The document discusses the changing dynamics of families applying for financial aid. It notes that applicant families now have higher incomes and net worth. These "new financial aid families" are more assertive, entrepreneurial, and accustomed to influence over decisions. This is reshaping how schools provide financial aid. Schools must reshape policies, budgets, and communications to meet the needs of these evolving applicant families and increase participation in the financial aid process.
This document discusses withdrawing from a course and provides information on the pros and cons to consider. A withdrawal results in a grade of W on the transcript, which does not affect GPA but can negatively impact financial aid status. Reasons for withdrawing include illness, changes in personal situations, or missing too many classes. Withdrawing may allow more time for other courses but can impact time to graduation and financial aid. The document advises students to think carefully about their reasons for withdrawing and discuss options with instructors, advisors or financial aid officers before making a decision.
The document describes a multi-state research project called NC2172 that aims to better understand consumer financial decision making across peoples' lifespans by examining the influence of behavioral economics. The research will use mixed methods to study factors like mental accounting, framing, and self-control on decisions related to retirement, home ownership, and student loan usage. The initial work has included literature reviews and focus groups on student loans to inform efforts to improve financial decision making.
This document discusses personal financial management among students. It aims to raise awareness of the value of money through a project targeting architecture and design students. The group conducted research including questionnaires, interviews, and polls to understand students' spending habits and income sources. Most students reported receiving money from their parents as their primary income. The research found that excessive spending without financial management can lead to debt, loans, and financial problems in the future. The document introduces the project and outlines the objectives, target groups, research methodology, and tools used to analyze spending patterns and identify solutions to reckless extravagance.
This self-paced course is designed to provide you with a basic understanding of personal financial management to help you meet life's challenges and opportunities in college and in life. Major topics covered include: financial planning; budgeting; information on the various sources of financial aid; credit use; standards of progress for financial aid eligibility; affording the loan debt that you have borrowed; using your maximum credit wisely; and retirement planning. Students will be provided with information that will enhance their knowledge and skills to assist them with making more informed decisions that are related to various practices as they pursue their education at Madison College.
This document discusses the costs of financial distress among employees for employers. It notes that about 34% of workers report high levels of financial stress, which can reduce productivity through absenteeism, inattentiveness, and time spent dealing with financial issues at work. Financial distress is also linked to poorer health, as 40-50% of financially distressed workers report negative health impacts from their worries, potentially increasing employers' healthcare costs. However, the document argues that workplace financial education programs can help reduce these costs. It cites a study finding a 9:1 return on investment for employers who provide such programs through improved productivity and potentially lower absenteeism and healthcare expenses. The programs have led many employees to improve their financial behaviors and decisions.
Financial Action Steps and Milestones-Different Ages-04-18Barbara O'Neill
This document provides information on financial action steps and milestones for different ages and stages of life. It outlines recommended financial tasks in your 20s such as learning to invest, budget, and pay off student loans. Financial tasks in your 30s include saving for retirement and buying a house. Milestones include having 6 months of savings by age 30. The document recommends savings targets at different ages and notes financial considerations for those in their 50s, 60s, and beyond.
The document discusses a college planning program called the Heartland Institute of Financial Education (HIFE) College Planning Program (CPP) that helps students and parents pay for college. It provides coaching to help students get funding for college, including developing resumes for loans, grants and awards. HIFE coaches work with students and parents on college selection, applications, test preparation, GPA improvement, career planning and navigating the financial aid system. The program aims to help families access federal, state and college funds to offset the rising costs of obtaining a college degree.
This document discusses withdrawing from a course and provides information on the pros and cons to consider. A withdrawal results in a grade of W on the transcript, which does not affect GPA but can negatively impact financial aid status. Reasons for withdrawing include illness, changes in personal situations, or missing too many classes. Withdrawing may allow more time for other courses but can impact time to graduation and financial aid. The document advises students to think carefully about their reasons for withdrawing and discuss options with instructors, advisors or financial aid officers before making a decision.
The document describes a multi-state research project called NC2172 that aims to better understand consumer financial decision making across peoples' lifespans by examining the influence of behavioral economics. The research will use mixed methods to study factors like mental accounting, framing, and self-control on decisions related to retirement, home ownership, and student loan usage. The initial work has included literature reviews and focus groups on student loans to inform efforts to improve financial decision making.
This document discusses personal financial management among students. It aims to raise awareness of the value of money through a project targeting architecture and design students. The group conducted research including questionnaires, interviews, and polls to understand students' spending habits and income sources. Most students reported receiving money from their parents as their primary income. The research found that excessive spending without financial management can lead to debt, loans, and financial problems in the future. The document introduces the project and outlines the objectives, target groups, research methodology, and tools used to analyze spending patterns and identify solutions to reckless extravagance.
This self-paced course is designed to provide you with a basic understanding of personal financial management to help you meet life's challenges and opportunities in college and in life. Major topics covered include: financial planning; budgeting; information on the various sources of financial aid; credit use; standards of progress for financial aid eligibility; affording the loan debt that you have borrowed; using your maximum credit wisely; and retirement planning. Students will be provided with information that will enhance their knowledge and skills to assist them with making more informed decisions that are related to various practices as they pursue their education at Madison College.
This document discusses the costs of financial distress among employees for employers. It notes that about 34% of workers report high levels of financial stress, which can reduce productivity through absenteeism, inattentiveness, and time spent dealing with financial issues at work. Financial distress is also linked to poorer health, as 40-50% of financially distressed workers report negative health impacts from their worries, potentially increasing employers' healthcare costs. However, the document argues that workplace financial education programs can help reduce these costs. It cites a study finding a 9:1 return on investment for employers who provide such programs through improved productivity and potentially lower absenteeism and healthcare expenses. The programs have led many employees to improve their financial behaviors and decisions.
Financial Action Steps and Milestones-Different Ages-04-18Barbara O'Neill
This document provides information on financial action steps and milestones for different ages and stages of life. It outlines recommended financial tasks in your 20s such as learning to invest, budget, and pay off student loans. Financial tasks in your 30s include saving for retirement and buying a house. Milestones include having 6 months of savings by age 30. The document recommends savings targets at different ages and notes financial considerations for those in their 50s, 60s, and beyond.
