Shoptalk 527, October 27, 2009
TG Report
TG to offer one-of-a-kind leadership training for financial aid managers and supervisors
Few if any leadership programs are geared specifically for the needs of financial aid professionals interested in advancing in the field. TG's Financial Aid Leadership Symposium helps fill the gap, offering a week-long series of interactive exercises, group discussions, and opportunities for feedback on leadership topics.
TG has set training dates for the 2010 Financial Aid Leadership Symposium, which will be held February 8-12, in Round Rock, Texas.
Gaining the insight, using the knowledge
TG's Symposium is unique in many regards. Participants of the Symposium learn some of the basic concepts of leadership — including managing performance, building a team, and communicating clearly. But, more importantly, they understand how to apply these concepts in the context of a financial aid office.
"The focus is on giving financial aid managers and supervisors an holistic understanding of leadership," said TG's senior corporate trainer and Symposium presenter Darron Grussendorf. "Sessions emphasize an interactive approach which starts even before participants come to the training."
Prior to the Symposium, participants must complete a 360-degree assessment that gathers feedback from subordinates, peers, and supervisors. The assessment helps participants examine their leadership strengths and focus on areas for improvement. At the Symposium, attendees continue this focused kind of analysis, working in small groups and making presentations on particular financial aid topics. In their work, participants consider challenges their offices face each day, which makes the experience even more useful and relevant.
According to Grussendorf, the "fishbone exercise" offers one example of this approach. "We take an issue or problem and do a root-cause analysis," said Grussendorf. "That means we diagram the particular causes of a given effect. The central effect is the spine and the causes are branches or roots to the spine, which end up looking like a fish skeleton. The diagramming process helps break down the issue for participants and focuses discussion on the root problems."
Register now for the 2010 Symposium
TG's Symposium grooms participants for future leadership roles, but it also offers a number of other lasting benefits, including an informal network of peers who stay in touch via email. Graduates use the email network to share feedback on issues, in essence, maintaining the dialogue begun during the Symposium.
Space for the Symposium is limited to 12-16 participants in order to create a comfortable atmosphere for small-group activities and interactive exercises.
Each applicant will be required to submit:
- A letter stating his or her desire to participate in the program;
- Two letters of recommendation, including one from the school's director of financial aid; and
- A current challenge or issue that the school is facing that can be used in the program as a sample scenario.
To apply, complete an application through TG Online.
The fee for the Symposium is $1,000 per participant and includes a 360-degree assessment. The Symposium fee also includes a full week of classes and materials, as well as hotel accommodations and select meals.
More information
To learn more about TG's Financial Aid Leadership Symposium, visit TG Online at www.tgslc.org/training/leaders. You can also contact Darron Grussendorf at (800) 252-9743, ext. 4650, or send an email message to darron.grussendorf@tgslc.org.
TG's new "True Cost Calculator" demonstrates the long-term cost of using credit cards
Freshman year is a year of firsts for many students: Living on their own, paying bills, managing a budget, and, for quite a few, acquiring and using a credit card for the first time. For many such students, credit cards can be a risky temptation, given that most may not understand the long-term expense of buying on credit. According to a recent Sallie Mae survey, college seniors with at least one credit card graduated with an average credit balance of $4,138. Add that to an average student loan debt of nearly $20,000, and these students are at an early disadvantage in comparison with their credit-free peers.
Calculate the cost up front
To help explain the extended costs of purchasing on credit, TG offers the True Cost Calculator. Available through TG's college and career planning website, Adventures In Education (AIE™), the True Cost Calculator demonstrates how buying an item and making minimum payments at a high interest rate can inflate the item's cost and lengthen the repayment time.
The calculator offers a graphical display where users can enter the price of a product, the interest rate, and then select "Calculate True Cost." The page that appears displays the total interest paid and the repayment term given minimum monthly payments. The results can be surprising.
For example, buying a $1,500 laptop computer at 15 percent interest and making minimum payments produces these results:
| Item | Laptop |
|---|---|
| Months to pay off | 226 (18.8 years) |
| Total interest paid | $1,960.01 |
| + Original cost | $1,500 |
| True Cost | $3,460.01 |
The calculator helps teach students to be cautious in using credit cards. Many aren't aware of how quickly interest charges can accumulate, increasing the cost of a purchase, sometimes by a significant percentage.
