Financial Wellness Work Group - Full Recommendations, May 2017 - Kim Wagester, Alex Kappus, Daniel Odykirk, Julie Wilson, Jeffry Hyames, Deborah ...

 
Financial Wellness Work Group - Full Recommendations, May 2017 - Kim Wagester, Alex Kappus, Daniel Odykirk, Julie Wilson, Jeffry Hyames, Deborah ...
Financial Wellness Work Group

Full Recommendations, May 2017

Kim Wagester, Alex Kappus, Daniel Odykirk, Julie Wilson, Jeffry Hyames,
Deborah Starr-Alderink, Jessie Barber, and Amber Loomis

Acknowledgement: Bryan Ashton
Financial Wellness Work Group - Full Recommendations, May 2017 - Kim Wagester, Alex Kappus, Daniel Odykirk, Julie Wilson, Jeffry Hyames, Deborah ...
Financial Wellness Collaborative                  May 2017

Executive Summary
Background
In response to growing concern about the financial wellness of students, campus
partners began to discuss financial literacy at Central Michigan University.
    • The Student Service Court developed a presentation in the Fall of 2016.
    • Growing interest in financial education led the Office of Scholarship and
       Financial Aid to explore third-party resources.
    • In March of 2017, Mary Hill and Shaun Holtgreive convened invested staff
       members on campus, asking the group to explore financial literacy on campus.
The following two-page executive summary provides a snapshot of the full report.
Defining the Challenges
College costs continue to rise, borrowing has increased, and so too does the stress
students carry. Due to growing public concern, student financial wellness has become an
increasingly targeted area of research and intervention on college campuses. CMU
students reference finances as one of the top reasons for departure. Recognizing that
financial education and wellness is not currently written into any one staff member’s
position description or departmental mission, CMU needs to take action. Financial
wellness is a shared responsibility of all at the university.
Operational Recommendation
Financial wellness is more than financial education, but rather, it also includes
removing barriers to student success. The work group proposes a plan to share guidance
and move the Financial Wellness Initiative forward beyond this report:
   • Phase 1: Formally establish the “Financial Wellness Collaborative”
   • Phase 2: Evaluate stability, consistency, and effectiveness of Phase 1
   • Phase 3: Operate as Collaborative or establish more permanent structures
Financial Wellness Collaborative Vision
We envision a campus culture where all students are able to pursue their degree with a
financial plan and feel supported through graduation.
Mission Statement
Inspire confidence through student-centered financial education using resources that
contribute to positive educational experiences and informed financial decisions, leading
to graduation and a lifetime of financial well-being.
Guiding Values
Various themes emerged throughout the work group conversations. These themes were
later articulated in a formal way to guide the initiative’s decision-making:
    • Integrity: The Collaborative serves as an educational resource for students. We do
        not provide investment, legal, or tax advice. References to third-party financial
        resources are provided as a convenience for informational purposes only.
    • Inclusion: The Collaborative attempts to reach all degree-seeking students,
        graduate and undergraduate, and to deliver culturally competent material in
        person and virtually.

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Financial Wellness Collaborative                    May 2017

   •   Intentionality: The Collaborative aligns all program outcomes with the Central
       Michigan University Mission and utilizes assessment to remain improvement-
       oriented.
   •   Transparency: The Collaborative provides clarity to often complex processes and
       procedures to ensure students are aware of their financial resources.
   •   Resourcefulness: The Collaborative acts as the voice and programming arm of
       existing campus resources and will refer students to appropriate campus
       departments as needed.

Goals
The Financial Wellness Collaborative assists CMU students in developing:
   • Fundamental personal finance skills
   • An understanding of how to conduct University business
   • Knowledge of how to finance a college education
   • A plan for paying back any loans beyond college
   • Confidence and understanding to alleviate stress around finances
   • Tools, resources, and a plan to persist and graduate in a timely manner

2017-2018 Strategic Priorities
  1. Understand Student Financial Wellness: Continue to develop an understanding
     of best practices in higher education. Use existing data and a campus needs
     assessment to gather greater clarity of the current campus culture.
   2. Cultivate, Refine, and Scale Educational Efforts: Continue initiated efforts and
      implement recommendations.
   3. Build Awareness & Campus Support: Identify opportunities to build and
      strengthen campus relationships and support of financial education efforts.

Areas of Focus
This report details recommendations in the following focus-areas-
   • Student Recruitment: Help students understand the cost and value of a CMU
       degree, and assist in devising a four-year financial plan.
   •   Student Transition: Acculturate students to navigating the billing process,
       financial aid, registration, and other core University functions.
   •   Student Retention: Reduce student financial holds and barriers to registration.
       Ongoing contact and education to ease stress around costs.
   •   Timely graduation: Encourage 15-credit semesters to achieve timely graduation,
       resulting in increased financial health during the college years and beyond.
   •   Baseline Personal Finance Skills: Assist students in developing foundational
       financial literacy skills around personal finance.
   •   Mental Health: Alleviate overall student stress levels around finances.
   •   Post-Graduation: Understand options and establish a plan upon graduation to
       tackle loan repayment.