The document discusses a college planning program called the Heartland Institute of Financial Education (HIFE) College Planning Program (CPP) that helps students and parents pay for college. It provides coaching to help students get funding for college, including developing resumes for loans, grants and awards. HIFE coaches work with students and parents on college selection, applications, test preparation, GPA improvement, career planning and navigating the financial aid system. The program aims to help families access federal, state and college funds to offset the rising costs of obtaining a college degree.
This document discusses metrics and monetization strategies for software startups. It begins by introducing the author and his company RescueTime, which helps people track how they spend their time. It then discusses the importance of measuring key metrics like visitors, signups, purchases, and retention at each step of the "startup funnel." The document emphasizes focusing on opportunities that provide long-term leverage, like improving retention rates, rather than one-time gains. Finally, it provides tips for optimizing different parts of the funnel like acquisition, user experience, evangelism, and purchases. The overall message is that startups should measure their funnel closely and address areas where user numbers drop off significantly.
This document discusses appealing a financial aid award letter if it does not meet expectations. It recommends comparing award letters to decide the best offer and see if the amounts match what the school advertises for need, merit, and self-help percentages. If not, the letter should be appealed to the financial aid officer. Specific family circumstances or questions about how outside scholarships are handled can also be reasons to appeal an award letter.
This presentation goes through 6 topics that retirees should prepare for in today's economy. Knowing your annual income, calculating your net worth, using your retirement as a paycheck, using your financial power wisely, managing your debt and managing risk!
The document describes the Out Of The Box Youth Financial Literacy Program, which provides financial education to at-risk teens. The program partners with schools, non-profits, and corporations. It uses a curriculum based on 12 principles to teach teens banking, budgeting, investing, and entrepreneurship skills over multiple workshops. Students who complete the program open savings and investment accounts and participate in alumni career counseling programs. The program has expanded to several cities and seen increased financial literacy among participating students.
The document summarizes statistics from a national survey of Catholic high schools in the United States. It finds that while enrollment increased slightly in recent years, tuition costs and the gap between tuition and per-pupil costs also increased. Most schools rely on fundraising to meet student financial aid needs, with advancement trends moving away from capital campaigns toward perpetual funding of strategic plans from all donor sources. Effective advancement prioritizes relationships and distinguishes higher potential donors, taking a strategic rather than transactional approach.
This document provides guidance on creating a budget for college students. It outlines key components of a student budget including identifying income sources, estimating expenses, and tracking spending. Expenses are divided into fixed costs like tuition and housing and more flexible categories. The document warns that credit cards can enable overspending if not used carefully and within one's budget. It provides tips for credit card management and using a budget to avoid debt.
The document summarizes key findings from a 2017 survey of Millennials (ages 20-36) about their finances, happiness, and priorities. It found that most Millennials consider themselves happy and associate love rather than money with happiness, but they also want help managing financial anxiety. The survey also revealed that Millennials are motivated to invest in companies that make the world better and are redefining work-life balance and career satisfaction.
This document discusses factors that determine levels of wealth and economic well-being. It examines savings rates, growth of labor efficiency through education and skills, and inherited wealth. While economists have traditionally focused on capital accumulation, other factors like a country's ability to adapt to new knowledge are also important. The document also analyzes different measures of economic well-being like income, consumption, and wealth, and discusses inequality between rich and poor countries.
Watch our webinar about financial planning for women in the education community.
Some of the topics covered include:
How different life changes affect a woman’s finances
How to take control of your money
Understanding your investment options
The financial effects of future care giving duties
How to protect you and your family
Ways to become more financially savvy
It’s a live, web-based show hosted by Bruce Sellery, a former BNN anchor, and Lisa Raponi, a Certified Financial Planner.
Having the Talk: Kids, Parents and MoneyTamar Snyder
This document discusses teens' lack of financial literacy and key findings from surveys about how teens understand and spend money. Some of the key points made are: nearly two-thirds of high school students are financially illiterate; teens spend most of their money on "social spending" and saving has become a lost art; while many teens have credit cards, few understand statements and fees. The document provides tips for raising money-savvy kids, such as explaining costs, setting aside portions of income for giving, saving, and investing, and discussing credit vs debit.
Strategies for a sustainable income in retirementJohn Brown
This document discusses strategies for sustainable income in retirement. It notes that people are living longer in retirement so income needs to last 25 years or more. Successful retirement requires preparation for longevity, rising costs, healthcare expenses, potential changes to Social Security, and investment risks. The document outlines identifying reliable income sources, choosing appropriate withdrawal rates, managing risks through diversification and rebalancing, and using a bucket approach to funds for short, mid, and long-term income needs.
This document provides marketing strategies for a new credit card called The Aggie Card launched by USU Credit Union. It analyzes five target markets: members of the True Blue Pledge student donor program, owners of Utah State license plates, season ticket holders, current USU students, and faculty. Specific strategies proposed include offering a $100 sign-up bonus for True Blue Pledge members, reserving front-row seats at a basketball game for Pledge members who attend a seminar, direct mail campaigns targeting license plate owners, and a "Movie in the Park" community event to promote the card. Additional benefits and costs associated with each strategy are discussed.
Do you know all of the financial decisions you need to make before you retireEducatorsFG
Do you know all of the financial decisions you need to make before you retire?
Do you (or will you) have enough savings to live the retirement lifestyle you want?
Are you aware of the top five OTPP misconceptions?
In this 45-minute interactive webinar, we’ll provide you with the key information you need when it comes to your retirement income – plus we’ll answer your questions and dispel some of the popular myths along the way.
Featuring: Michael Spohn, Financial Planner – Educators Financial Group
With Special Guest: Michael McAllister, Director of Client Services – OTPP
Moderated by: Bruce Sellery, financial journalist and former BNN anchor
This document provides information about financial planning and investments. It discusses the importance of having liquid reserves, different types of investments including fixed and variable options, and factors to consider like risk, return, and taxes. It also covers retirement planning, comparing qualified versus non-qualified options, and how to structure investments for a tax-favored alternative retirement plan using universal life insurance. The key ideas are financial security, diversification, and maximizing returns while minimizing taxes and risks.
