daniel roddick director of financial aid uc berkeley haas school of business

Financial Literacy for Financial Literacy for Graduate/Professional StudentsGraduate/Professional Students

CASFAACASFAA Conference, San Francisco, CA Conference, San Francisco, CA December 16, 2013December 16, 2013

Daniel RoddickDirector of Financial Aid

UC BerkeleyHaas School of Business

Jacquie CarrollFinancial Education & Campus

Engagement ConsultantAmerican Student Assistance


• Agenda– The Grad/Prof Student

• Statistics• Testimonials

– Methods• Workshops/In-Person• Email/Online/Text/Chat• Campus/External Partners

– Best Practices• Counsel the whole student• Small Group Scenarios


• Statistics– Many Programs but

Small Community • Full-time programs• Part-time programs• Doctoral programs• Internships, department

awards, parent grants


• Statistics– High Touch for High

Price• Consumer culture • Mature but too busy• International students• Existing debt from

previous programs (grad and UG)

• Cost/Benefit, ROI


• What students think and experience!

Financial Stress + Solution = Financial Stress + Solution = Happiness?Happiness?

Melior Group & American Student Assistance, 2011

More About DebtMore About Debt

ATTITUDES TOWARD ATTITUDES TOWARD AND EXPERIENCE WITH AND EXPERIENCE WITH DEBT AND FINANCIAL DEBT AND FINANCIAL EDUCATIONEDUCATION

Total

21-25

26-30

31-37

White

Non-White

Public

Private

49%

48%

45%

56%

46%

56%

49%

48%

21% 30%

19% 33%

23% 32%

22% 22%

22% 32%

18% 26%

20% 31%

21% 31%

Ag

eR

ace

Sch

oo

l T

ype

“UNTIL I HAD TO START PAYING BACK MY LOAN, I DIDN’T THINK ABOUT HOW I WAS GOING TO AFFORD IT.”

Base: Those with Student Loans

Agree Strongly/Somewhat Neutral Disagree Somewhat/Strongly

Total

21-25

26-30

31-37

White

Non-White

Public

Private

Ag

eR

ace

Sch

oo

l T

ype

54%

59%

50%

49%

55%

51%

53%

56%

22% 24%

20% 21%

25% 25%

23% 28%

20% 25%

26% 23%

21% 26%

22% 22%

“STUDENT LOAN DEBT HAS DIRECTLY IMPACTED THE CHOICES I’VE HAD TO MAKE (JOB, LIVING, ETC.).”

Base: Those with Student Loans

Agree Strongly/Somewhat Neutral Disagree Somewhat/Strongly

More About Managing More About Managing MoneyMoney

• Student and graduates know it is important to get a grip on their money.

• They already budget around the things they love (family, pets, friends, hobbies, alcohol, dining out, etc.).

• They are interested in knowing their own spending patterns.

They fear not having money to spend on what they enjoy!


• Students think:

It feels like there is nowhere to turn

for money questions...especia

lly about loans!

More About Money More About Money Management ResourcesManagement Resources

• There is little awareness around existing money

management resources—most students and graduates

cannot name a single resource.

• There is interest in checking out resources and tools.

• But, if the tools are too much work, they won’t use them.

After all, they are getting along fine without them!

Remember when?Remember when?


• Methods– In-person Workshops we do

• Admit Weekends• “Financial Aid & Billing

Overview” (Entrance Counseling)

• Tax Workshop• Loan Repayment Workshop

(Exit Counseling)

– Workshops we don’t do• Budgeting, Spending Plans• Compensation Strategies

– Spruce it up…


• Methods– Webinar

• Great for Part-time students

– Chats• Great for Prospective students

– Passive Programming• Podcasts, website

– Online Counseling– Campus partners

• For Perkins counseling

Counseling TechniquesCounseling Techniques1. Know Your PAL2. Get Their Attention3. Note The Objectives4. Stimulate Prior Learning5. Present The Content6. Provide Learning Guidance7. Elicit Performance8. Note Important Resources9. Finish With A Call To Action!

Know Your PALKnow Your PAL

Get and Keep Their Attention!Get and Keep Their Attention!

People pay attention when their world stops!

Communication Obstacles Communication Obstacles

• Inadequate preparation– Credibility results when knowledge is

demonstrated

• Vague instructions– Leads to confusion

• No rules– Use overview, simple & succinct, specific &

repeat, repeat, repeat

• Cultural barriers

Communication Obstacles Communication Obstacles Phrases that should be avoided:•You did statements-

• blames others for their behavior

•You should statements- • No one likes being told what to do

•Defending statements-• Pull rank and push authority

•Threatening statements-• Break relationship trust


• Partner-up• Pick a card• Discuss scenario• Share solutions• Remember Takeaways


• Questions?• More to Share?

daniel roddick director of financial aid uc berkeley haas school of business

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