Nearly 6,000 Courses Completed on NSLP's Financial Avenue; Significant Improvement in Average Test Scores
LINCOLN, Neb., Oct. 24, 2011 /PRNewswire-USNewswire/ -- NSLP's Financial Avenue, an online financial education program, recorded nearly 6,000 course completions since the recent launch of the product and saw average test scores improve from 65 percent on the pre-test to 86 percent on the post-test.
"This improvement in test scores is encouraging for anyone who works closely with higher education students who need help understanding their financial responsibilities," said Kate Trombitas, NSLP vice president of financial education. "It's clear that financial education makes a huge difference in helping students understand and feel confident about their personal finances."
Studies show students are more likely to remain in school when they feel confident about their financial abilities and know the financial resources available to them. Researchers at the University of Arizona examined the changes in students' financial behaviors during an economic crisis. They found that during difficult times more students use risky coping strategies—such as dropping classes and taking a leave of absence from school.
Financial education for students is critical; and students want the help. In a survey conducted by Sallie Mae, researchers report that 84 percent of students want more information on financial management topics. Another study by the EDSA Group indicates that 79 percent of students report their school is not doing enough to meet their needs for financial education. Many schools see the value in financial education and have begun to offer a program to their students.
"Financial Avenue taught our student borrowers to face the realities of their financial obligations," said Rhoda Miller, director of student support services at Dowling College in New York. "Students often view financial aid dollars as less than real money and more like 'cyber money.' Any student who receives Grant Aid funding as part of Dowling's TRIO Student Support Services must complete the Financial Avenue courses. Our students find the courses very beneficial."
Miller also found the administrative tools in Financial Avenue extremely helpful. "I'm impressed with the administrative tools that help me generate reports on how students are progressing in their training, as well as being able to document this information for grant reports," Miller added.
Research has shown that as little as 10 hours of personal financial education positively affects students' spending and savings habits. Financial Avenue's six courses concentrate on topics that are essential in helping students build that strong foundation for dealing with their personal finances. And the program covers all of the U.S. Department of Treasury's Financial Literacy and Education Commission's Financial Education Core Competencies. The online courses instruct students in budgeting, contracts, credit cards, credit history, identity theft, and paying for college. Pre- and post-test assessment reports help administrators monitor student progress for each course.
At Le Moyne College in Syracuse, New York, select freshman groups are using Financial Avenue courses as part of their advisement seminars.
"We're hoping they learn the language of finance," said Randy DeVett-McKeon, assistant director of academic advising and outreach. "It's very interesting to see that the students are learning quite a bit from the courses; many of their pre-test scores were low."
Le Moyne's preliminary reports show that two courses in particular are having the biggest impact on learning, "Paying for College" and "Contracts."
Since the launch of Financial Avenue, student comments show that the courses encourage them to save money, to create a budget, and to develop money goals and work to achieve them. A majority of students—70 percent—said the courses helped them understand how to track spending and how to create a budget to manage money.
The need for financial education is clear. Students want to make informed choices about their financial options, and they want to make smart decisions about their finances. Financial Avenue teaches students and young consumers about smart money management and personal finance, skills that are critical during difficult economic times.
ABOUT NSLP
Headquartered in Lincoln, Nebraska, NSLP is a private, not-for-profit company with a 25-year legacy in the higher education marketplace. A former Top 10 student loan guarantor, NSLP continues to be a passionate leader and advocate for student success; providing colleges and universities nationwide with financial education, delinquency prevention, default aversion, financial aid related support, and Title IV training and compliance programs. NSLP collaborates with schools to develop programs that will ultimately help our future generations thrive financially.
SOURCE NSLP
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