Personal Finance: Taking Charge of Your Financial Life: Money and Credit by @...Jason Vitug
The plan is to introduce basic personal finance concepts and terminology.
The goal is to understand personal finance topics and the important role it plays in living richer lives. The takeaway is to know important concepts, identify financial warning signs and create a plan and take action.
Personal finance is the use of financial management principles with respect to individual or family unit finances to manage money, budget, save and spend while taking into account various future risks and life events.
The document discusses how many young adults lack financial literacy skills and consequently struggle with debt. It notes that most parents are more concerned about other issues than teaching their kids how to manage money. While many think financial education should be mandatory in schools, few states actually require courses or testing in personal finance. As a result, many young adults face debt problems and would have benefited from more preparation for their financial futures. The solution proposed is to provide more financial literacy resources for young adults through initiatives like brass|TV.
Financial Planning for the Second Half of LifeBarbara O'Neill
The document discusses financial planning considerations for older adults in the second half of life. It covers major financial concerns like health care costs, investing strategies, avoiding fraud, and creating a retirement income stream. Research findings are presented on topics like declining wealth, underestimating life expectancy, and lack of retirement savings. Fifteen key financial issues for older adults are also outlined.
This document summarizes a presentation by Dan Lundquist on the challenges facing higher education and the need for leadership and change. It notes that while other industries are proactively transforming, higher education has been slow to change. Rising costs are exceeding families' ability and willingness to pay as the current business model becomes unsustainable. The presentation argues that waiting for market or regulatory forces will not create meaningful solutions and that higher education leaders must accept responsibility to creatively address these challenges from a position of strength. Examples of colleges taking bold steps through measures like tuition freezes, need-blind policy changes, and new academic models are provided. The choice, according to the presentation, is for higher education to lead purposeful realignment rather than
This document discusses strategies for improving financial wellness for disadvantaged communities. It notes that lower-income clients have different priorities and mindsets compared to upper-income clients. They are more focused on present needs due to income volatility and scarcity mindsets. The document provides tips for financial educators, such as using irregular income budgeting, telling success stories of similar people overcoming challenges, and connecting clients to local assistance resources. It also reviews costs of living in New Jersey and benefits available from programs like SNAP, SSDI, SSI, TANF, Section 8 housing, utility assistance programs, and warning signs of financial trouble.
Merging Banks & Merging Cultures, Texas Bankers Association PresentationNatalie Brooke
L.T. Tom Hall, CEO of Resurgent Performance, presented on the topic of Merging Bank Cultures to the Texas Bankers Association. Whether you plan on acquiring, or being acquired, thoroughly understanding how to integrate two unique cultures is critical to success.
Please keep in mind that outside of addressing associations, we also present to community bank boards on general High Performance trends, or more specific topics such as culture. The meeting is purposed to augment strategic planning efforts and allow banks to focus on organizational and cultural opportunities, as well as prepare for the great changes in banking.
This document discusses metrics and monetization strategies for software startups. It begins by introducing the author and his company RescueTime, which helps people track how they spend their time. It then discusses the importance of measuring key metrics like visitors, signups, purchases, and retention at each step of the "startup funnel." The document emphasizes focusing on opportunities that provide long-term leverage, like improving retention rates, rather than one-time gains. Finally, it provides tips for optimizing different parts of the funnel like acquisition, user experience, evangelism, and purchases. The overall message is that startups should measure their funnel closely and address areas where user numbers drop off significantly.
This document discusses appealing a financial aid award letter if it does not meet expectations. It recommends comparing award letters to decide the best offer and see if the amounts match what the school advertises for need, merit, and self-help percentages. If not, the letter should be appealed to the financial aid officer. Specific family circumstances or questions about how outside scholarships are handled can also be reasons to appeal an award letter.
This presentation goes through 6 topics that retirees should prepare for in today's economy. Knowing your annual income, calculating your net worth, using your retirement as a paycheck, using your financial power wisely, managing your debt and managing risk!
The document describes the Out Of The Box Youth Financial Literacy Program, which provides financial education to at-risk teens. The program partners with schools, non-profits, and corporations. It uses a curriculum based on 12 principles to teach teens banking, budgeting, investing, and entrepreneurship skills over multiple workshops. Students who complete the program open savings and investment accounts and participate in alumni career counseling programs. The program has expanded to several cities and seen increased financial literacy among participating students.
The document summarizes statistics from a national survey of Catholic high schools in the United States. It finds that while enrollment increased slightly in recent years, tuition costs and the gap between tuition and per-pupil costs also increased. Most schools rely on fundraising to meet student financial aid needs, with advancement trends moving away from capital campaigns toward perpetual funding of strategic plans from all donor sources. Effective advancement prioritizes relationships and distinguishes higher potential donors, taking a strategic rather than transactional approach.
This document provides guidance on creating a budget for college students. It outlines key components of a student budget including identifying income sources, estimating expenses, and tracking spending. Expenses are divided into fixed costs like tuition and housing and more flexible categories. The document warns that credit cards can enable overspending if not used carefully and within one's budget. It provides tips for credit card management and using a budget to avoid debt.
The document summarizes key findings from a 2017 survey of Millennials (ages 20-36) about their finances, happiness, and priorities. It found that most Millennials consider themselves happy and associate love rather than money with happiness, but they also want help managing financial anxiety. The survey also revealed that Millennials are motivated to invest in companies that make the world better and are redefining work-life balance and career satisfaction.
This document discusses factors that determine levels of wealth and economic well-being. It examines savings rates, growth of labor efficiency through education and skills, and inherited wealth. While economists have traditionally focused on capital accumulation, other factors like a country's ability to adapt to new knowledge are also important. The document also analyzes different measures of economic well-being like income, consumption, and wealth, and discusses inequality between rich and poor countries.
Watch our webinar about financial planning for women in the education community.
Some of the topics covered include:
How different life changes affect a woman’s finances
How to take control of your money
Understanding your investment options
The financial effects of future care giving duties
How to protect you and your family
Ways to become more financially savvy
It’s a live, web-based show hosted by Bruce Sellery, a former BNN anchor, and Lisa Raponi, a Certified Financial Planner.