Try out the True Cost Calculator yourself and then offer it to your students. You'll find the calculator at www.AIE.org/managing_your_money.
More interactive financial literacy resources
With TG's help, you can prepare your students to manage their money and avoid excessive debt. In addition to the True Cost Calculator, AIE offers a variety of financial literacy tools designed to teach students the basics of money management. These tools include videos and a set of online interactive resources.
Here's a look at a few of these tools.
- Interactive Credit Card Statement — AIE's sample credit card statement familiarizes students with the terms and calculations included on a typical statement. Users move their cursors over a section to read a concise description of each term and part of a credit card statement.
- Pizza Cravings and Credit Cards — This short video follows a student as she contemplates a credit card offer and receives an intervention of sorts. In a simple, entertaining way, the video teaches smart credit card management.
- Credit Card Skills Builder — Many students use credit cards without considering the long-term consequences. AIE's Credit Card Skills Builder is an interactive game that teaches students the true cost of credit after interest begins accruing on purchases.
- Credit Card Debt — A Student's Story — This testimonial video focuses on a former student who accumulated a large amount of credit card debt while in college. The debt significantly affected her lifestyle choices once she graduated.
Find out for yourself
To explore TG's online financial literacy tools, visit AIE at www.AIE.org/managing_your_money.
List Assist℠ to offer alternative lender survey support
TG's List Assist℠ provides an online tool for managing surveys used in creating a lender list. On October 30, TG will launch an enhanced version of List Assist that will allow schools and lenders to administer surveys for alternative, also known as private, student loans.
Features for schools
The latest release of List Assist is designed to provide a simple way to create and send alternative lender surveys. Particular enhancements allow users to:
- Identify the type of lender survey to be distributed: FFELP or alternative.
- Include additional information such as education level and graduate program.
- Access a library of questions — created with help from financial aid professionals — specific to FFELP or alternative lender surveys.
Features for lenders
The enhanced version of List Assist offers a similar response process for both FFELP and alternative lender surveys. However, additional enhancements allow lender users to view key information on every page of the survey response, such as education level and graduate program.
Upcoming training webinars
TG will provide training webinars on List Assist enhancements to both schools and lenders prior to, and following, the implementation date.
Schools and lenders can register for one of the following training sessions.
- Thursday, October 29, 2009; 10 a.m.-11 a.m. Central Time (for current users)
- Thursday, October 29, 2009; 2 p.m.-3 p.m. Central Time (for current users)
- Monday, November 2, 2009; 10 a.m.-11 a.m. Central Time (for non-users; overview of FFELP and alternative features)
- Tuesday, November 3, 2009; 2 p.m.-3 p.m. Central Time (for non-users; overview of FFELP and alternative features)
User Guide and online help
Information on the latest enhancements will be provided through List Assist's User Guide and online help. Users will be able to access this information via List Assist after the October 30 release date. The User Guide is located on the List Assist Main Menu under the Resources section.
To learn more
If you have questions about the latest changes, or would like to register to use List Assist, please contact your TG account executive at (800) 252-9743. You can also send an email message to relationship.management@tgslc.org.
Listen in on TG's upcoming industry training webinars
Registration is open for next month's TG industry training webinar events, which focus on timely and important issues in the financial aid industry. Please plan to join us for the following informative discussions.
- Federal Update (Monday, November 9, 2:00 p.m.-3:30 p.m. Central Time)
This session will provide information on recent activities that may affect the Federal Family Education Loan Program (FFELP) and other federal student aid programs. Updates on various issues will be provided, including federal common forms, Dear Colleague/Partner letters issued by ED, proposed and final federal regulations, and pending legislation. - FFELP and Direct Loan Discharge and Forgiveness (Thursday, November 19, 2:00 p.m.-3:00 p.m. Central Time)
ED has created loan discharge and forgiveness programs that provide borrowers with debt relief in certain circumstances. Generally, discharges help borrowers who are experiencing dramatic life disruptions, and forgiveness programs encourage borrowers to work in certain professions, in exchange for forgiveness of all or part of their student loan debt. This webinar provides an overview of the programs available to FFELP and Direct loan borrowers.
Registration
To register for these training events, and to view TG's upcoming scheduled webinars, please visit www.tgslc.org/training/webinars. Please note that an archived recording of each webinar will be available shortly after the event, for the convenience of those who are unable to attend.
