TRANSIT
IMPACT REPORT
EverFi University
June 2014
Table Of Contents
•  Student Wellness Experience
•  National Insights on Financial Literacy
•  EverFi University Student Results
•  Best Practice Recommendations & Conclusion
•  Appendix:
– 
– 
Assessment Questions
Course Map (for reference)
Student
Wellness
Experience
Impact of Non-Curricular Factors
Institutional Issues
Non-Curricular Factors
Online
Behavior
Cyberbullying
Cyberstalking
Interpersonal
Violence
Sexual Assault
Hazing
Alcohol Use
Marijuana
Use
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• 
• 
• 
• 
• 
• 
Other
Drug
Use
Financial Stress
Sleep
Student Wellness
Retention
Reputation
Risk Management
Liability
Regulatory Pressure
Federal Aid
Exercise
Student Issues
Non-curricular factors
have a significant impact
on overall student and
institutional success.
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• 
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Physical Wellbeing
Social Wellbeing
Mental Health
Financial Wellbeing
Academic Engagement
Student Wellness Issues are Connected Substance
abuse is as
predictive of
student GPA
as time spent
studying1
More than
50% of
students paid
a bill late in
the last year2
Sources:
1. EverFi Research, 2013
2. July 2010, Higher One Holdings, Inc. 2010 National Survey by Higher One Holdings, Inc.
3. EverFi Research, 2013
4. July 2010, Higher One Holdings, Inc. 2010 National Survey by Higher One Holdings, Inc.
High-risk drinkers
are 8 times more
likely to commit
sexual assault as
low-risk drinkers3
70% of students
polled said their
colleges should
increase financial
education
programs4
EverFi Wellness and Prevention Framework
Establish
Foundation
Analyze
Survey Data
EverFi’s evidencebased courses and
data collection
Baseline insights and
opportunities to further
prevention
POPULATIONLEVEL
WELLNESS
Evaluate
Outcomes
Refine Campus
Programs &
Policies
National insights and campus
data inform areas of focus for
following year’s implementation
EverFi Research and Coalition
provide actionable insights to
inform campus programming
Financial Stress and Student Wellness
The top four stressors for college students
(among all possible sources of stress) are:
1. need to repay loans
2. cost of education
3. borrowing money for college
4. need to find a job after school
— Chiang, L. (2007)
Research shows: Students who
report difficulty with mental health,
experience academic failure, and
withdraw from enrollment frequently
cite financial difficulties as the key
predictor of these problems.
“The number one reason for students
leaving college is debt and financial stress,
— Inceptia (2012). Financial stress:
An everyday reality for college students
followed by poor academic performance and
poor social fit”
— Hoffman, McKenzie, & Paris, 2008; Chiang, 2007
Sources:
Chiang, L. (2007) Statistics on college student dropout rates. http://www.duck9.com/College-Student-Drop-Out-Rates.html
Hoffman, M., McKenzie, K., & Paris, S. (2008). “Paper or Plastic? CPA’s can educate college students on responsible credit card use”. The CPA Journal, 17-20.
Inceptia (2012). Financial stress: An everyday reality for college students. White paper, inceptia.org
SIX LEARNING MODULES 1. 
2. 
3. 
4. 
5. 
6. 
Back to School 2.0 Best Weekend Ever Balancing Act Best Life Ever Salary Split Payback Time Personalized Ac/on Plan: Students add to their personalized AcJon Plan as they progress through each module, which they can email and print aMer compleJng the course For College Students — highly customizable for individuals and insJtuJons Pre & Post Module knowledge and behavior assessments Approximately 1-­‐2 hours National Insights
On Financial Literacy
in Higher Education
National Insights from the EverFi Network
Your results should be viewed within the broad and changing national context.
Here are some highlighted insights from EverFi’s vast student survey respondents.
42%
52%
have bought things
even though they
couldn’t afford them
35%
believe “debt is an
integral part of
today’s lifestyle”
Only
say “it bothers them
quite a bit that they
can’t afford to buy
everything they
want”
Data collected from over 65,000 undergraduate students in 2013-2014
42%
say they will
check their credit
report this year
of students “worry
about their debts”
40%
But only
16%
of students know how
long items sent to a
collections agency stay
on their credit report
EverFi University
Student Results
2013-2014 – Transit – EverFi University
2,000
STUDENTS PARTICIPATED
1,700
COMPLETED PART 1
1,500 (75%)
COMPLETED FOLLOW UP
Students take a pre-survey before starting Transit and a post-survey 4-6 weeks after completion.