Having the Talk: Kids, Parents and MoneyTamar Snyder
This document discusses teens' lack of financial literacy and key findings from surveys about how teens understand and spend money. Some of the key points made are: nearly two-thirds of high school students are financially illiterate; teens spend most of their money on "social spending" and saving has become a lost art; while many teens have credit cards, few understand statements and fees. The document provides tips for raising money-savvy kids, such as explaining costs, setting aside portions of income for giving, saving, and investing, and discussing credit vs debit.
Strategies for a sustainable income in retirementJohn Brown
This document discusses strategies for sustainable income in retirement. It notes that people are living longer in retirement so income needs to last 25 years or more. Successful retirement requires preparation for longevity, rising costs, healthcare expenses, potential changes to Social Security, and investment risks. The document outlines identifying reliable income sources, choosing appropriate withdrawal rates, managing risks through diversification and rebalancing, and using a bucket approach to funds for short, mid, and long-term income needs.
This document provides marketing strategies for a new credit card called The Aggie Card launched by USU Credit Union. It analyzes five target markets: members of the True Blue Pledge student donor program, owners of Utah State license plates, season ticket holders, current USU students, and faculty. Specific strategies proposed include offering a $100 sign-up bonus for True Blue Pledge members, reserving front-row seats at a basketball game for Pledge members who attend a seminar, direct mail campaigns targeting license plate owners, and a "Movie in the Park" community event to promote the card. Additional benefits and costs associated with each strategy are discussed.
Do you know all of the financial decisions you need to make before you retireEducatorsFG
Do you know all of the financial decisions you need to make before you retire?
Do you (or will you) have enough savings to live the retirement lifestyle you want?
Are you aware of the top five OTPP misconceptions?
In this 45-minute interactive webinar, we’ll provide you with the key information you need when it comes to your retirement income – plus we’ll answer your questions and dispel some of the popular myths along the way.
Featuring: Michael Spohn, Financial Planner – Educators Financial Group
With Special Guest: Michael McAllister, Director of Client Services – OTPP
Moderated by: Bruce Sellery, financial journalist and former BNN anchor
This document provides information about financial planning and investments. It discusses the importance of having liquid reserves, different types of investments including fixed and variable options, and factors to consider like risk, return, and taxes. It also covers retirement planning, comparing qualified versus non-qualified options, and how to structure investments for a tax-favored alternative retirement plan using universal life insurance. The key ideas are financial security, diversification, and maximizing returns while minimizing taxes and risks.
Personal Finance: Taking Charge of Your Financial Life: Money and Credit by @...Jason Vitug
The plan is to introduce basic personal finance concepts and terminology.
The goal is to understand personal finance topics and the important role it plays in living richer lives. The takeaway is to know important concepts, identify financial warning signs and create a plan and take action.
Personal finance is the use of financial management principles with respect to individual or family unit finances to manage money, budget, save and spend while taking into account various future risks and life events.
The document discusses how many young adults lack financial literacy skills and consequently struggle with debt. It notes that most parents are more concerned about other issues than teaching their kids how to manage money. While many think financial education should be mandatory in schools, few states actually require courses or testing in personal finance. As a result, many young adults face debt problems and would have benefited from more preparation for their financial futures. The solution proposed is to provide more financial literacy resources for young adults through initiatives like brass|TV.
Financial Planning for the Second Half of LifeBarbara O'Neill
The document discusses financial planning considerations for older adults in the second half of life. It covers major financial concerns like health care costs, investing strategies, avoiding fraud, and creating a retirement income stream. Research findings are presented on topics like declining wealth, underestimating life expectancy, and lack of retirement savings. Fifteen key financial issues for older adults are also outlined.
This document summarizes a presentation by Dan Lundquist on the challenges facing higher education and the need for leadership and change. It notes that while other industries are proactively transforming, higher education has been slow to change. Rising costs are exceeding families' ability and willingness to pay as the current business model becomes unsustainable. The presentation argues that waiting for market or regulatory forces will not create meaningful solutions and that higher education leaders must accept responsibility to creatively address these challenges from a position of strength. Examples of colleges taking bold steps through measures like tuition freezes, need-blind policy changes, and new academic models are provided. The choice, according to the presentation, is for higher education to lead purposeful realignment rather than
This document discusses strategies for improving financial wellness for disadvantaged communities. It notes that lower-income clients have different priorities and mindsets compared to upper-income clients. They are more focused on present needs due to income volatility and scarcity mindsets. The document provides tips for financial educators, such as using irregular income budgeting, telling success stories of similar people overcoming challenges, and connecting clients to local assistance resources. It also reviews costs of living in New Jersey and benefits available from programs like SNAP, SSDI, SSI, TANF, Section 8 housing, utility assistance programs, and warning signs of financial trouble.
Merging Banks & Merging Cultures, Texas Bankers Association PresentationNatalie Brooke
L.T. Tom Hall, CEO of Resurgent Performance, presented on the topic of Merging Bank Cultures to the Texas Bankers Association. Whether you plan on acquiring, or being acquired, thoroughly understanding how to integrate two unique cultures is critical to success.
Please keep in mind that outside of addressing associations, we also present to community bank boards on general High Performance trends, or more specific topics such as culture. The meeting is purposed to augment strategic planning efforts and allow banks to focus on organizational and cultural opportunities, as well as prepare for the great changes in banking.
This document outlines the challenges of fundraising for senior care. It identifies 14 difficulties in raising funds, including the popular perception that senior care needs are negative, donors' avoidance of aging issues, Medicaid regulations, a limited pool of potential donors, high existing costs for the donor base, and myths about government funding. While fundraising for senior care is difficult, the document also notes advantages such as a close donor base and opportunities to build relationships over time. Addressing the unique challenges is a focus of the SeniorCare Development Network to improve fundraising and better serve seniors.