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Financial Wellness Collaborative                                                    May 2017

Table of Contents
Executive Summary ........................................................................................................ 2
   Background ................................................................................................................................. 2
   Defining the Challenges ........................................................................................................... 2
   Areas of Focus ............................................................................................................................ 3
Table of Contents ............................................................................................................. 4
Introduction ...................................................................................................................... 5
   Background ................................................................................................................................. 5
   Work Group Charge.................................................................................................................. 5
   Work Group Membership ....................................................................................................... 6
   Acknowledgement ..................................................................................................................... 6
   Timetable ..................................................................................................................................... 6
   Program Design ......................................................................................................................... 7
Defining the Issue............................................................................................................ 8
   Theoretical Framework ......................................................................................................... 11
Financial Wellness Strategic Plan .............................................................................13
   Vision, Mission, Values ......................................................................................................... 13
   2017-2018 Strategic Priorities ............................................................................................. 14
Identifying Pathways & Projects ................................................................................16
   Mapping Student Life Cycle .................................................................................................. 16
Metrics & Outcomes .......................................................................................................19
   Establishing a Baseline .......................................................................................................... 19
   Measuring Effectiveness ....................................................................................................... 20
SWOT Analysis ................................................................................................................21
Operational Recommendation ...................................................................................22
   Three-Phase Process .............................................................................................................. 22
   Suggested Organizational Structure .................................................................................. 23
   Operational Consideration: ................................................................................................. 24
   Resource Planning: ................................................................................................................. 24
   Professional Standards ......................................................................................................... 25
   Third-Party Resources ........................................................................................................... 29
Benchmarking .................................................................................................................34
   Benchmark Spotlights............................................................................................................ 34
   Complete Benchmark Listing- Peer Institutions (according to CMU IR) ............... 39
Closing Remarks .............................................................................................................46
Appendix ...........................................................................................................................47
   A: Student Service Court Partnership Documents ........................................................ 47
   B: Student Service Court Presentation ............................................................................. 50
   C: Work Group Meeting Minutes ........................................................................................ 64
   D: ACPA: “Identifying & Mitigating Student Financial Stressors” ........................... 78
   E: Higher Education Financial Wellness Summit Webinars ...................................... 82

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Financial Wellness Collaborative                     May 2017

Introduction
Background
In response to growing concern about the financial wellness of students, various campus
partners discussed the importance of financial literacy at Central Michigan University.

The Office of Scholarships and Financial Aid (OSFA) was asked to explore their role in
educating students about financial literacy. Spring of 2016, the Student Service Court
specifically recruited staff with prior skills presenting and facilitating, seeking to expand
the role of the Student Service Advisor. With new staff on board, leadership within the
Student Service Court began to alter content from summer orientation presentations, to
produce student-friendly programs. Relationships were fostered between FYE 101,
IMPACT, Pathways, Student Activities and Involvement, and Residence Life. Financial
literacy presentations were conducted for FYE 101 and Pathways classes for first year
students (Appendix A & B). Feedback from students was positive. One student said,
“This should be presented to freshman because it is important that they know what is
going on with their finances so they can be more prepared for the future.”

Campus partners quickly learned about the Student Service Court presentation and the
requests for workshops increased. By Fall 2016, OSFA convened a team to look at
various financial literacy tools available and arranged virtual presentations by various
third-party vendors. Staff around the table appreciated the presentations, but began to
question what CMU’s priorities were around financial literacy.

Associate Vice President of Financial Services and Reporting and Controller, Mary Hill,
as well as the Executive Director for Student Affairs, Shaun Holtgreive connected in
winter of 2016 to discuss convening cross-divisional stakeholders to assess need and
develop recommendations.

Work Group Charge

March 2017, Mary Hill and Shaun Holtgreive convened invested staff members on
campus, asking the group to explore financial literacy on campus. Mary and Shaun
articulated a two-phase process by which the work group would frame the charge:

   Phase 1 - Goal: Introduce students to financial literacy
   • Develop recommendations for programs to meet literacy needs
   • Identify existing resources that can implement the programs
   • Formalize the delivery pathways and what will be delivered via these paths
   • Develop an assessment program to measure outcomes
   • Benchmark our peers and utilize CAS/other standards
   • Identify long-term assessment group to sustain what is developed

   Phase 2
   • Implementation

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Financial Wellness Collaborative                   May 2017

Work Group Membership
  - Kim Wagester, Director, Student Account Services and University Billing (Chair)
   -   Alex Kappus, Assistant Director, Leadership Institute (Chair)
   -   Daniel Odykirk, Manager, Student Service Court
   -   Jessie Barber, Assistant Manager, Student Service Court
   -   Julie Wilson, Associate Director, Office of Scholarships and Financial Aid
   -   Jeffry Hyames, Assistant Director, Office of Student Success
   -   Deborah Starr-Alderink, Associate Director, Financial Aid Global Campus
   -   Amber Loomis, Associate Director, Financial Planning & Budgets, Instructor

Acknowledgement
The work group would like to formally acknowledge Bryan Ashton for his feedback and
guidance in developing this report. Bryan serves as Director of Student and Institutional
Success for TG, as well as Co-Founder and Co-Chair for the Higher Education Financial
Wellness Summit. Bryan previously served as a principal investigator for the National
Student Financial Wellness Study. Bryan connected with work group member Alex
Kappus through-out the month of April, both via phone and email. Thank you, Bryan!

Timetable
  • Work Group Convened by Mary Hill and Shaun Holtgreive: March 22nd
  • Planning Meeting*: April 5th
        o Explore research and literature
        o Decide upon common working definitions
        o Review professional standards
        o Develop program mission
        o Establish program goals
        o Identify assessment measures
  • Planning Meeting*: April 12th
        o Revisit definitions, mission, goals
        o Identify all stakeholders
        o Produce pathways for involvement
        o Select key benchmarked programs
        o Brainstorm recommendations
  • Planning Meeting*: April 19th
        o Report out about benchmarked programs
        o Resources needed
        o Needs assessment development
  • Planning Meeting*: April 26th
        o Finalize recommendations
        o Establish proposed timeline for execution
        o Initiate “next steps” proposal
  • Materials synthesized, edited, and submitted by May 1st
          *(For meeting minutes, see Appendix C)

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Financial Wellness Collaborative                         May 2017

