Classification: Four-year private college or university;
Hispanic-Serving Institution.
Modules Used:
- Module 1: Get a Grip on Your Finances: Smart Spending for
Students.
- Module 4: Take Control of Your Future: Finishing School and Repaying
Your Loans.
- Module 5: Now That You Are About to Graduate: Taking Control of Your
Life.
How Used:
- Self education.
- New-student orientation.
- Open house for parents.
- Debt-management training.
- Exit counseling.
Program Description: Founded in 1964, Nova
Southeastern University now is the largest private institution in Florida. Along
the way, the university has come to recognize that student debt is a potential
problem for both the student and the institution. This concern led to a decision
to increase the university's debt-management efforts by adopting a proactive
strategy of continuous financial education for students, including the use of
USA Funds® Life Skills®.
Module 1: Get a Grip on Your Finances: Smart Spending for Students
will be used as self education for those students applying for special
emergency loans. In an effort to curtail unnecessary borrowing, students will be
required to complete the module before they can apply for the $500 emergency
loan.
In an effort to acclimate parents and prospective students to the financial
world at NSU, the coordinator of debt management will share appropriate
information from Module 1: Get a Grip on Your Finances: Smart Spending for
Students during each open house for parents.
The coordinator of debt management will use Module 4: Take Control of
Your Future: Finishing School and Repaying Your Loans and Module 5: Now
That You Are About to Graduate: Taking Control of Your Life to provide
debt-management training for staff who are called on daily to respond to
students' "what-if" financial questions. Once trained, the staff will be able to
provide answers on the spot, without having to refer the student to another
office. The financial-aid counselors will include the information in their
financial-aid workshops as well. Initially, 21 financial-aid counselors, six
members of the call-center staff and six one-stop-shop counter staff members
will participate in the training.
Module 5: Now That You Are About to Graduate: Taking Control of Your
Life will be used to supplement the exit-counseling sessions with students
in the health professions. The coordinator of debt management will focus on
managing debt after school.
Information from Module 5: Now That
You Are About to Graduate: Taking Control of Your Life and Module 1:
Get a Grip on Your Finances: Smart Spending for Students will guide the
development of new-student orientation for all colleges and schools at NSU. The
coordinator of debt management will work with the deans to ensure that the
sessions reflect the goals of the individual units. For example, a
"lunch-and-learn" session is planned for incoming students in the law school.
The goal is to suggest strategies for learning to "live like a student." On the
other hand, orientation programs for the schools of education and business will
include information about projected income for these professions so that
students begin to recognize the consequences of incurring unnecessary debt.
Staffing Requirements: The coordinator of debt management is
responsible for delivering the program as described above.
Recommendations: Attending a train-the-trainer workshop
conducted by a USA Funds debt-management consultant should be the first step for
anyone considering USA Funds Life Skills. A follow-up discussion with a USA
Funds consultant to consider appropriate implementation options for your campus
is also recommended. The coordinator of debt management suggests considering the
whole concept of debt management so that potential strategies for implementing
USA Funds Life Skills are not overlooked.
Campus Contact:
Stacy Peña-Villalobos, Director of Loans and Debt
Management
Phone: (954) 262-7432
E-mail: pstacy@nova.edu