The document discusses the shifting public debate around pensions and the need for pension funds to better manage their public image and communications. It outlines how the debate has expanded from pensions being too generous to also questioning return rates and funding levels. It notes critics now target pension funds, their investment practices, and actuarial assumptions. The document advocates that pension funds provide transparent facts to counter misleading narratives, educate the public, and get ahead of critics by explaining their practices and historical investment returns. It argues pension funds need to lead the conversation rather than react to attacks in order to protect their credibility.
The document discusses the shifting public debate around pensions and the need for pension funds to better manage their public image and communications. It outlines how the debate has expanded from pensions being too generous to also questioning return rates and funding levels. It notes critics now target pension funds, their asset valuations and investment strategies. The document advises pension funds to provide transparent facts to counter misleading narratives, such as explaining their diverse funding sources and historical investment returns. It stresses the importance of replacing attacks with truthful information to control the public discussion and protect credibility.
On Nov. 12, the Annie E. Casey Foundation released "Creating Opportunity for Families: A Two-Generation Approach," a KIDS COUNT policy report. In addition, the Foundation held a webinar to highlight data and recommendations from the report. Learn more at http://www.aecf.org/resources/creating-opportunity-for-families/.
The document discusses asset building strategies to help low-income households build wealth. It defines asset building as long-term saving and investment to increase economic independence. Research shows that assets provide stability during hard times and encourage future orientation. While income measures getting by, assets measure getting ahead. Many low-income households want to save but lack opportunities. Individual Development Accounts (IDAs) match savings for goals like education, homes, or businesses. The Assets for Independence program also uses IDAs. However, the funding challenge is getting non-federal matching commitments. Employer-based IDAs could help more working poor individuals by providing savings incentives and financial education at work. Case studies show examples of employers doubling scholarships or assistance for home
A presentation from Gail Hayes of the Annie E. Casey Foundation. The presentation outlines and advocates for comprehensive approaches to service provision by addressing the unique needs of parents and school-aged children.
Enrollment Mgt in Time of Challenge & ChangeDan Lundquist
The document discusses enrollment management challenges facing colleges. It begins by outlining questions around what enrollment management is and should be. It then analyzes the current market situation, noting declining ability and willingness to pay for college among families. Internally, survey data shows enrollment managers view their roles as tactical rather than strategic. The document calls for enrollment managers to share their knowledge strategically, advocate for affordability and sustainability, and model a new dynamic role to benefit all stakeholders. It concludes enrollment management must become a true partnership and intellectual capital is needed to navigate the "perfect storm" of rising costs and falling revenues.
Advocacy During the COVID Era - EveryLibrary - MLA 2020 Virtual Annual Conf - EveryLibrary
Presented by John Chrastka during the MLA 2020 Virtual Annual Conference, Oct 14, 2020 "Are you wondering how you can better advocate for your library in the face of COVID-related budget pressures? In this budget climate, library leaders need a highly-engaged plan to advocate for the funding they need to continue enriching their community or school. Join EveryLibrary’s executive director John Chrastka for a discussion of how austerity budgets work and what new advocacy techniques and skills you need to support your next budget request. Come ready to learn what the current revenue forecasts are for states, municipalities and education, along with effective ways to gauge community priorities and sentiments during COVID-19, and some of the best ways to frame your advocacy message in light of current concerns. We hope for you to come away with actionable insights on building coalitions and partnerships to help advocate for your library."
At the recent Place Matters conference in Washington, D.C., David Williams, PhD, the Norman Professor of Public Health at the Harvard School of Public Health and staff director of the reconvened Robert Wood Johnson Foundation Commission to Build a Healthier America, talked about the need for cooperation between the community development industry and health leaders.
“Community development and health are working side by side in the same neighborhoods and often with the same residents but often don’t know each other or coordinate efforts.”
A college education increases your child’s ability to think critically, advance in a career, contribute to the community and better understand the world. No wonder choosing the right college is such an important task. Your child and you must carefully consider the many aspects of a college – academic offerings, size, location, and campus life – to ensure the best possible match with his/her academic, personal and career interests. The right college choice must be affordable as well. Financial aid is available in many forms to help students meet college costs. This assistance is intended to supplement, not replace, the efforts of students and families. This guide gives parents and students the basic information needed to begin securing financial aid. It will help you find the information you need to ask the right questions and make informed decisions about managing college costs.
Source: https://ebookschoice.com/making-money-wise-college-decisions/
Exploring Financial Education and Ourtreach with Head Start Familiessondramilkie
This document summarizes a presentation on providing financial education to Head Start families. It discusses defining financial literacy, assessing baseline financial behaviors of Head Start families through surveys, and implementing various modes of education - including newsletters, workshops, and financial coaching. The results of an initial financial education pilot project across 7 counties were also shared, finding some improvements in financial goal setting and capabilities among participating families. Next steps discussed expanding the program to more counties and families.
Raising funds for senior care is one of the most difficult forms of fundraising due to several challenges. These include negative perceptions of aging, donors avoiding thinking about their own mortality, restrictions imposed by Medicaid, a limited pool of potential donors, and communication challenges with seniors. However, there are also advantages such as opportunities to build close relationships with residents and their families over time. Successfully addressing senior care fundraising requires understanding seniors, focusing on possibilities rather than limitations, educating potential donors, and being good stewards of donations.
This document discusses defending the fiscal savings of school choice programs. It begins by introducing the founders of a school choice advocacy organization. It then addresses common arguments made against school choice saving money, such as rising overall K-12 spending disproving savings. It argues that savings can still occur even if spending increases elsewhere. It also discusses how school funding formulas can hide true savings. The document provides checklists for estimating the fiscal effects of school choice programs and calculating savings accurately based on average costs and the number of students utilizing vouchers. It emphasizes the need for cautious estimates and that underlying savings can exist despite other policy choices.
3 Solutions to Support Greater Educational Equity Right NowDreamBox Learning
Investing more money, dedicating more people, and doing more to improve schools and support teachers is needed for educational equity, but here are 3 things you can do to support greater educational equity right now.
- The document discusses different models of school funding, including a subsidy model where the parish subsidizes tuition costs. St. Mark Catholic School currently uses a subsidy model.
- It recommends transitioning to a cost-based tuition with needs-based assistance model over 4-6 years to improve financial stability and faculty compensation. This would involve raising tuition rates and directing subsidies only to families in need.