Program Design

Tackling complex, nuanced, and pervasive topics like financial wellness require
intentional program design. The work group selected the following framework for the
Financial Wellness Initiative.
  I.   Agree Upon Common Definitions and Language
 II.   Review Research & Literature
III.   Needs Assessment
          a. Gathering information
          b. Understanding campus culture and gaps in learning
          c. Using existing data
                  i. Recent Diversity and Inclusion report data
                 ii. National Survey for Student Engagement (NSSE)
          d. Focus groups
          e. Student leader involvement
          f. Benchmarking
                  i. An effort that works at one place, may or may not work at CMU
IV.    Select Theoretical Frameworks and Curricular Resources

Following the steps above, then using the following process to guide the
implementation of various interventions:

Adapted From: Schuh, J. H., & Upcraft, M. L. (2001). Needs assessment and program evaluation. In R.
B. Winston, D. G. Creamer, & T. K. Miller (Eds.), The professional student affairs administrator:
Educator, leader, and manager (pp. 341-356). Philadelphia, PA: Psychology Press.

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Financial Wellness Collaborative                                     May 2017

Defining the Issue

Financial Wellness Definition

Originally convened as the “Financial Literacy” Work Group, a shift occurred early on.
After investigating research literature and current trends in higher education, members
of the work group wished to re-define the central drive of this initiative.

The President's Advisory Council on Financial Literacy defined personal financial
literacy as, "the ability to use knowledge and skills to manage financial resources
effectively for a lifetime of financial well-being (2008 Annual Report to the President1).”
The key term, “well-being,” describes the importance of not just understanding and
integrating knowledge of finances into decision-making, but also gaining the confidence
and mediating stress around these difficult topics. The Consumer Financial Protection
Bureau defines financial well-being as, “a state of being wherein a person can fully meet
current and ongoing financial obligations, can feel secure in his or her financial future,
and is able to make choices that allow enjoyment of life2.”

As a result, the terminology and framework from which this initiative is guided rests in a
wellness perspective.

National and Local Issue

The financial burden of college on this generation of students is increasingly at the
center of both scholarly research and popular media. As costs for higher education
continue to rise, borrowing increases, and subsequently so does stress around finances.
A study supported by the Bill & Melinda Gates Foundation found that the number one
reason students leave college is financial in nature3. The Office of Student Success at
Central Michigan University indicates that following academic suspension and
dismissal, the top reason students indicate departure is “finances.”

The National Student Financial Wellness study4, which included 18,795 undergraduate
students at 52 colleges and universities across the country, found that 7 out of 10 college
students feel stressed about their finances. According to the same study, “Nearly 60
percent said they worry about having enough money to pay for school, while half are
concerned about paying their monthly expenses.” Not surprisingly, the study found that
32% of students reported neglecting their studies at least sometimes because of the
money they owed.

While the recommendations of this work group cannot control cost and borrowing
issues, education centered upon increasing confidence, knowledge of resources, and
easing stress around these topics remains the top findings from emerging literature.

1 President’s Advisory Council on Financial Literacy (http://jumpstart.org/assets/files/PACFL_ANNUAL_REPORT_1-16-09.pdf)
2 Financial Well-Being: The Goal of Financial Education, ( January 27, 2015)
3 “With Their Whole Lives Ahead of Them” https://www.publicagenda.org/files/theirwholelivesaheadofthem.pdf
4 National Student Financial Wellness Study: http://cfw.osu.edu/posts/documents/nsfws-key-findings-report-2.pdf

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Financial Wellness Collaborative                                       May 2017

Trends at CMU

The work group prioritized gathering data to establish baselines and provide a broad
picture of various measures at Central Michigan related to financial wellness.

Student Account Services & University Billing Data:

Scholarships and Financial Aid Data:
                       Undergraduate Financial Aid Analytics
     2014-2015 Center for Education Statistics Report: Central Michigan University

All Undergraduate Students
                    NUMBE                        TOTAL          AVERAGE
                                PERCENT
                       R                        AMOUNT          AMOUNT
    TYPE OF AID                 RECEIVIN
                    RECEIVI                      OF AID          OF AID
                                  G AID
                    NG AID                      RECEIVED        RECEIVED
    Grant or
    scholarship      14,941       74%                            $14,688
                                                $219,453,258
    aid1
                                                  $27,996,51
     Pell grants      7,116        35%                             $3,934
                                                  9
    Federal
                     14,556       72%           $112,149,192      $7,705
    student loans

1Grant or scholarship aid includes aid received, from the federal government, state or local government, the institution, and
other sources known by the institution.

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Financial Wellness Collaborative                           May 2017

Undergraduate Students – Full-time, first time
                                  TOTAL   AVERAGE
             NUMBER    PERCENT
                                AMOUNT OF  AMOUNT
TYPE OF AID RECEIVING RECEIVING
                                   AID       OF AID
               AID       AID
                                 RECEIVED RECEIVED
Any student
                             3,537      94%                   ——             ——
financial aid1
    Grant or
    scholarship              3,031      81%           $24,702,612         $8,150
    aid
      Federal
                             1,288      34%            $5,335,719         $4,143
      grants
        Pell grants          1,288      34%            $5,325,607         $4,135
        Other
        federal                  8       0%                $10,112        $1,264
        grants
      State/local
      government
                               523      14%              $368,596           $705
      grant or
      scholarships
      Institutional
      grants or              2,964      79%           $18,998,297         $6,410
      scholarships
    Student loan
                            3,008       80%           $21,140,986         $7,028
    aid
      Federal
      student                2,971      79%           $18,834,389         $6,339
      loans
      Other
      student                 288        8%            $2,306,597        $8,009
      loans

1   Includes students receiving Federal work study aid and aid from other sources not listed above.

2013-2014 National Center for Education Statistics Report: Central Michigan University

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THREE-YEAR OFFICIAL COHORT DEFAULT RATES: Central Michigan University

 FISCAL
             2013 2012 2011 2010
  YEAR
Default
             4.4% 5.5%   6.2% 5.9%
rate
Number
             301   371   368   330
in default
Number
in        6,814 6,739 5,919 5,559
repayment

*2013FY National cohort default rate is 11.3%

A cohort default rate is the percentage of school’s borrowers who enter repayment on federal direct loans
during a particular federal fiscal year, October 1 to September 30, and default or meet other specified
conditions to the end of the second following fiscal year.

