CFEE Guidebook

31 BUILDING FINANCIAL CAPABILITY THROUGH FINANCIAL COACHING We urge community college leaders and educators to use this Guide as a framework for ideas and action steps to support the adoption of programs that address the critical need for improved student financial health. Colleges can start by reflecting upon their current programs and services to see how they might be adapted to incorporate more effective strategies to help students become more financially capable. Our recommendations include the following principles: TAKE A WHOLE CAMPUS APPROACH. Engage your institution’s senior leadership, including the president, provost, deans, and program direc- tors, to advocate for incorporating financial coaching opportunities into the strategic plan- ning process and initiatives for fundraising. This can be enhanced by sharing research, data, and successful outcomes from other communi- ty college programs and by connecting student financial health to the college’s strategies for success. CONSIDER THE ENTIRE STUDENT LIFE CYCLE. Financial coaching services can be delivered to students at various critical points throughout their ed- ucational journey. This includes opportunities arising during student orientation, first-year experience classes, student success programs, career services, and transfer advising. RECOGNIZE THAT BUILDING FINANCIAL CAPABILITY CANNOT BE DONE ON A STAND-ALONE BASIS. Colleges must understand how financial health under- pins the entire student experience, and they must consider providing appropriate services at critical touch-points for the typical community college student. Financial coaching should be part of a holistic approach and integrated into a matrix of services, such as financial aid, bene- fits access, career planning, and others. USE A “LOW-TOUCH” OR “HIGH-TOUCH” APPROACH, DEPENDING ON THE NEEDS OF YOUR STUDENTS. A low- touch approach assumes that some students may need only one or two coaching sessions to address their issues. A high-touch approach is needed when a student has financial issues or goals that require working with a coach for a longer period. Students who are working through credit issues—such as improving a credit score or repairing credit—would fall into this category. In either case, the coach can do an assessment to establish the types of goals that would make sense for the student. DEVELOP FUNDING SOURCES FROM WITHIN AND OUT- SIDE THE COLLEGE . One of the biggest challenges to implementing a coaching program is the cost, which is unlikely to be baked into a college’s operating budget. While grant funding is an important source, it is also desirable to iden- tify ways to support financial coaching from within, such as from student activity fees or from a financial aid budget, in order to assure sustainability. IDENTIFY COST-SAVING PRACTICES. Utilizing technology to augment the in-person coaching sessions can help to make coaching sessions more efficient. Using volunteer coaches from the community or from professional organiza- tions can also reduce the cost of paid coaches. RECOMMENDATIONS FOR ACTION