Finex Webinar: Federal financial education resources


Welcome and thank you for standing by. All participants are in listen-only mode until
the question and answer session of today’s conference call. At that time you may press Star followed by
the number 1 to ask a question over the phone. Today’s conference is being recorded. If you have any objections, you may disconnect
at this time. And now I will turn the meeting over to (Miss
Irene Skricki). Thank you, you may begin. Great, well, thank you, everybody, for joining
our CFPB FinEx Webinar today. We’re very excited to have some other federal
agencies who’ll be presenting their tools and resources because there’s a lot of great
tools out there that we would like people to know about. So I will introduce the speakers later, but
we have three different agencies who are here, and we are very pleased about that. Just quickly the standard disclaimer, and
I assume this probably applies to the other agencies as well that this Webinar does not
constitute legal interpretation, guidance, or advice from the CFPB and the presenters
are – opinions are those of the presenters. I would just say a minute quickly about who
we are and what we do. The CFPB is a federal agency that helps consumer
finance markets work by making rules more effective, enforcing those rules, and empowering
consumers to take more control of their economic lives. And it’s that empowering consumers part,
that educating consumers that is the genesis for this work around helping financial educators
get the tools and resources that they need. Just quickly within our consumer-facing side
of the bureau we have several offices. We sit within the financial education office. We also have offices devoted to low and moderate
income Americans, older Americans, service members, students. And we try to share the tools and resources
from all of those parts of the bureau with financial educators, and also just for those
of you who are new, most people on this call probably are a part of FINEX or getting FINEX
newsletters or emails, but just in case there’s any newcomers, just want to remind you that
FINEX is a – the financial education exchange, which is sort of a channel for the CFPB to
communicate with financial educators of all kinds around the country and then for us to
hear back from all of you through surveys, meetings, other things, so we can learn what
you’re finding effective and help you connect with us and with each other. If anyone on the call is not receiving a regular
sort of approximately monthly email from CFPB FINEX, the way to sign up is to email the
bottom of your screen, [email protected], FinEx, F-I-N-E-X, and we will just add you
to that list. Just wanted to note we’ve had – this is
our 16th Webinar since we launched in May 2015, and almost all of the previous Webinars
with only the exception of the student loan one are on our Web site. You can actually listen to the recording in
case any of these topics interest you. We have quite a range of different topics
covered, and they’re all on the consumerfinance.gov/adult-financial-education Web site. Not the most catchy URL, but that is what
our Web site is, just a screen shot, this is that page, resources for financial educators,
and it’ll have information about different tools and resources that we offer through
the bureau as well as Webinars and other activities. Again we have all of our tools in one place,
also want a printable inventory you can find on that page. The last couple things I’ll say, just quickly,
we do have a discussion group on financial education on LinkedIn. I know many of you may already be a member
of that, but feel free to join. We post our things regularly, we encourage
others to post, and it’s actually a nice resource. And then lastly one quick announcement, I’m
very excited about this. Many of you probably got an email about this
yesterday, but we are going to have a one-day national conference or meeting for financial
educators in DC as well as the opportunity for people to watch remotely from other locations
happening in early September on September 8th, so information on that is coming, but
I just wanted to make sure everybody knew about that. And that’s our standard intro. I’m now very excited to turn to our topics
today, which is federal financial education resources that all of you on the call can
access and use. We have three – and many agencies have materials,
but we’ve invited these three to start us off. So Department of Education, we have (KG Populos),
who will be telling us about some of their tools. From federal trade commission we have (Drew
Johnson), and then from the national credit union administration, we have (Morgan Rogers). So I’m going to turn it over to (KG). Thank you so much, we’re delighted to have
you here. Oh and actually before you start I will just
note as on previous Webinars, if you have any pressing questions you can use the Q&A
function on – in the Webinar, you can type a question. I will keep an eye on those in case there’s
something urgent, and then we will have voice questions at the end, so if you prefer to
ask verbally you can wait until all the presenters have spoken and you’ll have that option
then. So thank you so much, (KG), I’ll turn it
over to you. Thank you, (Irene). Hi, everyone. So my name is (KG). I’m from the Department of Education federal
student aid. You probably have mostly interacted with us
through FAFSA or through student loans, but we are an office within the Department of
Education, and we serve over 12 million students, and actually over 42 million student loan
borrowers. We have a lot of tools and resources and the
way that we’ve organized this is to basically go through the student aid life cycle, so