Theoretical Framework

In addition to gathering research and scholarship to inform the Financial Wellness
Initiative, the work group recognizes the importance of developing a theoretical
framework from which to think about Financial Wellness.

Completion by Design’s Loss-Momentum Framework
Originally developed for the Community College System, this framework has begun to
be applied to four-year degree completion.

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Financial Wellness Collaborative                         May 2017

   -   What are causing students to maintain momentum, or lose momentum
       throughout the experience.

   -   Although there is a strong focus within higher education upon transition and first
       year experience, the model recognizes that departure occurs not just after first
       year, but throughout the experience.

   -   This framework puts the onus on the University to identify and address barriers
       and points that slow student momentum toward a degree and to develop
       meaningful interventions to encourage momentum throughout the experience.

For more information about this framework, visit: http://completionbydesign.org/our-approach/step-3-
diagnose-the-issues/pathway-analyses-toolkit/pathway-analyses/lossmomentum-framework

Hierarchy of Needs

Abraham Maslow’s Hierarchy of Needs model is frequently referenced in conversations
about financial wellness. If students maintain stress about their needs being met during
college, it detracts from the ability for students to focus on their classes and experience.

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Financial Wellness Collaborative                  May 2017

Financial Wellness Strategic Plan

Vision, Mission, Values

Vision Statement

We envision a campus culture where all students are able to pursue their degree with a
financial plan and feel supported through graduation.

Mission Statement

Inspire confidence through student-centered financial education using resources that
contribute to positive educational experiences and informed financial decisions, leading
to graduation and a lifetime of financial well-being.

Guiding Values
Various themes emerged throughout the work group conversations. These themes were
later articulated in a formal way to guide the initiative’s decision-making:
    • Integrity: The Collaborative serves as an educational resource for students. We do
        not provide investment, legal, or tax advice. References to third-party financial
        resources are provided as a convenience for informational purposes only.
    • Inclusion: The Collaborative attempts to reach all degree-seeking students,
        graduate and undergraduate, and to deliver culturally competent material in
        person and virtually.
    • Intentionality: The Collaborative aligns all program outcomes with the Central
        Michigan University Mission and utilizes assessment to remain improvement-
        oriented.
    • Transparency: The Collaborative provides clarity to often complex processes and
        procedures to ensure students are aware of their financial resources.
    • Resourcefulness: The Collaborative acts as the voice and programming arm of
        existing campus resources and will refer students to appropriate campus
        departments as needed.

Mantra: Inspire Confidence
Tagline: Equal partners with students in the pursuit of financial wellness.

Goals

The Financial Wellness Collaborative assists CMU students in developing:
   • Fundamental personal finance skills
   • An understanding of how to conduct University business on campus
   • Knowledge of how to finance a college education
   • A plan for paying back any loans beyond college
   • Confidence and understanding to alleviate stress around finances
   • Tools, resources, and a plan to persist and graduate in a timely manner

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Financial Wellness Collaborative                      May 2017

2017-2018 Strategic Priorities

   1. Understand Student Financial Wellness: Continue to develop an understanding of
      best practices in higher education. Use existing data and a campus needs assessment to
      gather greater clarity of the current campus culture.

   2. Cultivate, Refine, & Scale Educational Efforts: Continue initiated efforts and
      implement recommendations.

   3. Build Awareness & Campus Support: Identify opportunities to build and
      strengthen campus relationships and support of financial education efforts.

Strategic Priority 1: Understanding Financial Wellness
Continue to develop an understanding of best practices in higher education. Use
existing data and a campus needs assessment to gather greater clarity of the current
campus culture.

  I.   Benchmarking Identified Programs
          a. Conduct phone interviews with identified programs of interest
          b. Plan site visit to identified campus if deemed helpful

 II.   Professional Development
          a. Expand stakeholder connection to field: conferences, journals, etc.
          b. Identify on-going learning opportunities

III.   Needs Assessment
          a. Existing campus data from NSSE and other data sources
          b. Focus groups
          c. On-going measurement methods in current processes

IV.    Curriculum Development
          a. Use benchmarking, professional guidance, and needs assessment to build
             both passing and active curriculum and resources

 V.    Assess Current Educational Efforts
          a. Develop protocols for gathering data through educational efforts
          b. Use assessment to improve programmatic outreach efforts

Strategic Priority 2: Cultivate, Refine, & Scale Educational Efforts
Continue initiated efforts and implement recommendations.

  I.   Current Efforts
          a. Transition program touch-points
                  i. Orientation
                 ii. Safari
                iii. IMPACT
          b. Student Service Court Outreach

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 II.   Identified Pathways
          a. Outlined in pathway delivery document
                   i. Student Recruitment
                  ii. Student Transition
                 iii. Student Retention & Timely Graduation
                 iv. Post-Graduation

III.   Peer Ambassador Program

IV.    Website & Resource Development

 V.    Others identified by committee

Strategic Priority 3: Build Awareness & Campus Support
Identify opportunities to build and strengthen campus relationships and support of
financial education efforts.

