Many financial aid representatives of medical, law, and business schools reported offering financial literacy training to students in preliminary results from a financial education survey shaped in part by NASFAA members.
The survey, which Access Group opened at the 2014 NASFAA National Conference, gauged financial literacy offerings at the graduate level. The preliminary findings focus on medical, law, and business schools – the top three respondents, according to Access Group.
Almost all law school participants reported offering loan repayment education, followed by nearly 80 percent of respondents from business and medical schools. Medical schools were more likely to report offering entrance and exit interviews that are more robust than the minimum federal mandate than participants from law or business schools. Some respondents from each discipline also indicated they offer training on credit, borrowing, and budgeting as well.
Most of the financial training at graduate and professional schools is offered through in-person presentations, respondents indicated. One-on-one sessions and online content are the next-most popular delivery modes.
“Overall there was a strong commonality to the majority of responses indicating that, among the Graduate and Professional aid community as a whole, there can be shared and universal financial education challenges and solutions,” Lori Moore, Access Group’s Financial Education Program Manager, wrote in an email to NASFAA.
Stay tuned to Today’s News for further reporting when the complete results of the survey are released in late 2014.
Publication Date: 11/19/2014