I’ll start by going over some of our resources. While you’re applying to college, attending
college, repaying student loans, and then I’ll end with some of our resources and
social media. Next slide, please. So at student aid we want to make sure that
we have the resources for students, families, and schools, to make higher education possible. And so through a combination of Web sites
and interactive tools we want to make sure that students and their parents and financial
aid educators have the resources that they need. Next slide. So I’ll start going over, so first off if
you have someone who’s applying for college or if you yourself are applying for college,
the first tool that we have is the college scorecard. It’s collegescorecard.ed.gov. What it does is it basically provides customers
with the ability to like, compare schools, to be able to make smart decisions on where
to enroll for higher education. What you do is when you go to the Web site,
it actually just asks you for programs that you’re interested in, the state where you’re
looking into applying to higher education, and the size of the university or college
or trade school that you’re interested in. And afterwards it gives you a comparison of
all the schools and their annual costs, their graduation rate, and the average salary within
that specific school after you graduate. And then the really neat thing about this
too is that it actually compares it along with the national averages, so you get a very
visual overview and a very quick glance as to like, what these colleges can offer. And it allows for customers to be able to
like, compare and contrast, like different schools out there. Next slide. If you’re a student or a parent, we do have
our main portal. It’s studentaid.gov, and it provides you
with all the information and tools that are related to the student aid life cycle. We’ve catered and made the Web site for
students and parents, so if you can see and if you go in there, we’ve sectioned it preparing
for college, what are the different types of federal student aid, how you could apply
for it, how you could maintain your aid, and then afterwards what you do after you actually
leave school or graduate from school. We do have repayment calculators in there. We have videos and we interact with a lot
of our social media items in there as well. Now next slide, if you are a financial counselor,
if you work for a non-profit as a mentor, if you work as a high school counselor, the
portal for you or the Web site for you would be financialaidtoolkit.ed.gov. So while we have studentaid.gov for students
and parents, the financial aid toolkit is actually a treasure trove of resources for
financial educators. So there’s four things, main things that
we offer in there. If you’re going to learn more about financial
aid from a counselor’s perspective, it’s – we do have a demo of our FAFSA in there
that you could go through. If you want to conduct an outreach it gives
you resources on you know, what materials you might use, how to set one up, what types
of topics and what types of questions you could see from conducting an outreach. The next slide is we also lead to different
trainings that are available for your state, so there’s the national training for counselors
and mentors that are linked in there, but some states actually might not offer that. And so – but there are other state organizations
that possibly offer resources and we do link to that as well, so if you’re interested
in learning more about the federal student aid process and tools and tips that you can
get in order to effectively outreach or counsel students, you can definitely check that place
out. And then the last one is actually a very neat
tool. It’s a financial aid resource pack. And what this is do in there, is like you
could basically search for any resources that federal student aid has for outreach and for
like counseling students, so we have videos in there, we have infographics, we have resource
PDF files, and then we have social media posts that you could use and copy if you want to. Next slide. Next tool is our financial awareness counseling. The URL is in there. It’s basically a demo of our financial awareness
counseling. While you’re in college, you’re actually
required to complete an entrance loan counseling if you take out a federal student aid loan,
and this is an additional counseling that students and student borrowers could use to
kind of educate themselves about the federal student aid process, and then at the same
time actually look into how they could manage their expenses and budget properly while they’re
in college. So there are interactive tools, calculators
and graphs in there that could show students and student borrowers how their expenses are
you know, how they could meet their expenses by budgeting properly and then also how they
could effectively manage their federal student aid resources. Next slide. Now repaying student loans, this might not
be as pretty for a lot of people, but we do have these resources to make sure that the
process is efficient and it’s effective for our customers and our student loan borrowers. The very first one actually, and this is one
of the most recent ones that we have out there is the student loan repayment questionnaire,
so studentloans.gov/repay. It’s a very quick and easy tool. It asks you at a minimum three simple questions,
if you have federal student loans, did you take them out before 2011, and then at most
like, it will ask you five more, like if you work for a non-profit, are you having difficulty
paying your student loans right now. And what it does is that based on those questions
that it asks you, it generates you a list of suggestions and next action steps that
