Education for Virginia shall also encourage private colleges and universities to include such principles as part of their student orientation programs. </li></ul><ul><li>(2005, c. 741.) </li></ul>
  7. 7. DOLLARS AND SENSE (3 credit hour financial literacy course) <ul><li>Review of Syllabus: </li></ul><ul><li>TEXT & MATERIALS </li></ul><ul><li>COURSE DESCRIPTION </li></ul><ul><li>COURSE INTENDED LEARNING OUTCOMES </li></ul><ul><li>COURSE FORMAT </li></ul><ul><li>COURSE CONTENT (Lessons covered) </li></ul><ul><li>COURSE EXPECTATIONS </li></ul><ul><li>COURSE GRADING </li></ul><ul><li>COURSE ASSIGNMENTS </li></ul><ul><li>COURSE SCHEDULE </li></ul>
  8. 8. WHERE WE PITCHED IT <ul><li>Student Focus Group </li></ul><ul><ul><li>Very supportive </li></ul></ul><ul><li>General Education </li></ul><ul><ul><li>Cluster Fit & Multiple Sections </li></ul></ul><ul><li>College of Education </li></ul><ul><ul><li>Referred </li></ul></ul><ul><li>College of Business </li></ul><ul><ul><li>Credentialing/ownership </li></ul></ul><ul><li>College Student Personal Administration (CSPA) Program </li></ul><ul><ul><li>Structured Program…delete a course to make room for this </li></ul></ul><ul><li>Orientation </li></ul><ul><ul><li>Time issues…full schedule </li></ul></ul><ul><li>President’s Office </li></ul><ul><ul><li>Four individuals…supportive, but? </li></ul></ul><ul><li>College of Graduate and Outreach Program (SUCCESS!) </li></ul><ul><ul><li>Registration challenges </li></ul></ul>
  9. 9. ADVERTISING <ul><li>JMU website </li></ul><ul><li>Athletics </li></ul><ul><li>Career and Academic Planning </li></ul><ul><li>President’s Office </li></ul><ul><li>Previously mentioned departments </li></ul><ul><li>Local television station </li></ul><ul><li>High School system </li></ul><ul><li>High School Counselor workshops (VASFAA and JMU) </li></ul><ul><li>Brochure </li></ul><ul><li>E-mail </li></ul>
  10. 10. TEXT & MATERIALS <ul><li>The Lampo Group (Dave Ramsey) </li></ul><ul><ul><li>Ramsey, D. (2003) Financial Peace Revisited . New York: Viking. </li></ul></ul><ul><ul><li>Next Generation Workbook </li></ul></ul><ul><ul><li>Dumping Debt Audio CD </li></ul></ul><ul><ul><li>Cash Flow Planning Audio CD </li></ul></ul><ul><ul><li>Personal Finance Software </li></ul></ul><ul><li>Dollars and Sense is not a Dave Ramsey course…it’s it a JMU course </li></ul><ul><li>The Ramsey materials were the foundation of the textual materials, but supplemental information was also used </li></ul>
  11. 11. COURSE DESCRIPTION <ul><li>This practical course will review the affect a personal philosophy on money, influence of societal expectations, and management of personal finances, has on all aspects of life when it comes to securing the “American Dream.” Students will learn real life skills in the areas of eliminating debt, creating a budget, understanding investments and insurance, saving money, planning for retirement, shopping for a house, and other topics dealing with financial issues faced in daily life. </li></ul>
  12. 12. <ul><li>This course is based upon: </li></ul><ul><li>A study of chapters in the textbook. </li></ul><ul><li>The reading and completion of supplementary in-class and out-of-class workbook and reference materials. </li></ul><ul><li>Students will be required to keep a weekly journal, develop a written financial budget, and perform other written assignments. </li></ul><ul><li>The in-class viewing of pertinent videos. </li></ul><ul><li>Lectures, in-class discussions, a mid-term and a final examination. </li></ul>COURSE FORMAT
  13. 13. COURSE CONTENT 1 <ul><li>Super Savers </li></ul><ul><li>Reviews the societal influences on spending and saving habits, the affect our emotional development has in this area, discusses savings from a historical perspective, and teaches discipline, patience, and goal setting. </li></ul><ul><li>Cash Flow Planning </li></ul><ul><li>Focuses on the importance of budgeting and challenges students to determine what can be classified as essential and non-essential expenses for them. The incorporation of planning for short term and long goals as they relate to needs and wants is also part of this lesson. </li></ul>
  14. 14. COURSE CONTENT 2 <ul><li>Relating with Money </li></ul><ul><li>Students will learn how individuals and families relate with money, how emotions affect our purchasing decisions, and the role our personal and family values play on how we spend and save our money and the overall quality of our relationships. </li></ul><ul><li>Big, Big Bargains </li></ul><ul><li>Students will discover the benefits of negotiating and the cultural differences that exist in this area. </li></ul>
  15. 15. COURSE CONTENT 3 <ul><li>Dumping Debt </li></ul><ul><li>Debt is often acquired due to a lack of emotional maturity when it comes to spending (e.g., impulse shopping, etc.), poor planning skills, and/or succumbing to societal expectations of what the “American Dream” should be for everyone. Students will learn about these influences as well as discuss methods for eliminating current debt and avoiding future debt. </li></ul><ul><li>Understanding Investments </li></ul><ul><li>The basic terminology of investing, compounding interest, and a variety of investment methods appropriate for specific goals will be discussed. Students will be given tools to calculate compounding interest. </li></ul>