Part 1 = Pre-survey through the Exam
Follow Up = Completed post-course survey delivered 4-6 weeks after completing Part 1
Participant Demographics – EverFi University
Ethnicity
Age
Gender
46% 54%
White/Caucasian 71% Male 71% 18 Years 72% Asian/Pacific 12% Female 12% 17 Years 6% Hispanic/LaJno 9% 19 Years 12% African-­‐American 8% 20 Years 5% NaJve American/ NaJve Alaskan >1% 21+ Years 3% Credit and Loan Behavior – EverFi University
Campus vs. National
ITEM
Campus
National
Credit
Survey 1
Survey 1
28%
33%
More than one credit card
34%
33%
Over $1,000 in credit card debt
40%
42%
Over $5,000 in credit card debt
4%
5%
Ever late on credit card payment
15%
18%
Students who will have loans when they graduate
63%
63%
Will have over $5,000 in student loan debt
40%
42%
Will have over $10,00 in student loan debt
33%
35%
Students with any credit cards
Of those students with credit cards:
Student Loans
*Please note: Your N size is different from pre survey to follow up survey, please refer to Slide 12.
Knowledge Gain – EverFi University
Measuring the Percentage of Correct Responses
Pre Quiz
National
Average
(Post)
Post Exam
67%
Federal vs Private Loans
Subsidized vs Unsubsidized Federal
Loans
Credit Terms
88%
54%
85%
71%
94%
81%
Credit Cards vs Debit Cards
Banking Terms
Paycheck Deductions
92%
67%
88%
88%
74%
63%
86%
87%
97%
68%
89%
Knowledge Gain – EverFi University
Measuring the Percentage of Correct Responses
Pre Quiz
National
Average
(Post)
Post Exam
67%
Credit Score
Diversified Investment
Fixed Expenses
88%
54%
85%
71%
94%
81%
Insurance Payments
Student Loan Repayment
Student Loan Default
92%
67%
88%
88%
74%
94%
61%
98%
72%
85%
91%
Planned Behaviors (Short Term) – EverFi University
Campus vs. National
Green = Positive finding
Red = Negative finding
Campus
National
During the next year, to what degree do
you plan to: (1 - Never to 7 - Always)
Pre
Survey
Follow Up
Survey
%
change
Pre
Survey
Follow Up
Survey
%
change
Follow a budget to manage your spending?
(5 - 7)
50%
70%
+18%
56%
76%
+20%
Balance your checkbook every month?
(5 - 7)
55%
45%
-10%
45%
60%
+15%
Review your credit report to make sure there are
no mistakes?
(5 - 7)
55%
60%
+8%
45%
58%
+13%
Carefully review the terms on any credit cards or
loans you apply for?
(5 - 7)
60%
75%
+20%
58%
70%
+12%
Percentage of students with healthy/positive responses as
indicated by the “5 - 7” label for each item.
*Please note: Your N size is different from pre survey to follow up
survey, please refer to Slide 12.
Planned Behaviors (Long Term) – EverFi University
Campus vs. National
Green = Positive finding
Red = Negative finding
Campus
National
During the next 5 years, to what degree do
you plan to: (1 - Never to 7 - Always)
Pre
Survey
Follow Up
Survey
%
change
Pre
Survey
Follow Up
Survey
%
change
Save a specific percent of your income each
month?
(5 - 7)
50%
70%
+18%
65%
73%
+8%
Start saving for retirement?
(5 - 7)
55%
45%
-10%
41%
55%
+14%
Evaluate banks for the best blend of features and
services?
(5 - 7)
55%
60%
+8%
51%
62%
+11%
Evaluate different forms of savings vehicles
(CD’s, money market accounts, etc.)?
(5 - 7)
43%
50%
+20%
34%
48%
+14%
Percentage of students with healthy/positive responses as
indicated by the “5 - 7” label for each item.
*Please note: Your N size is different from pre survey to follow up
survey, please refer to Slide 12.
Best Practice
Recommendations
Highlighted Recommendations
2014 Best Practice Recommendations
Prevention Education
Leveraging your Data
Ongoing Education
and Support
Population Level Prevention
Program for all First year
Students
Focus on broad data collection
and analysis
Promote student success during
college and beyond
Research shows that the first 6-8 weeks is the
riskiest time during a student’s college career.
EverFi provides data to help campuses promote
action and change on their campuses.
Continue to create opportunities for ongoing
education for all students:
Campuses should:
By implementing Transit, campuses are able to:
● Require students to complete Transit prior
to arriving on-campus
● Receive knowledge gains assessments,
attitudinal and behavioral surveys
● Engage faculty and staff to help reinforce
messaging provided through the course
experience
● Decide who will manage the Transit
implementation
● Use data to inform others on campus around
successes and challenges
● Develop a clear communication plan
● Gain institution wide support for financial
wellness on campus
● Determine an effective mandate to ensure a
successful Transit implementation
● Inform decisions regarding programming efforts
Additionally campuses should collect campus level
data through exit interviews and student focus
groups, to identify links to retention.