  I.   Stakeholder Engagement
          a. Create stakeholder awareness of Financial Wellness Collaborative
                 i. Inform upper-level administrators
                       1. Share ways staff and faculty can get involved in efforts
                       2. Encourage support for involvement in efforts
          b. Further develop opportunities for stakeholder engagement

 II.   Focus on Removing Barriers
          a. A major focus of the Financial Wellness Collaborative is not only educating
             students, but also looking for ways to remove barriers to student success.
          b. The Collaborative will work hard to ensure that suggested improvements
             are identified in conjunction with campus partners, avoiding the feeling of
             critique, but instead partnership.

III.   General Awareness Building
         a. Develop the “brand” and connection to students
                 i. Encourage utilization of a Financial Wellness Collaborative logo
                ii. Establish a social media presence
         b. Generate campus awareness of initiatives, services, and resources
                 i. Use various communication channels to inform the campus
                    community
                ii. Illustrate collaborative nature of the partnership
         c. Market to general University Community
                 i. “Road show” presentation about the various initiatives, services and
                    resources.

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Financial Wellness Collaborative                                                    May 2017

Identifying Pathways & Projects

Mapping Student Life Cycle

The work group spent significant time discussing various points during the student
journey where information, education, and resources could be better communicated.
The theoretical framework of this effort is articulated below from QILT (Quality
Indicators for Teaching and Learning).

Model Above From Quality Indicators for Teaching & Learning: https://www.qilt.edu.au/for-institutions/data-request/data-protocols

The following section outlines various pathways and efforts that the Financial Wellness
Collaborative identified for this report:

Student Recruitment: Help students understand the cost and value of a
CMU degree, and assist in devising a four-year financial plan.

Proposed Pathways & Actions:
   • Clearly articulate CMU costs, as well as value of degree
            o All information easy to find, in one location

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              o Comparison sheet (comprehensive costs) – also include housing costs
                  and cost of living in Mount pleasant vs. other cities. Recruitment tool.
                  Apartments and living expenses
   •   Integrate financial education into recruitment programming such as:
              o Next Steps
              o CMU and You Day
              o College Days
              o Campus Visits
   •   Communications planning:
              o Work with the Melt Offensive to integrate financial education efforts.
              o Timing of alerts and communication about billing, financial aid,
                  registration, and other important functions
   •   Admissions Representative training
              o Develop training for admissions representatives on financial education
                  and efforts to clearly articulate CMU costs and value of degree
   •   Explore communications and partnerships with high schools
              o Information provided to high school counselors
              o Training for high school counselors
   •   Identify existing pre-college pathways
              o Gear Up
              o Leadership Camp
              o Others not listed here
Student Transition: Acculturate students to navigating the billing process,
financial aid, registration, and other core University functions.
Proposed Pathways & Actions:
   • Continue on-going education efforts
         o Shift conversation from parent to student. You’re an adult now and need
            to understand how to do these things. This year’s incoming class will be
            the first to have finances discussed at orientation, Safari, and IMPACT.
         o Registration – interactive billing system goes live May 1st, 2017. Additional
            point of contact when students register – information/resources.
   • Develop and Implement Transition webinar/modules
         o Various phases while progressing through school:
                § Targeted toward me
                        • “We know you’re a sophomore now…”
   • Offer workshops and efforts for first year specific programs
         o Advising: Student Service Court, Academic Advising and Assistance, Office
            of Student Success
         o Student Veterans
         o Pathways and other transition programs
         o STEP
         o MAC Scholars
         o RSOs (new member and organizational meetings)
   • Residence Life outreach
         o Information during hall meetings

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Financial Wellness Collaborative                 May 2017

         o Residential colleges
         o RA/MA/RHD training
                § How to refer students to resources
   •   Admission protocols for various academic colleges/majors
         o Require intervention to get into college/major. Adding these to checklists
         o Introduce thoughts- 56 credits

Student Retention & Timely Graduation: Reduce student financial holds
and barriers to registration. On-going contact and education to ease stress
around costs. Encourage 15-credit semesters to achieve timely graduation,
resulting in increased financial health during the college years and beyond.

Proposed Pathways & Actions:
   • Gather team of student support to discuss barriers and make recommendations
         o Student Service Court Advisors
         o Success Coaches
         o Academic Advisors
   • Develop a peer-ambassador program for workshops and 1-1 meetings
   • Identify measures of success for financial education efforts
   • Develop protocol around student departure and assistance with financial
      pressures
   • Communication plan to encourage 4-year graduation, 15 credits/semester
   • Develop materials around “Cost” of staying in school longer
   • Establish benchmark, class-specific branding:
         o Sophomore summit
         o Junior initiative
         o Countdown to graduation program
   • Major authorization form – adding a piece about financial education
   • Introduce the Collaborative throughout the experience
         o Here is who we are. Reminders that we are here for them
   • Recommendation to tie in with faculty – define financial wellness; please assist in
      engaging and referring in the classroom
   • Marketing and specific outreach to families as top partners in the process.
   • Education to all the staff on campus
   • Career advising
         o Assist students in developing a financial plan post-graduation
   • Countdown to graduation
         o Encourage students to learn about loan repayment options, loan
            forgiveness, assisting students with financial planning

Post-Graduation: Understand options and establish a plan upon
graduation to tackle loan repayment.