  16. 16. COURSE CONTENT 4 <ul><li>Understanding Insurance </li></ul><ul><li>The various aspects of acquiring physical and emotional security by having the right type of insurance for your situation will be reviewed in this lesson. </li></ul><ul><li>Retirement and College Planning </li></ul><ul><li>The importance of goal setting and long range planning to ensure you are adequately prepared for retirement and future college expenses will be reviewed, as well as the multitude of options available to save for these situations. </li></ul>
  17. 17. COURSE CONTENT 5 <ul><li>Buyer Beware </li></ul><ul><li>The psychology of spending, marketing, and succumbing to personal desires when it comes to purchasing to “make yourself happy” will be discussed. </li></ul><ul><li>Real Estate and Mortgages </li></ul><ul><li>Reviews the buying, selling, and purchasing aspects of securing a home, including the influence others may have on the choices we make. </li></ul>
  18. 18. COURSE CONTENT 6 <ul><li>Career and Extra Jobs </li></ul><ul><li>The importance of creating personal missions statements and setting goals as they relate to developing a career path in a vocation that will provide you the highest level of satisfaction is at the core of this lesson. </li></ul><ul><li>Collection Practices and Credit Bureaus </li></ul><ul><li>Students will learn about debt collection practices, gain knowledge about credit bureaus, and learn how to read a credit report. </li></ul>
  19. 19. COURSE EXPECTATIONS <ul><li>Read materials </li></ul><ul><li>Participate in class discussion </li></ul><ul><li>Complete class assignments </li></ul><ul><li>Attendance is mandatory for a grade of A </li></ul><ul><li>Be respectful of your classmates </li></ul>
  20. 20. COURSE GRADING <ul><li>The overall course grade will be determined by the following constraints: </li></ul><ul><li>Attendance and Class Participation 40% </li></ul><ul><li>Homework Assignments 10% </li></ul><ul><li>Midterm Exam 15% </li></ul><ul><li>Weekly Journal 10% </li></ul><ul><li>Portfolio Presentation 10% </li></ul><ul><li>Final Exam 15% </li></ul><ul><li> 100% </li></ul>
  21. 21. COURSE ASSIGNMENTS 1 <ul><li>1. Class Participation and Attendance : The wisdom of class commentary, including comments on readings, viewings, and presentations will be evaluated in terms of its pertinence, clarity and perceptiveness. Moreover, a series of in-class exercises will be provided in order to elicit reactions to class viewings. Attendance is truly expected every class. Failure to attend class could result in failure of course. Class participation and attendance will count as 40% of the final course grade. </li></ul><ul><li>Notes: “Draw Your American Dream,” Budgeting Case Study, Case Study Discussions, other hands on activities. </li></ul>
  22. 22. COURSE ASSIGNMENTS 2 <ul><li>2. Midterm Exam : An examination will be given. More information will be provided in class as the date for the midterm approaches. The midterm will be a compilation of material covered in every class prior to the date of actual examination. The midterm will count as 15% of the total course grade. </li></ul><ul><li>Notes: 100 points; multiple choice; essay; most of questions pulled from workbook </li></ul>
  23. 23. COURSE ASSIGNMENTS 3 <ul><li>3. Homework Assignments : Each student will be required to complete and submit a series of homework assignments. These may include weekly journal entries, assigned readings, topical papers, a zero-based budget, a personal biography (including history, present and future goals for life and personal finance), and a plan for achieving the “American Dream.” These assignments will be used to create a portfolio that will be presented at the conclusion of the semester. </li></ul><ul><li>Notes: Weekly journals extremely important to learn where the students are and how they are progressing…reflection. </li></ul>
  24. 24. COURSE ASSIGNMENTS 4 <ul><li>4. Final Exam : The final will cover material from the entire course semester. The final exam will count as 15% of the total course grade. </li></ul><ul><li>Notes: 100 points; multiple choice; essay; most of questions pulled from workbook </li></ul>
  25. 25. PORTFOLIO INSTRUCTIONS <ul><li>Each student has approximately 10 minutes to present the aspects of their written portfolio with the class. If some of the items included in their portfolio are too personal to discuss with the class, then do not go into the details. However, the student must still discuss the concepts and how they plan to implement them for their life. </li></ul><ul><li>Information on the following slides must be included in the portfolio. </li></ul>
  26. 26. PORTFOLIO CONTENT 1 <ul><li>Personal history including future life goals and financial goals. Discuss how your values play a role in this and what values those are. </li></ul><ul><li>Super Savers…lessons you will keep in mind. </li></ul><ul><li>Cash Flow Planning (i.e., budgeting). 3 months of Zero-Based Budgets (Sept, Oct, Nov). Also talk about your method for tracking your expenses, not just how to create it. If you create it, but can’t track it, it’s worthless. You can make up a family or individual’s situation for your budget numbers. </li></ul>