- The school implemented aspects of this model in 2006-2007, which increased enrollment by 20% while allowing salary increases and program improvements despite raising tuition 25-50%. Communication and needs assessment were keys to success.
This document discusses barriers to providing high-quality early childhood education (ECE) programs, especially for low-income children. It finds that ECE programs operate close to the financial edge with little margin for error. While quality programs have higher costs, existing funding sources do not allow these programs to cover costs. Subsidies provided by the state fall far short of the actual costs of care, especially high-quality care. The complex process of combining multiple funding sources results in high administrative burdens. Eligibility rules for subsidies also cause disruptions in care. Overall, the current system does not adequately support the goal of expanding access to high-quality early education.
The document discusses financial literacy among Canadians and recommendations from the Task Force on Financial Literacy. It notes that many Canadians lack basic financial skills to make important decisions. The Task Force recommends improving financial education in schools and requiring clearer financial documents. It also recommends tools for choosing financial advisors and a single website for financial information. The recommendations aim to improve Canadians' financial decision-making and long-term economic health.
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Philanthropy by the Numbers: The story behind the statsBlackbaud
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Financial Edge NXT is a new cloud-based accounting software from Blackbaud that offers intuitive design, reliable technology, and fully integrated functionality. The presentation reviewed Blackbaud's vision for Financial Edge NXT, the product roadmap, and how customers can prepare for the transition. Key highlights include a phased release schedule for new features, an emphasis on ease of use and collaboration, and professional services to help customers analyze their data and plan their migration to the new software platform.
Here are the key points I would highlight in telling the story of ROI with Raiser's Edge NXT:
1. Consolidate disparate systems and vendors onto one integrated platform, reducing total cost of ownership.
2. Eliminate ongoing IT maintenance costs like server hardware refreshes, backups, downtime expenses with a fully hosted cloud solution.
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5. Quantify potential increased identification of major donors and associated increased major gift revenue.
6. Obtain a cost quote from your Blackbaud
The document summarizes a school's viral video success story about announcing a snow day. It describes how the school created a parody video of "Let It Go" featuring the head of school to announce a snow day. The clever and timely video went viral globally with over 3.7 million YouTube views. Key to its success was capturing people's interest with something unique and shareable at the right moment. While going viral is hard to predict or replicate, the school believes it is still worth trying creative ideas to engage their community and increase online attention, even if large-scale virality is not achieved.
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2. THE NEW FINANCIAL AID FAMILY
KRISTEN C. POWER
NATIONAL DIRECTOR, BUSINESS DEVELOPMENT
JULY 9TH, 2015
3. During this session, we will:
#BBK12UC
• Explore the dynamics and implications that the
evolving applicant pool is bringing to school
financial aid offices
• Discover how to reshape policies and budgets to
meet what the new aid families bring to the table
• Examine ways to communicate and align
expectations to increase timely and open
participation in the process
4. Dynamics of the Evolving Applicant Pool
Who’s seeking financial aid?
#BBK12UC
10.2
18.7
20.3
17.2
12.5
8.1
6.5
6.4
6.6
12.8
14.8
14
12.4
9.9
10.7
18.8
6.4
10.9
12.6
12.4
11.8
10.1
11.8
23.9
0
5
10
15
20
25
0-20K 20-40K 40-60K 60-80K 80-100K 100-120K 120-150K 150K+
02-03 09-10
14-15
Range of Total Family Income
Source: SSS By NAIS PFS Filer Pool. Reflects total income from all sources, before taxes or allowances, as
reported by families on the PFS submitted.
5. Dynamics of The Evolving Applicant Pool
#BBK12UC
• Who’s seeking financial aid?
Quintile US Families SSS Filers
Lowest $0 - $27,794 10.1%
Second $27,795 - $49,788 13.2%
Third $49,789 - $76,538 17.0%
Fourth $76,539 - $119,001 23.6%
Highest $119,002 and greater 36.2%
Top 5% $210,000 and above 10.5%
6. Dynamics of the Evolving Applicant Pool
-Why the dramatic demand shift? Income growth fell
dramatically
#BBK12UC
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
Lowest
Fifth
Second
Fifth
Third
Fifth
Fourth
Fifth
Highest
Fifth
Top 5
Percent
1960s
1970s
1980s
1990s
2000s
7. #BBK12UC
Family Income
Quintiles, 2013
(US Census Bureau)
Sample
Academy
% of Financial
Aid Applicants
Sample
Academy
% of Financial
Aid Recipients
Sample
Academy Avg
Grant
$0 - $27,794 10.6% 2.6% $26,150
$27,795 - $49788 14.3% 8.6% $23,242
$49,789 - $76,538 14.3% 12.9% $24,030
$76,539 - $119,001 14.7% 23.2% $16,794
Over $119,001 46.1% 52.9% $14,159
Dynamics of the Evolving Applicant Pool
-Why the dramatic demand shift? Income growth fell
dramatically
8. Dynamics of The Evolving Applicant Pool
What are these new applicants like?
• Characteristics of the “New Financial Aid
Family”
– Higher income, higher net worth
– More assertive, less of a sense of “shame”
– More entrepreneurial, savvy investors
– Access to better choices or alternatives
– More accustomed to having influence over
decisions
#BBK12UC
9. Dynamics of The Evolving Applicant Pool
• How do they feel about the aid process?
#BBK12UC
10. Dynamics of The Evolving Applicant Pool
• How do they manage to pay tuition?
#BBK12UC
11. Dynamics of The Evolving Applicant Pool
• What’s the role of borrowing?
– Only 13% of parents reporting borrowing from some source to
help pay school costs (other than home equity loans)
– Of those who reported borrowing, the sources were:
#BBK12UC
12. Implications for The Aid Office
• Goals and Outcomes
– Is your aid investment serving who you think it should serve?
– Does the distribution of aid match the financial aid mission?
– Are the lower and “true” middle-income families succumbing to
sticker shock to greater degrees?
– Is the commitment to high- or moderate-need applicants shifting
to low-need applicants?
– Are returning students receiving more aid than anticipated or
planned for?
