This NGPF blog post was featured in NY Times article. Good list to share with students as freshman (or hopefully even sooner) so they understand the downsides of overborrowing.
Scared Straight Approach to Student Debt: A Documentary Playlist
This recent article about a community college in Florida caught my attention:
To get a student loan at Broward College, one of Florida’s largest community colleges, you first have to sit through a two-hour financial lesson with Kent Dunston. It’s a little likeScared Straight, the 1978 documentary designed to keep kids from ending up in prison. Dunston’s lesson, though, is about scaring students into making good financial choices. Nationwide, student loans total more than $1.2 trillion. And schools now face punishment — even closure — by the federal government if the rate is too high.
The article goes on to describe the experiment at Broward which included limiting student access to subsidized federal loans, thereby eliminating unsubsidized federal loans and private loans as options. The school has not seen an impact on student enrollment and they HAVE seen declines in student defaults in the six years, since they implemented these programs. After the call that I had a few weeks back with a student on the road to a $100K+ student loan balance, I started thinking we need to expose students to the downsides of student debt BEFORE they choose a college.
So, what would a video playlist look like to show students the downsides of student debt:
- Voices of Debt: Don’t Major in Debt (11 minute video, documentary, January 2013)