you should take to manage your loans and get more resources and get more assistance on
that end. So and then the neat thing about this tool
too is that you could actually email yourself those steps, so you don’t have to like print
it from the Web site. It actually sends you an email with the proper
links and the proper resources after that. The other tool is that you know, we have that
questionnaire, but we also have a repayment estimator, and what it does is you have two
options. First you could link to your national student
loan data system account, which basically has a summary of all your student loans, and
so it gets your data you could actually get in real time an estimate of the different
repayment plans that you could be eligible for, and then you could compare and contrast
those payment plans. If you don’t want to do that, you could
also just fill in the information yourself and then get an estimate. And this tool actually really helps your student
loan borrowers. I think one of the misconceptions that we
get is that student loan borrowers think that they only have one repayment option, when
in reality they actually have multiple repayment options. So if for some reason for example after graduating
from college say you’re having difficulty paying your student loans because you might
not have a sufficient job yet or if you’re trying to look for jobs, then there’s repayment
plans that actually accommodate for those situations. And this is the tool that kind of exposes
you to like, the variety of student loan repayment options that you have and that are available
for you as a student loan borrower. Can I ask you a question? Is – does this only cover federal student
loans, or does it have anything on private student loans too? Good question. Someone will ask it later, so I thought… Yes, so good question, so these are only for
federal student loans, and again these are federal student loan repayment options. Yes, yes. And last one, last but not the least, if you
want up to date information, post, interact with us, ask us questions, watch videos that
we post in there, we are very active in social media, so we have a Twitter account at FAFSA,
we have a YouTube account, and we also have a Facebook account. So most of our campaigns usually what financial
aid educators would do is they either share the post that we post on Facebook or on Twitter,
we have infographs in there and then resources for up to date – or up to – or current
updates about federal student aid and any programs. So that’s it. Great, thank you so much, (KG). Again, anyone who has any immediate questions
feel free to type them into the Q&A function in Web Ex, and now – and then we’ll do
voice questions at the end, and now we will turn to federal trade commission and (Drew
Johnson). Thank you, (Drew). Hi, everyone. My name is (Drew Johnson). I’m with the FTC’s division of consumer
and business education, and today I’ll be speaking to you about consumer.gov. It’s one of the FTC’s educational campaigns
that provides learners with the basic need to know concepts of personal finance, and
for educators it provides tools to help learners. So at the FTC our educational approach is
to provide consumers with practical easy to digest information. For example, what does a scam look like, how
can you avoid it, and how can you report it? We never just say watch out, we always provide
practical tips for handling the situation. In the case of consumer.gov, we answer questions
such as what is a budget, why is it important, and how do I create one? Or what is a credit history, why is my credit
report important, and how do I check my credit report? So as you’ll see here consumer.gov is available
in both English and Spanish. The Web sites are identical in content and
each is divided into three important topics, the first, to the left, managing your money,
that teaches the basics of money management such as you know, making a budget, opening
a bank account, using debit cards, etcetera. Towards the middle, credit, loans, and debt,
this offers info on credit history, using credit, various types of loans, as well as
how to manage and recovery from instances of debt. And the third topic in orange is scams and
identity theft. It covers how to spot, avoid, and recover
from identity theft as well as how to spot and avoid job scams and money wiring scams. And to the right of the topics there’s a
toolbox which is really important for educators. In there you will see it’s – you’ll
find lesson plans, worksheets, presentations, videos, and also links to additional resources. Okay, next slide. So under each topic you’ll see what’s
called an article, so let’s say you were to click on the managing your money topic,
you would see making a budget as one of the articles under it. Each article is written in plain language. To the left of this, it’s not on the screen
capture, but if you were to be on the Web site, you would see that there’s audio read
along functions to assist readers, whether they’re just learning the language or you
know, they just prefer to listen to audio as opposed to read them. So once you click on an article, you’ll
see that each article is broken into three sections. You have what it is, what to know, and what
to do. Again straight to the point and the text is
you know, easy to digest. Next. So hyperlinked within the articles or in the
toolbox you’ll find worksheets like this making a budget worksheet. Currently this is one of the most downloaded
PDFs on all the FTC’s Web sites. It’s available in both English and Spanish
and in print, so the making a budget worksheet covers pretty much the basic of making a budget