  27. 27. PORTFOLIO CONTENT 2 <ul><li>Dumping Debt and Careers/Extra Jobs…lessons you will keep in mind. </li></ul><ul><li>Plan for Establishing an Emergency Fund </li></ul><ul><li>Plan for Investing for: </li></ul><ul><ul><li>Vehicle </li></ul></ul><ul><ul><li>Home. Talk about the type of mortgage you plan on getting, the down payment, etc. </li></ul></ul><ul><ul><li>Retirement </li></ul></ul><ul><ul><li>College Planning (yourself or children) </li></ul></ul><ul><ul><li>Vacations </li></ul></ul><ul><ul><li>Christmas </li></ul></ul><ul><ul><li>Other major purchases </li></ul></ul>
  28. 28. PORTFOLIO CONTENT 3 <ul><li>Relating with Money. How you plan to use this information to improve your relationships with spouses, significant others, etc. </li></ul><ul><li>Big Bargain shopping…lessons you will keep in mind. </li></ul><ul><li>Insurance. What do you need and how to plan on getting it? </li></ul><ul><li>Your plan for monitoring your credit reports and why this is important. </li></ul><ul><li>Summary of how this class has affected you and how you think these principles will change your life. </li></ul>
  29. 29. COURSE SCHEDULE <ul><li>3 Credit hour course requires 2 ½ hours of class time weekly </li></ul><ul><ul><li>Tuesday/Thursday (4:00 pm – 5:15pm) </li></ul></ul><ul><ul><li>Tuesday (4:30pm – 7:00pm) </li></ul></ul><ul><li>Weekly readings </li></ul><ul><li>Weekly journal submissions </li></ul>
  30. 30. JAMES MADISON UNIVERSITY MISSION STATEMENT <ul><li>We are committed to preparing students to be educated and enlightened citizens who will lead productive and meaningful lives. </li></ul>
  31. 31. Comments from students in Fall 2007 section <ul><li>It’s all in the mission statement. This is exactly why this course should be offered to a larger JMU student population. Our success after graduation is measured not only by our happiness, but also by our career – what we offer to the rest of the world. In terms of practical knowledge that can be directly and immediately applied to my life, I have benefited more from this class than any other in my four years here at JMU. Taking control of my finances means taking control of my future, and isn’t that why we’re all here? Students want to learn, we want to prepare, we have our eyes set at the horizon line and are gathering the education supplies to get us there. This class has opened my eyes, educated me on all sorts of financial issues, encouraged me to be more responsible, and prepared me to lead the productive and meaningful life JMU intends for me. </li></ul>
  32. 32. Comments from students in Fall 2007 section <ul><li>I have benefited more from this class than any other in my four years here at JMU. </li></ul><ul><li>This class has changed my life. </li></ul><ul><li>The lessons I learned will last a lifetime and never be irrelevant. I would say this class has been one of the most beneficial experiences I have had. </li></ul><ul><li>I am more confident about life overall. </li></ul><ul><li>This is one of my favorite classes I’ve taken, and I feel it is absolutely essential that this class be more available in order to educate and improve the lives of even more people. </li></ul>
  33. 33. Comments from students in Fall 2007 section <ul><li>I am very thankful for this class… a life skills enhancer. </li></ul><ul><li>I am so glad that I took this class now so that I can start early and not fall into many of the traps that catch people along the way, traps which make them miserable for the better part of their lives. </li></ul><ul><li>Already I feel a sense of financial peace, and I have this class to thank! </li></ul><ul><li>I have experienced the opposite feeling and to now feel like I am in control of my financial well-being is like having a substantial burden lifted off my shoulders. </li></ul><ul><li>This is a great class, everyone should take it as a part of General Education Requirements. </li></ul>
  34. 34. FUTURE PLANS AT JMU <ul><li>Dollars and Sense for JMU staff (scheduled March 2008 through February 2009) </li></ul><ul><li>In Discussions: </li></ul><ul><ul><li>Dollars and Sense for JMU students </li></ul></ul><ul><ul><li>Dual Enrollment for high school students </li></ul></ul><ul><ul><li>Taking the course to high school counselors </li></ul></ul><ul><ul><li>Sociology Department (President’s Office) </li></ul></ul>
  35. 35. ON-LINE OPTION <ul><li>The Lampo Group is in the development stages of an on-line program designed for college students </li></ul>
  36. 36. SUMMARY <ul><li>Find a way to get this information to your students…they need it! </li></ul><ul><ul><li>According to the Wall Street Journal nearly 70% of all consumers live paycheck to paycheck. </li></ul></ul><ul><ul><li>Money is our No. 1 stress factor, according to the American Psychological Association </li></ul></ul><ul><ul><li>Money Magazine reported that 75-78% of people will have a negative financial event in the next 10 years. </li></ul></ul><ul><ul><li>Consolidated Credit Counseling Services found that 71% of Americans say debts are making their home lives unhappy. </li></ul></ul>