Marilyn Landrum, Missouri Department of Higher Education, Resources for Managing Student Loans

NOVEMBER 18, 2013

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Welcome
   Julie Stackhouse, Federal Reserve Bank of St. Louis (4:20)

Keynote
   Rohit Chopra, Consumer Financial Protection Bureau (30:08)
   Keynote Q&A (8:06)
   Interview with Rohit Chopra (6:40)

Resources for Managing Student Loans
   Introductions (2:12)
   Paul Combe, American Student Assistance (7:02)
   Interview with Paul Combe (12:58)
   Vicki Jacobson, Center for Excellence in Financial Counseling (5:46)
now playing  Marilyn Landrum, Missouri Department of Higher Education (3:58)

Resources for Economics and Personal Finance
   Mary C. Suiter, Federal Reserve Bank of St. Louis (3:10)

Research Panel:
What We Know About Student Loans in the Eighth District and Nationwide
   MODERATOR: William R. Emmons, Federal Reserve Bank of St. Louis (4:14)
   Bryan J. Noeth, Federal Reserve Bank of St. Louis (13:53)
   Kelly D. Edmiston, Federal Reserve Bank of Kansas City (9:17)
   Caroline Ratcliffe, Urban Institute (14:22)
   Research Panel Discussion (35:46)

Roundtable
The Future of Student Loans and Financing Higher Education
   MODERATOR: Ray Boshara, Federal Reserve Bank of St. Louis (7:32)
   Sandy Baum, Urban Institute and George Washington University (11:06)
   Interview with Sandy Baum (7:23)
   William Elliott III, University of Kansas (13:12)
   Jen Mishory, Young Invincibles (8:37)
   Interview with Jen Mishory (8:01)
   Gary A. Ransdell, Western Kentucky University (11:35)
   Roundtable Discussion (40:21)

Transcript

Below is a full transcript of this video presentation. It has not been edited or reviewed for accuracy or readability.

Marilyn Landrum: My name is Marilyn Landrum, and I'm with the Missouri Department of Higher Education, and my responsibility is helping students to keep from defaulting on their student loans, and part of that is financial literacy. And we have a default prevention grant that we offer to Missouri post-secondary institutions. It's a competitive grant, and so the institution has to submit a proposal that is basically their debt management plan. And four staff members read all of the proposals that are sent to us, and then we come together and we score them. They have to score at least a 70 to be considered for the grant, and then we take the top 30 scoring institutions and award them a $25,000 default prevention grant to implement some initiatives on their campus.

We also have some publications, and that's what this screenshot is. The college portfolio, the idea of whenever we created that was to be able to pass that out to freshman as soon as they get on campus. This is a sturdy envelope that they are going to be able to keep all of their financial aid information, their award letters, any kind of communication they get from the institution that they're attending or all of the institutions that they've applied for so that they can compare the aid packages that they're given.

We've been told from financial aid officers that they do see these come back again the next year whenever it's time to apply for aid again, so we think that's a good piece. Missouri requires a personal finance class, a half-credit of personal finance for high school students before they graduate. So we created these "Smart About Spending" publications. The one with the young man on it is for the students. It right now is a portfolio, but we're changing the look of that one. But, again, the idea was to help them keep all their information in one place.

The other thing that we've created is a teacher's guide, and the information in these is based on the Missouri competencies. This is a Missouri teacher's guide to teach our competencies. I didn't think I had a picture of the source. I brought one up here. The source is the "All About Missouri Financial Aid." We tell students to use all the free money they can before they start taking out loans. So the source is the publication where they can find out all the information about aid, specifically from Missouri.

You can order all of these publications from our website, and that is dhe.mo.gov. These are free to all of our post-secondary institutions. We also have what we call a Speakers Bureau, and there are a variety of topics, such as default rates explaining how those are calculated, trying to help institutions figure out how to lower their default rates. We have a default prevention training, financial literacy, planning and paying for college.

So those are the things that we're doing at the Missouri Department of Higher Education, and I would be happy to visit with you during our break. I'm going to have a variety of publications on the table and my card will be available for you as well.

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laura.taylor@stls.frb.org

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