6/30 Using Savings & Secured Credit Cards Towards Student Success

June 30, 2016

Webinar

A video recording of this presentation has been embedded at the bottom of this page.  You will also find the slide presentation as an attached file.

 


Rules, Tools, and Opportunities to Innovate:Using Savings & Secured Credit Cards Towards Student Success

Please join us on June 30 from 1:00 to 2:15 ET for a special Working Students Success Network (WSSN) webinar covering what is new in the policy and regulatory environment related to campus debit and prepaid cards offered to students.   Learn first-hand from Skyline College how they are helping students use a secured credit to build and improve their credit scores and to improve their financial management skills.

WSSN, an initiative within Achieving the Dream, helps low-income students reach financial stability and move up the economic ladder by promoting an innovative framework that integrates and bundles career development, access to financial aid and income supports, and financial management strategies.

Presenters will include the following experts in their fields:

  • Department of Education:  Final Cash Management Regulations – Nathan Arnold.  Recent changes in the higher education marketplace have led to the proliferation of campus debit and prepaid cards offered to students in exchange for monetary benefits to schools. Institutions enrolling approximately nine million students—about 40 percent of all college students—have debit or prepaid card agreements. The Department estimates that nearly $25 billion dollars in Pell Grant and Direct Loan program funds are annually released to students at institutions using these accounts. Under final regulations that will go into effect in July, students will be able to freely choose how to receive their Federal student aid refunds, student will be given objective and neutral information about their financial aid disbursement options, and they will no longer be forced to pay excessive fees to access their Federal student aid, including Pell Grants. 
  • Consumer Financial Protection Bureau:  Safe Student Account Toolkit – Richard Williams.  Recognizing the market shift from college-sponsored credit cards toward deposit and prepaid arrangements, the Bureau created a new toolkit for colleges to guide their decision-making process in co-sponsoring financial products for their students. The Safe Student Account Toolkit will help colleges evaluate whether to co-sponsor a prepaid or checking account with a financial institution. The Toolkit can help evaluate costs and benefits for students, including accessing upfront information about fees, features, and sales tactics before agreeing to a sponsorship. 
  • Skyline College: Lauren Leimbach (Community Financial Resources) and Chad Thompson (Skyline College).  In 2015, Skyline College’s SparkPoint Center introduced a secured credit card to enable students to establish and build credit as well as to build financial savings habits and positive money management skills. Learn how Skyline worked with the Chancellor’s office in the decision to offer this product to students and about their early experiences and lessons as students use their secured credit cards.

Register today for the webinar. It also will be recorded for on demand viewing.

 

 

Video recording of the June 30 webinar

 

 

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