● Leverage student leaders to facilitate peer to peer
conversation regarding finances
● Work with financial aid in supporting students who
are receiving financial assistance and those that
have identified themselves as high need
● Engage Student Affairs and Wellness
administrators to identify areas for collaborative
wellness education
Conclusion: Transit as a Foundation
For Students:
Population-Level Prevention
Transit provides a foundation to empower
students with the skills to understand their
finances and successfully transition into and
out of the college experience.
For Administrators
and Prevention Practitioners:
On-Going Prevention Efforts
This summary provides key research findings
and campus-based data insights to guide the
design and delivery of effective programming
while better understanding the financial needs
of your students.
Don’t hesitate to reach out to your Partner Services Director at EverFi
for ways we can assist with on-going prevention.
Appendix
Pre- and Post-course Assessment Questions
What is the advantage of Federal Loans over Private Loans:
A. Federal Loans have fixed interest rates and Private Loans can have variable
interest rates
B. Federal Loans have interest rates that are generally lower than Private Loans
C. Neither of these
D. Both of these
Compared to a Direct Unsubsidized Federal Loan, a Direct Subsidized
Federal Loan provides which benefits?
A. The government will forgive your Direct Subsidized Federal Loan after you
graduate.
B. The government will pay the interest that accrues on a Direct Subsidized
Federal Loan while you’re in school.
C. The government will automatically consolidate your Direct Subsidized Federal
Loan after you graduate.
D. The government will erase your loan history for your Direct Subsidized Federal
Loan after you graduate.
Which of the following is a credit card term that would NOT increase the
amount of money you owe the credit card company?
A. Annual Fee
B. Annual Percentage Rate
C. Monthly Billing Statement
D. Late Payment Fee
Which of the following MOST impacts your credit score?
A. Payment History
B. Length of History
C. New Credit
D. Credit Types
Which of the following is considered a “diversified” investment?
A. Mutual Fund
B. Index Fund
C. Both of these
D. Neither of these
When it comes to budgeting, which of the following is considered a fixed expense?
A. Clothing
B. Utilities
C. Eating Out
D. Entertainment
The amount you pay your insurer for your insurance plan is which of the following?
A. Insurance coverage
B. Insurance premium
C. Out-of-pocket expenses
D. Insurance co-pay
Unlike a debit card, a credit card:
A. Allows you to spend money that you do not have.
B. Cannot negatively impact your credit score.
C. Does not offer protection against unverified purchases.
D. Is tied to the amount of money in your checking account.
Let’s say you graduate from school and you are unemployed or take a low-paying
job. What are your debt repayment options if you have federal student loans?
A. Income-based repayment
B. Salary-based forgiveness
C. Student Loan Cancellation
D. Student Loan Default
Which of the following is NOT a banking term or fee that could result in an
additional charge on your checking account?
A. Maximum Balance Service Fee
B. Checking Account
C. Minimum Balance Service Fee
D. Out-of-Network ATM Withdrawal
If you are falling behind on your student loan payments, which of the following steps
should you take to avoid default?
A. Transfer your balance to a credit card
B. File for bankruptcy
C. Contact your lender
D. You cannot default on student loans
Which of the following deductions are typically found in an employee’s
paycheck?
A. Employer Payroll Tax
B. Social Security Tax
C. Property Tax
D. Sales Tax
Note: This is for reference purposes. Items are randomized to combat cheating and therefore are unlikely to appear in this sequence.
***Correct Answer
Transit Course Map
Pre-Course
Back to
School 2.0
Best Weekend
Ever
•  Introductory Content
•  Financial Aid Terms
•  Spending Simulation
•  Pre-Course Survey
•  Managing Student Loan
Borrowing and Spending
Decisions
•  Checking Account
Features and Fees
•  Pre-Course Assessment
Balancing
Act
Best Life
Ever
•  Animated Balancing
Act Case Studies
•  Credit, Mortgages and
buying a home
•  Taxes and Takehome pay
•  Credit reports and
scores
•  Calculating a credit
score
•  Choosing the Right
Financial Aid Options
•  Credit Card Fees
and Secure Online
Purchasing
•  Action Plan
•  Credit vs. Debit
•  Positive
consequences of
Avoiding unnecessary
Debt
•  Spending, Budgeting
and Impulse Purchases
•  Personal Balancing
Act Exercise
•  Action Plan
•  Action Plan
•  Setting long-term
savings goals
•  Savings Strategies
•  Investment Vehicles and
Compounding Returns
•  Action Plan
Salary Split
•  Net Income and Taxes
•  Discretionary and
Variable Expenses
Payback
Time
•  Student Debt Repayment
Options
•  Career Case Studies
•  Fixed Expenses and
“needs vs. wants”
•  Student Loan Payback
tips
•  Insurance Basics
•  Steps to begin Repayment
•  Budgeting for Saving
and Savings Vehicles
•  Avoiding Default/
Unnecessary Debt
•  Action Plan
•  Action Plan
Next Steps
•  Post-Course
Assessment
Intersession
Post Course
•  Post-Course Survey