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Research on effective loan counseling

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"Life altering decisions are being made with minimal understanding at a time of maximum distraction," according to research conducted on financial aid counseling.

Findings from the research, conducted jointly by TG, the Federal Reserve Board, and the National Association of Financial Aid Administrators (NASFAA), were presented last week at the NASFAA annual conference in San Diego.

According to the presenters, PJ Tabit and Dan Gorin with the Federal Reserve Board, their research found that most schools feel their students have low levels of financial literacy. The research also found that the Department of Education's online tool is used primarily to achieve compliance and because it is free.

Jeff Webster with TG said their research identified some promising practices, including cross training among campus departments to improve communication to students, holistic treatment of students finances that goes beyond financial aid, one-on-one loan counseling, and approaches to target specific students who have the most need and can benefit the most from counseling.

In addition to the research presentation, there were other discussions at the conference among schools indicating they would like to be able to require loan counseling annually for their students.

For more information on how your school can help your students with enhanced loan counseling and financial education, contact Beth Ziehmer at Mapping Your Future at beth@mappingyourfuture.org or 1-800-374-4072.

 

 

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Mapping Your Future®, Inc.
P.O. Box 2578, Sugar Land, TX 77487
(800) 374-4072