Listened to @EAB's podcast episode on helping students graduate with less #debt and the complexities of #financialaid in #highered. A few important takeaways: /1
1) #Finaid offices that are not housed within Student Affairs, Student Life, or a Registrar's Office does not serve students well. #Finaid is an integral component of student success, academically and beyond. Integrating principles of #finaid into student life and academic /2
advising can help students make academic choices that minimizes potentially harmful impacts to their funding eligibility /3
2) #Highered professionals: we need to do a better job at teaching financial literacy (this is one of my own primary professional goals this year). Train your financial and academic advisors on financial literacy so they can teach their students. Start with basics: good vs. bad/4
debt; different loan options; the responsibilities of owning a credit card; budgeting (lots of great apps out there like @YNAB); short- vs. long-term savings; different types of bank accounts, etc. You can't expect to give an 18 year old a $10k loan and know how to stretch /5
that out over 8 months (or 12), to cover textbooks, tuition, transportation, living... it's overwhelming even as an adult! /6
3) Scholarships, awards, and bursaries. I am always surprised when students don't know what they are or how to apply, but that's our job to show them! We need to offer support on writing scholarship apps, how to read through eligibility criteria, how to ask for a reference /7
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