Proposed Pathways & Actions:
   • Alumni resources and on-going access to online education

Work Group Recommendations • Central Michigan University                             18
Financial Wellness Collaborative                   May 2017

Metrics & Outcomes

Establishing a Baseline

Outcomes
The Financial Wellness Collaborative assists CMU students in developing:
   • Fundamental personal finance skills
   • An understanding of how to conduct University business
   • Knowledge of how to finance a college education
   • A plan for paying back any loans beyond college
   • Confidence and understanding to alleviate stress around finances
   • Tools, resources, and a plan to persist and graduate in a timely manner

   Measuring Outcomes:
     • Establish baselines through needs assessment effort
     • Develop instruments for various interventions that measure effectiveness

Campus Metrics
Central Michigan University should understand baseline numbers and measure
progress over time in the following areas:
   • Student Account Services and University Billing:
          o Existing data to gather and track over time:
                 § “Registered, but not Paid” (RNP) Numbers
                 § Student collections
                 § Outstanding balances
                 § Past due payment plans
                 § Full drops
                 § Students enrolled in automatic payment plans
                 § Refund check amounts (off campus vs. on campus students)
          o Possible new area of measurement:
                 § Tracking appointments with references to financial stress
   • Scholarships & Financial Aid
          o Existing data to gather and track over time:
                 § Borrowing rates
                 § Refund check amounts
                 § Unmet need
                 § Emergency fund requests
                 § Loan limits reached
                 § Parent PLUS metrics
                 § Default rates
                 § Private loan requests
                 § Grad Plus loans
                 § Transfer student debt burden
          o Possible new area of measurement:
                 § Tracking appointments with references to financial stress
   • Student Success Measurements:

Work Group Recommendations • Central Michigan University                             19
Financial Wellness Collaborative                    May 2017

          o Existing data to gather and track over time:
                § Number of students who reference “finances” as reason for
                    departure
                § Retention rates
                § Graduation rates
          o Possible new area of measurement:
                § Financial stress mentioned in meetings
   •   Counseling and Mental Health
          o Possible areas of measurement:
                § Number of students referencing finances as a metric of stress
                § Confidence around seeking assistance

Measuring Effectiveness

The work group recognizes that many of the numbers above are not solely tied to
financial education, literacy, and wellness. Tracking the above metrics will assist the
direction and priorities of the Financial Wellness Collaborative.

Assessment of Educational Interventions

The Collaborative will work to develop consistent assessment instruments that measure
meaningful outcomes, especially items such as:
   • Increased confidence
   • Knowledge of resources
   • Mitigated stress

Qualitative Data

Following Denison University’s model of applying qualitative interviewing to identify
stressor points, the work group recommends that CMU work with Educational
Leadership faculty to design a qualitative model to discover barriers to student success
related to finances.

Work Group Recommendations • Central Michigan University                                  20
Financial Wellness Collaborative                    May 2017

SWOT Analysis
The work group took time to explore strengths, weaknesses, opportunities, and threats
to the success of the Financial Wellness Collaborative and recommendations.

            Positive Factors                        Negative Factors
            STRENGTHS                               WEAKNESSES
 Internal
            Work group identified important         Weaknesses as they relate to the
            strengths of Collaborative:             proposed recommendations:
                • Broad knowledge base                  • We are late in the game and
                • Institutional knowledge                  playing catch up
                • Partners are invested and care        • Benchmark numbers --- do we
                    about this topic                       represent that – how do we
                • Strong relationships: in-roads           measure success?
                    with other groups on campus –       • Lack of analytics and data
                    already doing some good work        • Mechanisms for student buy-in
                • Connection to field of college           and participation.
                    student financial wellness          • Cannot change borrowing or
                • We are addressing educational            cost of education problems
                    and institutional factors           • Little faculty support –low
                • Excellent momentum with the              campus buy-in
                    work group                          • No historical perspective
                • Creating a more cohesive CMU             (ground up)
                    culture                             • No formal experience in this
                • Low cost, high impact                    specific area
                    recommendations on student          • Online/off-site --- pathways
                    experience                             need to include aspect aimed
                                                           specifically at this population
            Positive Factors                        Negative Factors

 External   OPPORTUNITIES                           THREATS
            What potential do we possess?           What can threaten success of project?
              • Third-party resources                  • Buy-in from some not all
              • Partnerships with other schools        • Power struggle – “Who owns
              • Build upon relationships with              this project”
                   field                               • Trying to be something to
              • Continue to build                          everyone
              • Take the show on the road              • There will be gaps, smaller
              • Recruitment and retention                  groups to reach
              • Wide open slate --- whatever we        • Lack of permanent funding
                   do is going to be better than       • “Fad” mentality vs.
                   nothing                                 incorporating into culture
              • Truly be transparent who we are        • The “personal responsibility”
                   as an institution                       approach threatens success by
                                                           not acknowledging
                                                           institutional barriers

Work Group Recommendations • Central Michigan University                                21
Financial Wellness Collaborative                 May 2017

Operational Recommendation

The following recommendation is intended to provide guidance and a plan to move the
Financial Wellness Initiative forward beyond the May 2017 Report.

Three-Phase Process

Phase 1: Summer 2017 – Summer 2018
Formally Establish the “Student Financial Wellness Collaborative”

•   Operate as a collaborative group (suggested organizational structure outlined below)
•   Develop area-specific work-groups
       o Recruitment, Transition, Retention, Graduating/Alumni
•   Hire a graduate assistant for programmatic efforts
       o Develop programming
       o Recruit, train, hire student ambassadors
•   Empower Success Coaches, Student Service Advisors, and Academic Advisors to
    assist in various programmatic efforts
•   Conduct full campus needs assessment
       o Use existing data, focus groups and other information-seeking to better
            understand student financial wellness
•   Develop a Strategic Plan for Financial Wellness
•   Steer recommendations produced by May 2017 report

Phase 2: Summer 2018
Assess stability, consistency, and effectiveness of Phase 1.