• Time and Relationship Management
– More applications, more complexity, more follow-up
– Increase staff knowledge and training to utilize available tools
– Ability to tap into networks, experts, and others
– Managing pushback, appeals and ‘negotiating’
#BBK12UC
13. Reshaping Policies and
Procedures
• Self-employment and net worth issues
– Business expenses, write-offs
– Depreciation treatment, negative income and cash flow
– Investment transactions, home and other real estate equity
• Debt and lifestyle issues
– Allowable vs nonallowable indebtedness
– Discretionary debt vs “emergency” or necessary debt
– Choice vs obligation
• Be careful of biased subjectivity…stay objective
#BBK12UC
14. Reshaping Budgets and Resource Needs
• Key Challenge: MONEY
– Typical school meets, on average, 69% of demonstrated
financial need
• 11% of schools reported meeting 100% of need
• Gapping is more easily overcome by high-income, low-need families
– Only 8% of reviewed applicants did not qualify for some help
– 86% of schools report that the #1 stressor is balancing limited
dollars with expanding demand
• “Old News” a lesser strain on aid budgets as recession effects
wane slowly
– Returning families new to aid
– Not typically anticipated in budget-setting
– Proactively account for that new need
#BBK12UC
15. Reshaping Budgets and Resource Needs
• Key Challenge: TIME
– Typical aid professional spends 24% of his/her time
managing the aid responsibilities and tasks
– Only 30% feel that the amount of time they spend on
making a financial aid award decision is just right
– 50% report that there are too few weeks allotted for
managing the overall awarding process
– 100% of full-time aid directors reported that the time spent
making individual decisions AND the timespan of the
overall process were just right
• Tended to receive fewer financial aid applications
• Tended to process more applications (in numbers and
percentage that needed review)
• Tended to get a higher yield among the financial aid applicants
#BBK12UC
16. Establishing and Communicating
Expectations
• Generation X = born 1965 – 1981; Roughly 30 – 50 year olds
1. Hold the highest education level of any age group
2. Active, balanced, family-oriented, more heterogeneous, more
accepting of social diversity than previous generations
3. Less likely to idolize leaders and hold casual disdain for
authority; more likely to work towards systematic change
through economic, media, and consumer action than direct
rebellion or ouster of leaders
4. Experience several career changes due to lower sense of
loyalty to institutions, and chaotic nature of the job market;
“work to live” not “live to work”
5. Income growth for men has slowed; growth in family incomes
driven by women entering the workforce
6. Independent, tech-savvy, resourceful, hands-on,
entrepreneurial, start-up/small-business minded, willing to take
risks, customer-focused
#BBK12UC
17. Establishing and Communicating
Expectations
• Educate, educate, educate
• The more you share, the better-aligned their
expectations will be
• Be clear about the pressures on your aid budget
and the distribution of your applicant pool
• Help them put their own situation in a context
outside of themselves (or their neighbors)
• Be ready to teach a family to understand all the
factors driving your decision
#BBK12UC
19. Today We Covered…
• The dynamics and implications that the
evolving applicant pool is bringing to school
financial aid offices
• Reshaping policies and budgets to meet what
the new aid families bring to the table
• Ways to communicate and align expectations
to increase timely and open participation in
the process
#BBK12UC
Evaluating over 150,000 applicants who filed a PFS for the last two academic years, we can see a picture of the typical family who applies for financial aid at SSS subscriber schools. This snapshot confirms that the commonly held stereotypes of the financial aid recipient as a poor family no longer hold. This family is earning on the low upper income side of the economic scale, though with fairly modest net worth. Income rich, but asset poor, they struggle to find a way to be able to have a couple of children in private schools and perhaps college.
Incomes don’t grow like they used to, at all levels. But tuition growth has been pretty steady, creating a long-term pressure that peaked in the 2008 recession. This chart shows the average annual change in average income for each decade, for each income quintile. In the 1960’s, the dark blue column, average income for each quintile group typically grew about 8% per year. In the 2000’s, however, the light blue column shows that only the top 20 percent saw an average income growth over 2% per year. These slowdowns, in conjunction with steady tuition growth rates of 5 to 6%, until recently, have helped to create greater demand for aid. Families can’t keep up with tuition change like they used to, so more will seek help with it. So far, these data suggest a new financial aid applicant. It’s important to know whether there’s a noticeable shift in who’s actually receiving financial aid.
The best analysis of who receives aid starts with the school. SSS has a lot of data on who applies and NAIS has a lot of data on what is spent on aid, but we don’t have much data on the families who end up getting aid at your schools since that is your final decision. This exercise, though, can help illustrate who is receiving financial aid at your school. This is especially useful if your purpose with aid is to help create economic diversity. Using US Census Bureau quintiles as a starting point, determine the percentage of families in your aid recipient pool that fall into each band. Also, include the average award that those families received. This chart is actual data from a day school that revealed a counterintuitive reality about their “financial aid family.” The higher your income, the more likely you are to receive aid. What if you saw something like this with your own data? What questions or observations would you raise?
This is unlikely to be an outlier example. The income pressures on families, and the retention/revenue pressures on schools, is creating this kind of shift to a new type of financial aid family all across the country.
So, with higher-earning families in the applicant pool and in the recipient pool, it’s important to explore what families think about the aid process, how they choose to pay their share of tuition, and what implications there are for schools to handle the shifting dynamics.
So, as the applicant and recipient pool shifts to a new kind of financial aid family, the characteristics of the typical aid applicant are important to understand. Are you seeing these kinds of characteristics more and more?
SSS and NAIS worked together to produce a study of how parents finance private school education, by surveying over 6000 parents who completed a PFS in 2012-13. More than 1200 parents responded to the survey and we learned that applicant families are reporting higher measures of feeling fairly treated in the aid process, compared to 2006. This is good news for setting a positive tone about speaking with and educating families about the process and options. The more schools can do to shine a light on policies, procedures, confidentiality, and do so openly, the greater the comfort level among families becomes. Trust and fairness are vital, and increasingly more so, to best engage families in being truthful and cooperative in the process.