and it’s really easy to use, really popular amongst you know, all populations. At conferences it’s one of the publications
that you know, we can’t seem to keep in stock. People use them for their family members,
educators use them in you know, high school, college classrooms as well as in adult basic
ed settings. It’s a great resource and again available
online and in print. Next. So at the FTC all of our consumer education
information is in the public domain. There are no copyright laws surrounding our
materials. We really ask that you link to our materials,
share it on your social media sites, your Web sites, really any platform that you use
for outreach. Take our articles and our blog posts, use
them as your own, adapt them if you need to, share them with your learners, and download
our lesson plans. So on the home page if you were on consumer.gov,
in the toolbox that I talked about previously you’ll find lesson plans and materials for
incorporating consumer.gov into your curriculum. The lesson plans are accompanied by worksheets
that you know, serve as great and engaging activities for learners. Under the toolbox you’ll also find presentations. There you can download the presentations,
make whatever changes you’d like to the slides, or you can use them as they are, and
don’t forget to order our printed materials, so you can go to the next slide. All of our consumer materials are free. The print publications are free with free
shipping, just be sure to allow three to four weeks for delivery from our Web site, ftc.gov/bulkorder,
or bulkorder.ftc.gov. you can order the consumer.gov sample kit, which pretty much includes fliers
of all of the articles that you’d find on the Web site, or you can order tear-off pads
of each individual article. You can order as many copies as you’d like,
you can order for your entire program, it’s all free, free shipping. Next slide. So I really urge you to explore our Web site
and our materials and to share it with your community and learners. If you see an issue that you know, we haven’t
covered or if you have any suggestions regarding the Web site, let me know. My email address is here at the bottom, [email protected],
and I look forward to hearing from you and thank you for your time and continued work
in financial education. Great, thank you, (Drew), that was awesome. I know you guys have a lot of good stuff in
there. Okay, sorry, we’re – it’s hot in this
room here, so we’re all gasping for breath. So now we will turn to our last speaker, (Morgan)
from FTC. (Unintelligible). From NCUA, sorry about that, (unintelligible). Thank you, (Morgan). Thanks for having me, we’re really glad
to be here. So first I’m going to start out, I’m going
to talk about NCUA, because it’s not the FTC, and what we do is we do have a lot of
resources that we keep on our Web sites. Sometimes they’re from the FTC, sometimes
they’re from (KG)’s organization, but we are primarily tasked with regulating and
enforcing consumer protection – well NCUA is tasked with regulating credit unions. I myself am from the office of consumer protection
and we’re tasked with enforcing consumer protection laws in credit unions. We’re also tasked with executing the agency’s
financial literacy mission, and that’s kind of what we’re going to focus on today, so
just to get started so everybody knows who we are again, we’re an independent federal
regulator, one of the five RIA agencies, and we’re backed you know, with the full faith
and credit of the United States, and we do kind of a bifurcated purpose. We operate the share insurance fund, so a
little bit like the FDIC with big banks. We ensure the funds in credit unions, and
then we regulate them, but then we also have a unique mission to help support their efforts
and maintain the health of the credit union system, so that’s a little bit what the
office of consumer protection itself is tasked with doing aside from its regulatory stuff. All of our consumer-facing stuff is going
to be found on our three main Web sites, it’s mycreditunion.gov, that’s the consumer facing
Web site. It’s micrositepocketsense, and then NCUA.gov,
and that’s where we’ll primarily focus today. Next slide, please. A little bit about credit unions in case you
don’t know, they’re a little different than banks. They’re community owned cooperatives that
are focused on their members and empowering their members with financial knowledge and
skills to make sure that they make responsible financial services, or have access to those
and make responsible financial service decisions. They are again a little different than banks
because in order to be part of a credit union you have to be part of a cooperative that
then uses the credit union, as part of a membership group. So not anybody can walk into a credit union. That’s unique because they are typically
very community oriented because their members are actually owners of the institutions and
sit on the boards, so they are very uniquely invested in making sure that every single
one of their customers is making smart financial institutions because if one of them doesn’t,
they could impact the entire health of that particular institution itself. That being said, they’re very again member-focused
and they serve particular communities, whether those are people in a particular ZIP code
or they are teacher organizations or retiree – retired vets or current veterans, many
of you may have heard of you know, pen Fed, or maybe federal credit union. So they are very attuned to understanding
kind of what is needed in their specific community. So what we like to do at NCUA is make sure
that we are creating the resources they can use to make sure that those specific member
groups stay healthy and make financial decisions that will support their credit union and then