•   Determine if the initiative has moved forward effectively by reviewing processes and
    progress on various recommendations
•   On-going evaluation of structure and efforts

Phase 3: Summer 2018 & Beyond
Operate as Collaborative or Establish Formal Center for Student Financial Wellness

If permanent funding is deemed necessary, consider the following:
• Hire a director/coordinator of the program
• Identify space on campus
• Establish permanent funding structures

Work Group Recommendations • Central Michigan University                              22
Financial Wellness Collaborative               May 2017

Suggested Organizational Structure

                           Financial Wellness Collaborative

Work Group would phase into the Financial Wellness Collaborative Executive Board

Executive Board:
  • Co-Directors
  • Programming Coordinator (Graduate Assistant)
  • Assessment Coordinator
  • Communications Coordinator
  The following representatives may assume specialist roles articulated above.
  • Online & Off-Site Representative
  • Student Service Court Representative
  • Success Coach Representative
  • Office of Scholarships & Financial Aid Representative
  • Office of Admissions Representative
  • Academic Advising Representative
  • Residence Life Representative
  • Counseling Representative
  • Undergraduate Student Representative
  • Graduate Student Representative
Executive Board members would chair efforts in the following workgroup areas.
Work Groups:
   • Recruitment
   • Transition
   • Retention & Success
   • Graduation & Alumni
   • Non-Traditional Student
   • Curriculum Development
   • Others determined by the Executive Board

Work Group Recommendations • Central Michigan University                           23
Financial Wellness Collaborative                 May 2017

Operational Consideration:

The operational recommendation recognizes that “Financial Wellness” is not explicitly
stated in position descriptions on campus. Moving forward, we hope the administrators
involved in this initiative will recognize the importance of formally recognizing these
efforts, specifically by embedding language and responsibilities into the position
descriptions. The following areas maintain staff in crucial areas that may consider
incorporating language and responsibilities around financial wellness into office
structure:
    • Office of Student Success: Success Coaches
    • Student Account Services & University Billing: Student Service Advisors
    • Office of Scholarships & Financial Aid: Financial Aid Specialists
    • Academic Advising: Orientation & Academic Advisors

Resource Planning:

Numerous stakeholders at Central Michigan University have a vested interest in the
financial wellness of students. The Financial Wellness Collaborative would leverage
existing funding structures in strategic units to collaborate on funding for various
projects. Executive Committee members will explore funding sources from within and
external to CMU, including one-time funding requests, grants, or other money set aside
to fund special projects.

Start-Up Budget: not to exceed $10,000 (excluding graduate assistantship funding)

Proposed “start-up” expenditures (2017-2018) developed below:
   •   Graduate Assistant position funding
          o Cost: Pending funding availability through ESS.
   •   Development funding for committee members:
          o Campus visit funding
          o Conference funding
          o Journal/publication funding
   •   Printing Costs
          o Logo development: One-time expense
          o Print Collateral (Pull-up banners, Table-cloth, etc.)
   •   Programming Budget
          o Polos for ambassadors
          o Training budget for student ambassadors
          o Programming funds
   •   Website Costs
   •   Third party curricular costs TBD

The Financial Wellness Collaborative would use the first year to recommend and
identify permanent funding for annual expenses. A cross-divisional initiative,
expenditures should be split as equally as possible across units.

Work Group Recommendations • Central Michigan University                             24
Financial Wellness Collaborative                  May 2017

Professional Standards

In addition to gathering research and scholarship to inform the Financial Wellness
Initiative, the work group sought relevant guidance from various professional
organizations. The following list of formal efforts were identified:

American College Personnel Association(ACPA) Guidance

As one of the leading national organizations in the field of student affairs, ACPA has
published a few reports which relate to financial wellness.
   • “The Higher Education Reauthorization Bill (Higher Education Opportunity Act
       of 2008), has more than 400 new reporting requirements and 64 new
       programs.” - http://www.myacpa.org/article/after-5-years%E2%80%A6higher-
       education-reauthorization-0#sthash.mFW2gjTJ.dpuf
   • Consumer Education Information – “The Bill requires guaranty agencies to work
       with institutions to develop and make available high quality educational
       programs and materials to provide training for students in budgeting and
       financial management, debt management, and financial literacy.”
       http://www.myacpa.org/article/after-5-years%E2%80%A6higher-education-
       reauthorization-0#sthash.mFW2gjTJ.dpuf
One work group member, Alex Kappus, attended the National Convention this spring
and attended relevant sessions. The most impactful session was “Identifying and
Mitigating Students’ Financial Stressors” by Laurel Kennedy and Julie Tucker
from Denison University. Full session notes: Appendix D

Coalition of Higher Education Assistance Organizations (COHEAO)

The reports and guidance produced by the Coalition of Higher Education Assistance
Organizations provides invaluable guidance for the financial wellness initiative.
   • Financial Literacy in Higher Education: The Most Successful Models and
      Methods for Gaining Traction from the Coalition of Higher Education Assistance
      Organizations (COHEAO): http://www.coheao.com/wp-
      content/uploads/2014/03/2014-COHEAO-Financial-Literacy-Whitepaper.pdf
   • Financial Literacy on Campus: Raising Awareness, Creating and Developing
      Programs, and Improving Effectiveness from
      COHEAO: http://www.coheao.com/wp-content/uploads/2011/04/COHEAO-
      Whitepaper-Financial-Literacy-on-Campus-.pdf
Consumer Financial Protection Bureau (CFPB)

The Consumer Financial Protection Bureau offers some guidance and resources for
“enhancing financial education” in the United States.
   • Website: https://www.consumerfinance.gov/adult-financial-education/
   • “The CFB was created to provide a single point of accountability for enforcing
      federal consumer financial laws and protecting consumers in the financial
      marketplace. Before, that responsibility was divided among several agencies.
      Today, that is our primary focus.”

