Example Financial Literacy Plans
For the 2011 Symposium on Financial Literacy and College Success at Minority-Serving Institutions: Institutionalizing Approaches to Student Success, we ask for institutions to submit a proposed financial literacy plan. Your institution’s plan should outline goals and expectations for integrating financial literacy components into institutional operations. Questions to consider when drafting your proposed plan include:
- What are the objectives of your financial literacy plan?
- How does the plan relate to the goals of your institution and to the 2011 symposium's theme—Institutionalizing Approaches to Student Success?
- How are students currently learning about college and real-world costs?
- What are some identifiable funding sources and pre-existing resources that will help sustain financial literacy efforts?
Below are example financial literacy plans from other MSIs. Since 2009, USA Funds® has supported campus teams to attend IHEP’s Summer Academy—a five-day working conference that allows institutions to develop campus plans for sustainable institutional change.
Teams supported by USA Funds® worked on financial literacy plans, similar to what we ask of interested campus teams to submit for the 2011 Symposium on Financial Literacy and College Success at Minority-Serving Institutions: Institutionalizing Approaches to Student Success.
Southwestern Indian Polytechnic Institute (TCU)
“Financially Fit” is an expansion of financial education activities that have been conducted for the past seven years under the auspices of the family extension and education program at Southwestern Indian Polytechnic Institute (SIPI). The program addresses not only the financial education needs of college students, but also those of members in surrounding Tribal communities. The program is driven by the following three goals: 1) to develop and implement a replicable mandatory three-hour workshop curriculum for students receiving financial aid at SIPI, 2) to continue to develop and expand delivery of financial education workshops to students and members of the Tribal communities in the area of personal financial management, 3) to train a cadre of peer educators who will be able to present financial education workshops and serve as resources in this area. Financially Fit utilizes well-trained peer educators. A desired effect will be the ability of the these Native Americans to return to their home communities and continue to provide financial education. Community financial education will empower participants to make knowledgeable choices and not be victimized financially. Financial education will be mandatory for all students who receive financial aid.
New Jersey City University (HSI)
New Jersey City University’s (NJCU) financial literacy team will focus on strengthening financial literacy through joint efforts between student affairs and the office of financial aid. Currently, the center for student success works along side the office of financial aid to offer financial literacy education to students. At the Summer Academy, NJCU plans to further build upon existing financial literacy programs by developing an assessment plan.
Savannah State University (HBCU)
Savannah State University’s project will be a comprehensive first-year experience for first-generation students (FGS). FGS comprise nearly 40 percent of the university’s enrollment. The objectives of the project are to: 1) increase retention; 2) increase graduation rates of FGS; 3) create a culture of financial literacy to assist FGS; 4) enhance learning through learning communities; 5) enhance the campus climate by encouraging more student-centered, learning-focused, and service-based culture; and 6) create opportunities for faculty development and curriculum revision and assessment.
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