again making sure that they are not a risk to the fund. So credit unions have been doing financial
literacy since the beginning of you know, their existence really because again without
healthy literate members they don’t have a healthy institution. So in terms of our (unintelligible) data,
credit unions do a lot of unique stuff. They do financial counseling programs where
they go into communities. They also offer those at their institution
themselves, but they actually go into their communities and do them at – it’s not
uncommon to find credit unions going in and doing educational classes at schools, at work
force centers, at YMCAs, whatever local community things there are. They also do something that’s very cool
that we’re very proud of, our in-school branches, they actually facilitate the creation
of credit unions in schools, and so they will go and they will take – they’ll educate
those students and the schools about the benefits again of financial education and banking and
then they’ll actually create a credit union in the school and the kids work at the credit
union and they run the branch. There’s a lot of really unique institutions
that have those types of in-school branches. They also do workshops and seminars, so again
those are classroom events targeted towards mostly adults and teens on financial wellbeing. They do a lot of online information, they
have resource centers, tools, and courses, that you can learn from, and then experiential
learning programs like simulations, learning fairs that they put on for kids, have them
come in, and they give them some money and then they kind of show them how to get a student
loan or how to buy a car and make sure they balance their budget. So schools a lot of the time will partner
with credit unions to do that stuff, and then as I said they partner with schools and their
community based programs a lot, so again NCUA likes to help credit unions in supporting
those efforts, so we like to raise awareness, reinforce the efforts, and then create increased
access to their services by helping credit unions get you know, the proper educational
tools out in their community. So we’ll go in next to what those resources
look like, and anyone has access to them. You don’t have to be part of a credit union,
and that’s primarily our focus. Our financial literacy resources again are
housed at mycreditunion.gov, and there’s a lot of different tools available there. You may see on your screen a screenshot of
what mycreditunion.gov looks like. We have stuff about credit unions in general,
information about how to protect your finances, there’s financial tools and resources directly
that consumers can use, and the credit unions can also use them for their members, and then
we have our consumer assistance center which is where consumers can ask questions and where
we’re happy to tell them what their rights are in different financial situations, and
of course they can file complaints and we’ll help them try to communicate with their credit
union and kind of work out maybe what’s going on between the two of them. And the other part of our stuff and you can
go back one slide, sorry. The other information that’s housed on ncua.gov,
that’s more industry facing. It does have links to all the mycreditunion.gov
information, but if you are an industry member that is where all of our financial tools and
resources are housed for you. Of course you’re welcome to visit both sides
and check that stuff out. On the NCUA.gov side, we have links individual
links to a lot of the more popular tools, whether those are our different interactive
learning tools or our estimators for share insurance, our – we have downloadable graphics
and publications. Credit unions can use links to our videos
and a bunch of different other tools, so you should take a trip over to ncua.gov if you
haven’t checked it out, or mycreditunion.gov, and then we can go to the next slide. Our financial literacy resources, we try to
focus on a number of topics again, most of them relating to some sort of saving and spending
because we are a financial regulator. So it’s how to start your savings, paying
off debt, sometimes we use the Department of Ed’s resources or send people over there
for how to pay off your student debt, reading a credit card statement, understanding financial
loan disclosures and applications, understanding your credit report and scores, and again preventing
fraud. Next slide, please. All of our resources are available in Web
and print, they’re free. Go ahead and get them online and they’re
also online downloadable brochures, and we have videos, the NCUA consumer report series
on YouTube has got a lot of really cool videos that we’ll go into later, topics that people
may want to take a look at in terms of making smart financial decisions, a lot of interactive
learning tools that focus on teaching particular demographics, especially of youth, in a fun
and interactive way, the importance of spending and saving. So we have one tool that’s called hit the
road, if anybody remembers Oregon Trail, it’s like Oregon Trail, except you don’t go to
Oregon, you’re going to Colorado and instead you are traveling across the United States
in a car, and your members in your car have to get particular jobs to fund your trip there
and you get flat tires, somebody could get sick, nobody’s getting cholera or anything,
but they do get sick. And you have to be able to fund that trip
there and that teaches youth from about 6th grade all the way up really through high school
a fun way to manage your budget, and you just kind of live life, and the other tool that
we just created is called world of sense. World of sense is an interactive tool, that
