Financial literacy is critically important for students and families considering college. Teaching students how to make smart decisions about money should start young and at home. However, higher education institutions also have a role to play when it comes to helping students make informed decisions about paying for college and planning for the future.
Prevailing thinking suggests that financial education is a continuous activity. Building on that theory, DeVry Group works with our institutions to implement a life-cycle approach to help students navigate financial aid decisions and other issues related to the costs and benefits of higher education.
Our collective challenge is to help students achieve their career dreams not only by assisting them with getting into college, but by making sure they have the tools to finish college and begin their careers in a financially responsible manner. Our work begins before students enroll. Students may speak with an advisor to develop a financial plan covering their full program of study. Prospective students will know total program costs, how they will finance their studies and ultimately the repayment obligations associated with any debt they will take on. Once a student begins their studies, they can monitor their debt through Manage My Loans (MML), a comprehensive debt-tracking tool developed by DeVry Group. MML provides a frequently updated snapshot of all of a student’s education loans – including all federal loans, regardless of where they were enrolled at the time of receipt, and all private and institutional loans obtained while a student at a DeVry Group Institution. Furthermore, MML also empowers students with a central point of access to information to help them understand the repayment obligation of their student loan borrowing and tools to better manage their loans, including modeling various repayment plans and projecting earnings needed to assure loan repayment is affordable. Advisors monitor borrowing levels and help students with strategies to decrease their reliance on student loans.
Exit counseling and repayment guidance is provided when students leave a DeVry Group institution to inform them of their loan repayment options and all student repayment statuses are monitored, triggering outreach for those having difficulty in making their payments.
In conclusion, financial literacy can provide critical support to students. It is a lifelong process and is of paramount importance to the future financial health and stability of students.
Originally posted on LinkedIN by:Tom Babel
Contact John Assunto for all of your Education Recruiting needs! Johna@worldbridgepartners.com or 860-387-050
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