CFEE Guidebook

20 BUILDING FINANCIAL CAPABILITY THROUGH FINANCIAL COACHING part of any student success initiative. Finding practical ways to incorporate personal financial management into college programs is also a challenge for most commu- nity colleges, due to the cost and resources needed. However, once administrators and leaders acknowledge that there is a connection between financial health and college success, the case for a holistic approach becomes more apparent. Community colleges have adopted a range of initiatives designed to foster student success in terms of graduation and persistence. The federal government funds some of these pro- grams, such as Title V and Perkins grants. Other initiatives present at most community colleges include the following types of programs. First-Year Experience The goal of first-year experience (FYE) pro- grams is to help students learn to manage their college experience and get connected to a co- hort of peers and to the college. Many colleges offer a mandatory FYE or freshman experience course, on a credit or noncredit basis, to orient students to college life and help them organize and manage their academic coursework. Offering financial coaching as a component of FYE programs can be an effective way to help students navigate an array of financial issues, including dealing with financial aid options, meeting college expenses, and managing student loans. While it is not feasible for most colleges to make financial coaching a require- ment of the FYE curriculum, it can potentially be offered to students either during orientation activities or during the actual course sessions. College Success Apart from FYE courses, many colleges offer college success courses designed to teach a combination of study skills, as well as life skills and career planning for students who have been identified as at-risk academically or need some extra support. College success courses can also be structured to incorporate financial coaching in the same way as FYE programs or opportunity programs. Enrollment Management All colleges have enrollment management systems that seek to make it easy for students to enroll and to stay in college once they matricu- late. One way to augment the system is to offer financial coaching as part of the registration process, so students can become more aware of the various forms of financial aid and student loans available to them. Financial coaching can be provided in one or more sessions to help students gain budgeting and planning skills, either prior to first enrollment or when register- ing for the next semester. Partner with Organizations and Programs on Campus Financial coaching complements and supports many different types of academic programs and extra-curricular services offered to students. When starting the Money Smart financial coaching program, we established partnerships with various clubs and organizations on campus. These partners then helped to pub- licize the program, encourage their students to enroll in coaching, and participate in other educational activities offered. Through these collaborations, we were able to get our program up and running more quickly and attract a large number of students from the partner cohorts. Financial coaching requires active involve- ment from students, who need to be convinced of the benefits before they will sign up. We learned that the most powerful way to motivate students to enroll is by making an in-person pitch to a class, club, or group. This involves a