That survey also suggests that it’s pretty clear that parents really only rely on three things to help fund the tuition and expenses they incur: financial aid from the school, their income and their savings. While the use of gifts from grandparents and the use of credit cards to help pay tuition are up from 2006 levels, they are still only used by fewer than one-fifth of financial aid applicants. Even second mortgages or home equity loans are not typically seen as a viable option, with only 8% of parents reporting that as a resource to help fund tuition (down from 15% who did so in the 2006 survey year).
Overall, only 13% of parents reported using a loan of any other kind (down from 16% in 2006), which tended to be bank loans mostly (60%) with fewer than a third borrowing from relatives (27%). It’s interesting to note that the post-recession reality is showing some shifts away from using banks as a lending source towards using family. Unlike higher education, parents applying for aid are highly reticent to borrow to make it work. Tightened credit markets, post-recession, are probably not helping more of them believe it’s a viable choice.
If you observe patterns that suggest a tip in the scales of who’s applying for and receiving aid, ask yourself some key questions about what those patterns mean. If, for example, almost half your aid is going to the highest-income earning families, is that an expected or intended outcome?
The chance that the new financial aid applicant owns a business, shares in a business, or business rental property, is increasing. This makes for more complex financial situations to sift through and understand. While the average application from a low or middle income family might take 5-10 minutes to review, a high income family situation could take five or ten times as long. Seems wise to estimate 20 -25% of your applications might need more time to do well. Connect with colleagues, attend webinars, workshops, and conferences for “how to’s” on reviewing tax forms. Use the SSS Annotated Tax return packet, webinars, and other resources to get more learning and training. Understanding how to ferret out cashflow from forms like the Schedule C, Schedule E, and Schedule D and taking advantage of data capture features within CAO will increase your ability to hone in on a good family contribution.
Tighten up your policies for situations you’re more likely to see with the new financial aid families. Let’s discuss a few of them (Open up for group discussion):
Do you know how to manage self-employed business owners with write-offs for things like depreciation? Add it back to nontaxable income.
How do you evaluate capital gains and sales of stocks? Zero out losses and treat the proceeds of the transaction as income?
What about multiple properties? Do you treat business or rental property the same or differently from vacation or second home properties?
What would you do with high debt incurred to maintain lifestyles or to seed a business?
Tighter policies and skillful analysis help you to check your own biases and stay objective in the process…as we’ve seen, some high income families can certainly be aid eligible…don’t make decisions based on what kind of car people drive or what kind of home they live in…gather the information, put it through the process, and make a sound decision. Their income may be high enough to drive a newish Mercedes, live in an expensive home, and take nice trips AND low enough to not be able to pay your full tuition. Finding the right balance is tricky but doable if you know your stuff.
One obvious resource deficit that schools struggle with is money. Recent SSS surveys clearly show that the realities of limited funding cause difficulties for families to enroll (especially low and middle income families) and increase stress for financial aid professionals in trying to meet their goals.
One budgetmaking tactic that should be incorporated in financial aid projections is to anticipate some percentage of returning full-pay families that will be new to aid. How? Look at your data. In the past 5 or 10 years, what is the year-to-year average number of new applications you receive from returning families? What is the average grant amount or family contribution level that enables them to re-enroll? Use those as markers in your budget assumptions moving forward, in addition to what you expect it would take to re-enroll current aid recipients and the right/best balance of new students who need aid. Don’t forget to look into how many returning applicants tend NOT to qualify for aid in the next year as well. Recycle those funds into the budget for other families.
One clear budget and resource deficit that schools would be wise to address is the time deficit. Applicant demand and complexity have grown while aid offices have not, for the typical school. Highlights of two recent SSS studies suggest benefits of giving financial aid directors more opportunity to focus on the job. While those schools with a full-time director receive fewer applications than the overall group, they are able to work more of them and achieve a greater degree of yield on how many ultimately enroll. The higher yield results could indicate the improved ability to get a better, more well-informed decision out the door or the improved opportunity to coach and explain decisions and their factors for parents understanding. Receiving fewer applications could be a reflection a greater capacity for full-time directors to educate families and/or work with the admissions process in ways that reduce incorrect, incomplete, or unnecessary applications in the pool. Now is the time to examine how to increase the amount of time dedicated to the process as the job will prove to become more, not less, overwhelming as affordability issues continue to push edges on the applicant pool profile and demand posture.
Here are some of the characteristics/qualities that exemplify Gen Xers (the bulk of your aid applicants). As aid applications increase from the Generation X crowd, how might these kinds of qualities, behaviors, and characteristics influence the conversations and expectations of the new financial aid applicants?
Opportunity for small group discussions: If you can divide into six groups, get each group to tackle one of these bullet points. List 3-4 actions or policies in the aid office that they might have to engage in order to respond to these characteristics of the new aid applicant. For example, since they have higher education levels, a school might see an uptick in the desire for a parent to acquire advanced degrees (student loan debt, suspension of work, etc). A school would have to have a good policy on how to handle those situations where a parent isn’t working or claiming large debt because of their desire to seek more education. Give 10 minutes to discuss and generate a list; allow each group to report out
We saw that the new financial aid family is likely to be more educated than before. Take advantage of their thirst for knowledge and educate them on your aid process and realities. An open and honest education campaign helps align expectations and the outreach creates a sense of cooperation and goodwill that should make for better financial aid applications and conversations in the end.
A Gallup study in 2011 showed that only 6% of upper income people (earning over 250K) felt their taxes were too low. But 30% of them agreed that upper income people didn’t pay enough taxes. They didn’t realize they were talking about themselves…they didn’t see themselves as upper income. Your financial aid is likely full of people from all over the income spectrum, with the higher-income “new aid family” potentially not seeing themselves as being high-income. Illuminating for them the reality of demand and relative wealth/need within your entire applicant pool is important. Through education and sharing data on who applies for, and receives aid (and how much), you can send key messages about what high income people should and shouldn’t expect. Use your website and brochures to offer profiles, charts, or tables that put income realities and the realities of the pressure on your aid budget in the right perspective. Be ready to teach people the factors that influence eligibility in general and them in particular. Don’t shy away from frank and open discussion about that…the new financial aid family is less inclined to take no for an answer without understanding the rationale that drives it.