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 The Western Front

Snowballing debt, students struggle with financial literacy

April 22, 2014
Brandon Stone

A survey of 65,000 first-year college students showed that colleges should provide financial education early in order to curb loan and credit card debt, according to “Money Matters on Campus,” a report released Tuesday, April 8.

In 2013, the average Western student loan at graduation totaled $21,272, according to Western’s Financial Aid Department. Adjusted for inflation, that’s an increase of 19.8 percent over 2008 figures.

Nationally, students graduating in 2013 borrowed $29,400 on average, an 18.9 percent increase over 2008, according to The Project on Student Debt.

“I think students don’t consider the overall effect that large amounts of debt can have on their life,” said Pamela LaBorde, professor of finance at Western, in an email interview.

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Taking Procurement Back to School

April 22, 2014

The higher education ecosystem is actually a set of many mini ecosystems that are tenuously connected by constantly interacting. Building management, human resources, financial systems, research grants, alumni networks, athletics – the list could go on, but the baseline is that all of these systems need to share information with one another, but few institutions have a developed architecture that connects them. This is the space where firms like Oracle and Higher One have emerged to handle operations and payment management.

Oracle’s PeopleSoft Campus Solutions is in use in over 900 universities and colleges, the platform supports integrations for financial management, warehouse management, identity and access management, CRM and human capital management which in turns makes it the central hub of the IT landscape. With the technology, universities have the ability to view all their costs and once and create custom structures to best manage the demands that they face from students, facility and the government.

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Survey exposes the need for high-school financial literacy

April 10, 2014

A study has revealed a clear need for greater and more differentiated financial literacy education in the K-12 environment.

The “Money Matters On Campus” report, now in its second-year, polled some 65,000 first-year college students across the country. In addition to the need for an early financial understanding, survey results indicate that colleges and universities should provide financial education at the onset of a student’s college experience to better ensure that students will make sound financial decisions later on. The study was conducted by Higher One and education technology specialist EverFi.

The study polled students on banking, savings, credit card usage and school loans, as well as featured a series of questions designed to assess students’ financial knowledge. Significant differences in students’ financial understanding were found based on age, race, gender and institution type. Moreover, survey data suggests that a mandatory financial literacy education in high school underlines fosters a positive relationship between knowledge, attitudes and behaviors in the financial arena.

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Money management skills to master before college
4 lessons to learn before you go off on your own

By Jasmine Evans

Budget, savings, overdraft, deposit — you may hear some of these terms as you get closer to college. They can be overwhelming and might involve a bunch of confusing numbers. But these four lessons from personal finance experts can give you a running start to manage your money the smart way.

Lesson 1: Open a bank account

Opening a bank account is “an absolute must,” says Denise Winston, a personal finance expert who runs workshops for teens. “You will have a bank account for the remainder of your adult life,” she says. So, “figuring out how that bank account works is crucial.”

When you open the bank account, “use technology to help you communicate and stay on track,” says Winston. You can set up email or text alerts for when bills are due, when your account balance is low, or when a withdrawal comes from your account.

Don’t be afraid to ask questions. Talk to people at your bank and ask your parents questions. To “avoid serious boo-boos,” it’s best to not try to do it all on your own, Winston says.

Read More Here.

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Before Higher One, our students only had one way to get their refunds, and that was by paper check. With Higher One processing refunds for us, it has allowed us to provide more options for our students without having to enter and store student banking information. We also no longer have to handle sorting, stuffing and mailing thousands of checks.Suzanne ClaggettUniversity of West Florida
Higher One’s experience with college students and their focus on serving colleges distinguishes Higher One from all other financial service providers. We really liked the fact that the community college customer base is expanding for Higher One.Carla Chance St. Louis Community College

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