Work Group Recommendations • Central Michigan University                              25
Financial Wellness Collaborative                   May 2017

Council for Economic Education

The Council for Economic Education is designed as a framework for teaching k-12
personal finance. This resource may assist CMU in determining curriculum and
resources.
   • Website: http://councilforeconed.org/resource/national-standards-for-financial-
      literacy/
   • “The National Standards for Financial Literacy provide a framework for teaching
      personal finance in kindergarten through 12th grade. A student who masters the
      knowledge embodied in the standards should be able to avoid making poor
      financial decisions, understand the economic reasons behind the trade-offs
      between financial choices, and know the basis for their own decisions.”
   • The standards contain the areas of knowledge and understanding that are
      fundamental to personal finance:
           o Earning Income
           o Buying Goods and Services
           o Using Credit
           o Saving
           o Financial Investing
           o Protecting and Insuring

Council for the Advancement of Standards in Higher Education (CAS)

The Council for the Advancement of Standards in Higher Education (CAS) provides
functional-area guidance in various administrative areas in higher education. The work
group may wish to consider utilizing CAS resources to collaborate with areas, such as
financial aid, orientation, and parent/family program.

   •   Financial Aid Self Review- available upon purchase:
       http://standards.cas.edu/getpdf.cfm?PDF=C94FF7B0-B198-020F-
       628B8BCCE2E6FA43
   •   Parent & Family Programs:
       http://www.usu.edu/finaid/assessment/pdf/CAS08.pdf
          o “Parent & Family Programs should provide a parents and family resource
              guide or handbook to address student-life topics of priority to the
              institution (e.g., drug and alcohol abuse, service-learning and study
              abroad opportunities, research opportunities, financial literacy, health and
              wellness), resources and benefits available to parents and families,
              institutional policies and procedures, the academic calendar, and support
              services for students and their families.”

Financial Literacy and Education Commission (FLEC)

The Financial Literacy and Education Commission offers excellent resources and
guidance around financial education, including reports geared toward higher education.
   • Homepage: https://www.treasury.gov/resource-center/financial-
      education/Pages/commission-index.aspx
Work Group Recommendations • Central Michigan University                               26
Financial Wellness Collaborative                  May 2017

           o “The Financial Literacy and Education Commission was established under
               the Fair and Accurate Credit Transactions Act of 2003. The Commission
               was tasked to develop a national financial education web site
               (MyMoney.gov) and a national strategy on financial education.”
   •     Many resources available for educators and planners:
           o https://www.treasury.gov/resource-center/financial-
               education/Documents/Opportunities%20to%20Improve%20the%20Fina
               ncial%20Capability%20and%20Financial%20Wellbeing%20of%20Postsec
               ondary%20Students.pdf

Financial Therapy Association

A relatively new area of study and practice, the Financial Therapy Association advocates
for a holistic model of financial wellness.
    • Website: https://www.financialtherapyassociation.org/
    • “Financial therapy involves the integration of cognitive, emotional, behavioral,
       relational, and economic aspects that influence financial well-being, and
       ultimately, quality of life.”

Gallup

The “Five Essential Elements of Well-Being” articulated by Gallup offers a wellness
model which includes the importance of financial wellness.
   • Website: http://www.gallup.com/businessjournal/126884/Five-Essential-
      Elements-Wellbeing.aspx
   • “Purpose (academic, career), social (inclusion), financial, community, physical.”

Higher Education Financial Wellness Summit

The Higher Education Financial Wellness (HEFW) Summit “unites educators with a
passion for student financial wellness and connects those who value the significance in
students’ understanding of how to manage their personal finances.”
   • Website: www.hefwa.org
   • Annual Conference: This year, July 30-August 1st, 2017
   • Webinars: www.hefwa.org/webinar-series
Work group member, Alex Kappus participated in two webinars during the month of
April and took notes from those presentations Alex connected later on the phone and via
email with a leader in the field, Bryan Ashton. (Webinar notes: Appendix E).

National Association of Student Personnel Administrators (NASPA)

Along with ACPA, NASPA provides professional guidance and education to student
affairs administrators. Recognizing the need and interest in assisting professional
collaboration and learning, NASPA has partnered with The Ohio State University to
offer a symposium to address the complexities of college student financial well-being.
    • Website: https://www.naspa.org/events/2017scfwb

Work Group Recommendations • Central Michigan University                                 27
Financial Wellness Collaborative                    May 2017

   •   2017 Symposium on Collegiate Financial Well-Being, June 15-17, 2017 in
       Washington, D.C.

National Endowment for Financial Education

“The National Endowment for Financial Education (NEFE) is the leading private
nonprofit 501(c)(3) national foundation dedicated to inspiring empowered financial
decision making for individuals and families through every stage of life.”
   • Website: http://www.nefe.org/
   • CashCourse: Signature educational program, free resource.
   • Grant for $1,000- http://info.cashcourse.org/put-it-to-work/reimbursement-
       program.aspx

National Orientation Director’s Association (Association for Orientation, Transition,
Retention) NODA – OTR

The leading organization for Orientation, Transition, and Retention (NODA) offers
guidance and competencies around identifying and assessing institutional barriers as it
impacts populations of students.
   • Website: https://c.ymcdn.com/sites/noda.site-
       ym.com/resource/resmgr/docs/CompetenciesBooklet.pdf
   • “Assess institution’s access barriers/pathways as it impacts orientation,
       transition, and retention within populations with diverse needs (e.g. financial aid
       practices/ programs). Understand processes affecting enrollment, including
       financial aid and admissions related procedures and support.”

Work Group Recommendations • Central Michigan University                                28
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