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The NHHEAF Network
Organizations’ Campaign for Financial
LiteracyPresented for: EASFAA
Tori Berube Rebecca PalmerVice President, Product Marketing Director of EducationThe NHHEAF Network Organizations Consumer Credit Counseling Services of NH/VT
May 20, 2008
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Some Statistics• Average credit card debt in America - $9000 (11 cards)• NH students have the 2nd highest student loan debt in the
country, on average ($24,800).• Only 59%, or roughly 23 million of the young adults in
Generation Y, those ages 18-29, pay their bills on time every month.
• From Clothed, Fed, & Over Their Heads, a recent NHHEAF Network Organizations’ survey of our own borrowers:– The average credit card balance of student borrowers was
$3,106. – Consumers carried a higher average credit card balance,
averaging $4,433. – 82% percent of all college freshmen had at least one open
credit card. – 42% of college students in the study had 6 or more open
credit cards.
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Consumer Credit Counseling Services of NH/VT
• Consumer Credit Counseling Services of NH/VT• a private, not for profit 501(c) 3, United Way-
affiliated organization, committed to helping people in New Hampshire and Vermont take charge of their money.
• members of the National Foundation for Credit Counseling, the nation’s largest and longest-serving non-profit credit counseling network.
• members of the Better Business Bureau of New Hampshire
• not affiliated with any governmental agency
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The NHHEAF Network Organizations• comprised of four 501(c) (3) nonprofit
organizations that provide New Hampshire students and families with the resources and funding to pursue higher education aspirations
• New Hampshire Higher Assistance Foundation (NHHEAF) – guarantor
• New Hampshire Higher Education Loan Corporation (NHHELCO) – lender
• Granite State Management & Resources (GSMR) – servicer
• NHHEAF Network Education Foundation (NNEF) – charitable giving administrator
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The Gap• Most college students have little education on
financial literacy.– “What’s a FICO?”– Managing a credit card or debit card.
• Most college students do not make the connection that financial decisions they make today affect their long-term financial goals.– Short-term:
• Paying rent, car insurance, cell phones, credit cards
– Long-term:• Mortgages, starting a business, student loans
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Our Solution!• A Partnership with Consumer Credit Counseling
Services of NH/VT• A certified instructor from CCCS-NH/VT leads any
of six sessions and provides support materials for students.
• Sessions designed to share the fundamentals of financial literacy on college campuses across the state
• Customizable to meet a school’s needs– Night/day– 30 minutes, 60 minutes, 2 hours– Formal v. Informal
• No charge to school
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Promoted Throughout Campus• Financial Aid Offices
• Career Services Offices• Student Activities Offices• Health Services Offices• New Student Orientation• Residential Life Offices• Guest Speaker in Classroom
– Freshman Experience– In-services
See Our Sample of Marketing Materials!
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The Six Sessions• “Credit Worthy” – Credit For Your Future• “Broke Not Broken” – Life After College • “Show Me (Where to Put) the Money!” – Keys to
Banking• “The Very Real Life” – Budgeting for Success• “The Freshman Forty” – 40 Money Management
Tips Every College Freshman Should Know”• “Deter, Detect, Defend” – The Crime of Identity
Theft
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What Tools We Provide• A qualified speaker • Announcement Posters• A raffle prize to encourage attendance• Complimentary Materials
– My Student Loan Folder– Financial Aid Organizer– “Default Prevention”, “What To Do If You
Withdraw from School”, and “Borrow Responsibly” brochures
– It’s Not Free Money For College magnets & posters
– 7 Tips For Keeping Debt in Check note pad
– “Life After Graduation” book
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“Please Share Two or Three Things You Learned During This
Class”• “Where to get my credit report for free”• “To get renter’s insurance”• “What a FICO score is and that it ranges from 300 – 850”• “The average FICO score in America is 723”• “It’s important to pay my bills on-time”• “There are three credit bureaus – TransUnion, Experian,
Equifax”• “Never cancel a credit card because it will lower your FICO
score.”• “Some ways to avoid identity theft – shred my mail!”• “How to opt-out from junk mail and telemarketer’s calls”• “That I can call my credit card company and ask them to
lower my interest rate”• “freecreditreport.com is not FREE!”
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Thanks For Coming!
• Becky [email protected](603) 224-6593, x120
• Tori [email protected](800)719-0708, x 117