The results in this presentation should be considered preliminary and are subject to change. The analyses used a preliminary NSSE data file as the

Transcription

1 The results in this presentation should be considered preliminary and are subject to change. The analyses used a preliminary NSSE data file as the final 2017 NSSE dataset was not yet available at the time of the presentation.

2 Student Financial Knowledge: Initial Results From A Multi-Institutional Study Kevin Fosnacht Brendan Dugan Indiana University Center for Postsecondary Research

3 Agenda Introduce NSSE Describe our research Present our early results Discuss how the results can inform your work

4 Who is here? Who is a student affairs officer? Researcher? Other? Who works in a financial wellness office? Financial aid office? Who knows about NSSE? Uses NSSE?

5 What is NSSE? Student engagement represents two critical features of collegiate quality. The first is the amount of time and effort students put in to their studies and other educationally purposeful activities. The second is how institutional resources, courses, and other learning opportunities facilitate student participation in activities that matter to student learning. National Survey of Student Engagement (NSSE) NSSE is designed to gather information on the extent to which students engage in and are exposed to proven educational practices related to desirable learning outcomes. Over 5.5 million students at 1,600+ colleges and universities have taken the survey Focuses on the first-year and senior experiences

6 Financial Well-Being & Student Engagement Not having enough money to participate in same activities as peers is the best predictor of financial stress (Heckman et al., 2014). Financially stressed students want to be more engaged! Engagement learning Financial stress leads to a less impactful college experience

7 Our Study Appended questions on: o Financial education resources (used and available) o Financial knowledge o Financial stress About 13,500 students attending 34 schools participated* Data collection ended June 1 Preliminary results * As of May 4

8 Live Polling Setup Two ways to participate: o o Text: KEVINFOSNACH184 to 37607

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10 Which types of personal financial education counseling and courses available at your institution have you used? 0% 10% 20% 30% 40% 50% 60% For-credit courses taught by an instructor Financial education taught as a topic in a course Online tutorials or modules Individual or group counseling by faculty or staff Peer counseling Student loan counseling Financial edu. provided through a student org. None of these 8% 8% 7% 9% 5% 7% 4% 15% 15% 12% 13% 12% 18% 22% 56% 56% First-Year Senior

11 Resources 100% 75% 50% 25% 0% Does your institution offer emergency or short-term financial assistance or loans? 75% 73% 20% 20% 4% 7% No Yes Unsure First-year No Yes Unsure Senior 100% 75% 50% 25% 0% Did you complete online student loan counseling prior to receiving a student loan? 45% 33% 31% 23% First-year 56% Senior 13% No Yes Unsure No Yes Unsure Note: Excludes students who did not receive a student loan.

12 Has your institution informed you how much student loan debt you have? 100% 75% 50% 52% 48% 47% 53% 25% 0% No Yes No Yes First-year Senior

13 Financial Knowledge 1. In the standard repayment plan for federal loans, the length of the repayment period is? 2. Which of the following types of federal student loans do NOT accrue interest while you are enrolled as a student? 3. What is the best way to access your credit report from the three major credit reporting agencies for free? 4. If you cannot pay off a credit card balance in full in one month, the immediate consequence is that you will? 5. If the inflation rate is 5% per year and the interest rate for your savings account is 2% per year, how much would you be able to buy with the money in your account after one year, compared to today?

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16 In the standard repayment plan for federal loans, the length of the repayment period is: 5 years 10 years 15 years 20 years % correct First-years: 45% Seniors: 47%

17 Which of the following types of federal student loans do NOT accrue interest while you are Nominal Interval Unsubsidized Subsidized enrolled as a student? % correct First-years: 43% Seniors: 56%

18 What is the best way to access your credit report from the three major credit reporting agencies for free? By asking the manager at your bank It is not available for free % correct First-years: 37% Seniors: 57%

19 If you cannot pay off a credit card balance in full in one month, the immediate consequence is that Owe interest Receive a tax deduction Go into bankruptcy Increase your credit score you will: % correct First-years: 82% Seniors: 92%

20 If the inflation rate is 5% per year and the interest rate for your savings account is 2% per year, how much would you be able to buy with the money in your account after one year, compared to today? Less than today Same as today More than today % correct First-years: 66% Seniors: 75%

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22 Financial Stress: First-Year Students 100% 75% 50% 25% 44% 31% 53% 51% 0% Chose not to participate in an activity due to lack of money Chose not to purchase required academic materials due to their cost Worried about having enough money for regular expenses Worried about paying for college Percentage responding Often or Very Often

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24 Financial Stress: Seniors 100% 75% 50% 49% 37% 56% 49% 25% 0% Chose not to participate in an activity due to lack of money Chose not to purchase required academic materials due to their cost Worried about having enough money for regular expenses Worried about paying for college Percentage responding Often or Very Often

25 Discussion Questions

26 Report Back

27 Thank You! Kevin Fosnacht, Brendan Dugan Slides: go.iu.edu/1arq Website: nsse.indiana.edu Blog: nssesightings.indiana.edu