allows younger children, K through probably about 5th grade, teaches them the importance
of those same concepts, but by building and maintaining their own interactive world. So they will play a bunch of different math
games to recognize currency and to recognize the value of money, and then they put that
in practice by taking the money they’ve earned from playing that game and building
their own interactive playground. Those of you who are familiar with Pokémon
Go, it does have an AR feature connected to it so you can take your playground and put
it on your work desk, or if you’re a child, your home desk. So those are the interactive learning tools
and then they are available in app format as well so you can download those to your
smart devices. Next, just to drill down a little bit more
in our financial literacy videos that we talked about before, we have that consumer report
series, so our most popular videos again, available in both English and Spanish, we
have stuff on how your shared insurance coverage works, avoiding frauds and scams. One of our most popular ones that we just
released is understanding payday loans, so that’s a nice about five minute video that
goes into the ins and outs of making a smart decision with payday loans and how to make
sure that you’re – you are navigating those correctly and what are some alternatives
to payday loans, and then again sending money overseas, so that was in line with the most
recent remittance information that was just released. And (Morgan), can I ask you a question, just
for those unfamiliar to me as it probably is to many, shared insurance means essentially
your account is insured by NCUA, right, that just means your money is protected. Yes, right, so insure – it’s how to calculate
how much insurance coverage you receive you know, as NCUA would back them, so for instance
most accounts are covered by – up to $250,000 on individual ownership accounts. It gets a little bit more complicated, that’s
why we have a calculator, but you can go in there and put the different types of accounts,
you have ownership types accounts and break them down, trusts and things like that, and
kind of figure out how much money are those funds insured for in case something were to
happen. Next, also on mycreditunion.gov, we have our
financial literacy calendar, this is helpful for institutions, but also helpful for any
other organizations interested in kind of executing their financial literacy mission. We like to list the financial literacy events
that are going on, so you’ll see there in January there is earned income tax credit
awareness day, paying off debt is a campaign that goes on in January, tax identity theft
awareness week. February is America saves, military saves,
and just kind of giving those different opportunities so that if the institutions wanted to get
involved and wanted to brand and wanted to attract membership that way, or just educate
their members, they could go on there and see what’s going on. The next slide is kind of drilled down into
the calendar, so this is what it looks like. A lot of times those different events are
hyperlinked off the individual campaign pages of the organizations that are running them. So if it’s you know, something like military
America saves, we’re going to go and link over the CFA and their campaign page site. Okay, so these are mostly external campaigns
or…? So these are our campaigns that we have partnered
generally with other people on or that are – they’re out there, so we’re trying
to tell the institutions here if you’re not aware, these are opportunities for you
to participate in terms of consumer education. And again all of our stuff is available in
Spanish, so anything we had on mycreditunion.gov in English is available in mycreditunion.gov
in Spanish. It’s espanol.mycreditunion.gov, including
all of our apps and tools so the shared insurance estimator, also available in Spanish. Okay, as with the other organizations we’re
also very active in social media. We have a Twitter feed, it’s @mycu.gov,
we give financial daily financial tips, news, and information. We also hold a lot of Twitter chats. We actually just finished a Twitter chat yesterday
with FTC about different payday loans – not payday loans, student loans. And so that’s a good way to participate
if you’re in the community. Again we also urge a lot of our – the credit
unions to get on there, ask questions, also to give testimonials about how you know, they
are helping in their community with their consumers’ understanding of those different
topics. Next, we have a lot of featured resources
too. We have interactive infographics that are
available for download. This is one of them. It is what is a credit union, so one of the
cool things about interactive infographics is all of that information in real time is
kind of moving and dynamic and gives a lot of helpful tips within the actual tool itself. So again you can download that at mycreditunion.gov,
or you can link to it as well. And then as we talked about before, this is
one of our interactive learning tools. It’s again also an app, this is the world
of sense we were just talking about, so as you can see there’s a snapshot of the game
in both basically platforms that you play in, one is recognizing the currency. It requires kids to understand, first teaches
them how to recognize the currency. What does a quarter look like? Then it teaches them the value of it, so how
much is a quarter worth, and then it moves onto adding and even goes into multiplication,
which I’m honest, if you’re of the older generation, it is hard to remember the complex
multiplication that quickly, and every time we try to play it we’re always like that’s
