Financial aid officers at MCTC have a permanent spot at orientation. From the beginning, they connect with students to give a 101 on borrowing wisely, the terms and conditions of loans, and steps to learn more.
Encourage Peer Pressure
Malcolm Gladwell, author of Tipping Point, calls individuals with ties in several different realms CONNECTORS. The Financial Aid Office at MCTC works to find those connectors for financial literacy promotion.
To encourage the use of GradReady, MCTC utilized student organizations and student workers to promote the program in their respective circles.
The domino effect began when student workers in the MCTC financial aid office became the first to complete the GradReady course and earned the title of GradReady Ambassador. MCTC’s Ambassadors then began to tell other students about the benefits of GradReady. These students mentor and support those working through the program.
Early Results Show That Financial Literacy is Working
Average score by MCTC students on GradReady’s Pre-Course Assessment
GradReady is a great tool that has given me financial education. The videos were short. The pictures are an excellent visual to reinforce the information.
I will continue budgeting and monitoring my spending. I plan to educate others in financial literacy. My long term goal is to become debt free. I plan to follow through with my loan repayment strategy.
More Ideas to Build a Culture of Financial Literacy:
Get to know MCTC
Minneapolis Community and Technical College is a vibrant campus in the heart of downtown Minneapolis.
Key facts (from Fall, 2013)
- Enrollment of nearly 14,000 students
- 72% are financial aid recipients
- 54% are Pell Grant recipients
- Average age 28
- 27% are first generation college students