Money Talks: Job Tips for Student Loan Default Prevention

Posted by Joe Crosby on 2/8/16 5:36 PM

Money Talks are quick hitting posts on a topic that will help your students manage their loans and finances. With links, tools, and visuals, you can easily use the information to help your students become financially healthy and strong.  

Previous Money Talks: TaxesCredit Scores | Staying on Budget  | Dropping Out & Student Loan Repayment Options | Forecasting the Future | Making Summer Income Last All Year | Off Campus Living

Studies show that students who default are commonly the students that don't complete their academic program.

They sign the promissory note and might be gone shortly after census date. Their career options didn't improve and neither did their financial situation. Worse yet, they have more debt and potentially a bad taste in their mouth about the experience.

If these students had the skills to find a job they might be willing to tackle their loans with more verve and energy. Here are resources you can pass to them at orientation so they can takes steps to get hired even if they don't have an academic credential to support them. 

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[Handout] Financial Literacy for College Students: Credit Scores

Posted by Joe Crosby on 1/25/16 3:03 PM

Successful management of personal finance is like any resolution. One must learn how to take action, resolve to make it happen, find the willpower to persevere, and then turn those actions into almost mindless habits. 

If you want examples of how that process works, you can just ask the good folks of The Villages, Florida, Sun City West, Arizona, or Sun City Center, Florida.

The bronzed retirees enjoy pickleball, leisurely golf cart trips to gourmet restaurants, mid-day dips in the pool, and impressive credit scores.

According to WalletHub, these cities have highest-in-country credit scores (insert golf clap) and it's likely because these people have developed rock solid personal finance habits of budgeting, paying bills on time, borrowing wisely, frequently tracking accounts, and protecting themselves against identity theft.

And it comes easy. It's a habit. 

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Topics: Financial literacy

The One-Page Financial Plan for College Students

Posted by Joe Crosby on 1/7/16 7:30 AM


If you like simplifying things that once seemed difficult or studying how values impact financial decisions then I recommend The One Page Financial Plan by Carl Richards. 

The book is written to help people and families make financial decisions focused on priorities. 

You would think that college students would highly prioritize their education. After all, they are paying good money (borrowed or not) to be there. 

Yet students frequently skip class so they can pick-up a few more hours at work. They routinely don't buy a book because it's too expensive and they continue to fight an on-going tug-of-war between money and academics. The outcome of that battle is seen in lower than expected 6-year graduation rates.

If Richards can help people plan for major things like retirement, raising children, and re-focusing our relationships with money, can he help us simplify a financial plan for college students?  

As you strive to help students through 2, 4, or 6 years of school, here are a five points from the book that could help students make a plan to stretch their dollar all the way to graduation and beyond.  

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Topics: Financial literacy

Seven Steps to Make Your 2016 Default Prevention Strategy

Posted by Joe Crosby on 1/6/16 1:58 PM

Preventing student loan default comes easily for some schools. These schools usually combine solid academic and campus practices with a good reputation and an advantageous student population to keep their default rate down. 

For all other schools, preventing default requires a plan. If the act of recycling the 2015 calendar and pounding a nail into the 2016 calendar gets you in the mood to make a plan, then you've come to the right place.

Here are seven steps to a 2016 strategy that will get your team motivated to fewer defaults.  


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Success on the Gridiron. Success with Default Management.

Posted by Joe Crosby on 12/30/15 6:03 PM

Even if you don't like football, there's a good chance that you stumbled upon a few moments of a college bowl game in the last couple weeks. The overwhelming amount of college bowl games means that the holiday season and the college bowl season are more strongly linked than ever.

We like every aspect of college so we decided to see how the 80 schools with teams in a 2015 college bowl game do in another important aspect of running a school - empowering their students with the skills to repay their students loans.

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Topics: cohort default rates