Overview Auburn University maintains an institutional emphasis on educating students and families on student financial debt and providing programming that supports the development of healthy financial habits necessary for post-graduate success. With tuition rates established to support the university’s access and affordability goals, the average student debt load among graduating seniors in 2020-2021 was $12,189, and Auburn’s default rate as of 2022 is 0.5 percent (the national average is 7.3 percent). To continue these trends, Auburn has begun a series of new opportunities for students to enhance their financial literacy and make informed choices about borrowing money. Developing Financial Literacy Programming Auburn University’s efforts to deliver high-quality, comprehensive student support services that include academic programs (i.e., academic advising, support, and accommodations) and co-curricular programs (i.e., student counseling, orientation, financial wellness, physical health, and mental well-being) are embedded in the institution’s goals of increasing retention and graduation rates. To strengthen education and reduce student debt, representatives from the Office of the Provost and the Student Government Association (SGA) launched an initiative in 2017 to identify strategic approaches to advancing the institution’s financial literacy programming. The group identified and assessed multiple barriers to student financial wellness, identified strategies including completion grants and emergency aid for students and emphasizing the value and importance of institutional financial literacy for students and parents. These assessments included a careful analysis of each area related to key studies and national trends, identifying outcomes that can be assessed, identifying aspirational programs, resources required to implement various programs, and Auburn University’s current practices. With multiple units across campus providing financial literacy programming, both the Office of the Provost and the SGA indicated the following programs whereby students have access to optional curricular and co-curricular opportunities. Although these programs operate using shared learning outcomes, much of Auburn’s financial education emanates from several units at the university. Financial Literacy Partnership In 2020, Auburn University and Regions Bank launched an academic partnership to support Auburn student financial wellness initiatives. This partnership provides targeted resources for all dual-enrollment, prospective, and current students, and new alumni and parents. Immediate programming available to all students includes free access to all Regions Next Step financial resources. In Spring 2022, Auburn launched iGrad, an award-winning financial literacy platform, as part of its academic collaboration with Regions Bank. Offered at no cost to all Auburn students, the digital platform combines artificial intelligence with proprietary algorithms to customize a mix of financial education for each student based on their financial needs, goals, and personal experiences. This partnership provides complimentary programming to many of the institution’s educational resources currently in place. Students can access iGrad from AU Access, the administrative platform all Auburn University students, faculty, and staff use. Students in need of additional support regarding FAFSA and other scholarship or financial aid-related questions may contact Auburn’s Office of Student Financial Services for counseling assistance or questions. Table 12.6-1. Campus-wide Financial Literacy Programs and Resources Program/Resource | Unit | Description | FINC 2400: Personal Finance (3 credit hours) | Unit: Department of Finance, Harbert College of Business | FINC 2400 is an academic course offered through the Harbert College of Business. Open to all majors, the course addresses plan for managing personal financing problems involving insurance, housing, household budgeting, investments, personal and bank loans, personal credit, and time value of money. All current and dual-enrollment students are eligible to enroll. | UNIV 1050: Success Strategies (1 credit hours) | First-Year Experience, Division of Student Affairs | UNIV 1050 is an academic course available to all first-year students that introduces essential academic and personal skills for college success. The course is designed to familiarize students with university life and improve core academic skills and includes a module on financial literacy. All first-year students are eligible to enroll. | CashCourse Web Resource | Office of Student Financial Services | CashCourse is a free online financial education resource designed specifically for college and university students. The program takes a whole-life approach to personal finance, with resources divided into six main areas of learning. This site is accessible to any student or parent on the Student Financial Services website as a reference tool. | Camp War Eagle (Orientation) Student and Parent Sessions | First-Year Experience Office | All first-year students and parents are provided with an information session during Camp War Eagle student and parent sessions regarding financial aid. Specifically, the session covers the process of applying for and receiving federal financial aid through the filing of the FAFSA. Types of federal student aid, options for additional financial assistance, and cost of attendance are discussed. | Undergraduate Certificate in Financial Planning (12 Credit Hours) | Department of Consumer and Design Sciences, College of Human Sciences | The Certificate in Financial Planning to provide the knowledge, training, and coursework to qualify students to sit for the post-graduation certification exam to become a Certified Financial Planner®. The certificate is linked to the college’s Philanthropy and Nonprofit [SY1] Studies program, that integrates philanthropic decision-making with personal financial planning throughout the life cycle. The certificate includes two required Finance courses from the Harbert College of Business and is available to Auburn students and non-Auburn individuals interested in the Certified Financial Planner® credential. | iGrad financial literacy platform | Office of the Provost | iGrad offers students access to free, diverse multimedia tools through a platform using their existing Auburn University credentials. Students can acquire money management tools through interactive modules, videos, articles, and other content. Specific topics addressed in the iGrad platform include banking, credit, and savings information; managing debt; loan repayment calculators; scholarship searches; and additional career support information. Moreover, the platform provides students with a debt calculator that enables them to better understand debt-to-income ratios.,,,,,, | Next Step Financial Literacy Seminars | Office of the Provost | To reinforce the knowledge and skills gained through the interactive online platforms, Regions offers students campus-wide, in-person seminars from renowned financial experts. These seminars are offered to all students, faculty, and staff on campus in the fall and spring semesters. | Next Step Reality Check Seminars | Office of the Provost | Regions augments the robust digital platform with in-person learning in the form of Next Step Seminars, a collection of proprietary workshops led by knowledgeable Regions Bankers who provide tips and action-based advice to educate students. Typically ranging from 45 minutes to one hour, the seminars are presented to student groups and classes of varying sizes. |
Conclusion Auburn University provides information and guidance to help student borrows understand how to manage their debt and repay their loans. While Auburn students graduate with a relatively low amount of student loan debt and have a default rate that is a fraction of the national average, Auburn has nevertheless taken steps to ensure that all student borrowers have a variety of resources available to help them make informed decisions about financing their education. Auburn provides curricular and co-curricular programming that supports the development of healthy financial habits necessary for post-graduate success. |