a difficult area, but the kids understand it, so that’s all that matters. On the right hand side it is timed and what
happens is within a particular amount of time they build up the amount of money. You’ll see off to the right hand side is
the actual dollar amount that player has accumulated. Then they take that money down into their
playground and they can build that playground out by buying different bits and pieces. All of that’s interactive, so that rocket
ship takes off and the different towers make bubbles, and then there’s little kind of
characters if you can see them there in the screen shot that run around and play with
each other, go down the slides and what not. So kind of fun, and if you run out of money
because you didn’t manage your budget, then your playground breaks and your people walk
around and they’re very sad, so try to avoid making them sad. And then again we talked about hit the road,
like I said before, you get in a car with your four characters, you travel across from
Virginia to Colorado and try to figure out the best way to spend your money and also
have a good time and manage your budget. And that is it, so we welcome any questions
that anyone may have. Great, that was wonderful, I have to say the
games look like fun. I know what I might do to relax after the
Webinar. Great, well thank you so much, (KG), (Drew),
and (Morgan). So we will now open for questions, so operator,
we’ll open up the line for questions. She’ll explain how to do it in a second. We also have a few emailed questions that
I’ll read, but send in more questions through the Q&A function, or operator, can you tell
people how to ask a telephone question? Yes, thank you, we will now begin the question
and answer session. If you would like to ask a question over the
phone, please press Star followed by the number 1, please unmute your phone and record your
name clearly when prompted. To withdraw your request you may press Star
followed by the number 2. One moment please while we wait for questions
to queue. So again Star 1 if you want to ask a question
directly, so we have had a couple things come in via the Q&A function which I will read
now. First and I – every time I’ve worked with
finance educators, student loan questions always come up, student debt repayment, we
have a question here where someone asks I’m working with a couple, husband has a $50,000
plus – oh, sorry, $50,000 plus in student loans, 35 and has a low-paying job. Will I be able to get information to help
them repay at the repay part of your Web site? Yes, great question, and so I suppose before
I kind of respond to that, I want to make sure that I’m clear that the resources that
we have are for federal student aid loans, so if you are – if the loan that you’re
referring to is a federal student loan, then yes there are resources that we offer within
the department. And so what I would actually suggest is if
you go to studentaid.gov/repay, R-E-P-A-Y, there’s a landing page of resources that
we offer for student loan borrowers who are either having difficulty making a payment,
what types of repayment plans would be most suitable for them, and then just guides them
through the process of how to select the proper repayment plan. I think there’s a lot of conversation so
while I recognize the situation of how much they’re in debt for and their income, each
repayment plan has its own requirements, and so I didn’t want to get into the details
of that, so aside from this studentaid.gov/repay the other discussion is for that student loan
borrower to actually contact their federal student loan servicer directly. So federal student loan servicers who manages
our student loans are actually tasked to make sure that they provide the resources and educate
the student loan borrower on all the options that they have. If they can’t make the payments, then what
are the alternatives? If they’re having a difficulty making a
payment, what are their alternatives? And the federal student loan servicer should
be able to support them in kind of making the next steps in figuring out what to do
next. If the student loan borrower doesn’t know
who their servicer is, on that page studentaid.gov/repay we link them to a portal where they can log
in and figure out who their servicer is and their contact information. That’s very helpful and the same questioner
has sent in a couple more comments, one it is a federal loan, which is good, right. There’s more – I think generally more
options for federal student loan repayment, and then her follow up question was what if
the loans have already gone into default? I recognize that as well and that’s actually
some of the challenges that our student loan borrowers do face. On studentaid.gov there is a section on how
to repay your loans and if you click on that menu you have a resource in the link for defaulted
student loan borrowers and what they could do and what are their options on how to rehabilitate
their defaulted student loans. There’s also if you go to studentaid.gov/contact,
you could also reach out to our default lead solution group that can also kind of assist
you with what your options are and what your next steps are. Great, thank you. All right, let’s check in with the operator. Do we have any phone questions? No questions queueing at this time. Okay, so again Star 1 if anyone wants to ask
a question verbally. We have another question here, we also get
this every Webinar, will we be able to email the presentation to the participants, and
yes if the agents are okay with that, we generally do that. We’ll convert it to a PDF and send it out. If you want it since the best thing for you
to do is to email the FinEx box and I will send it to you. So that email address is cfpb_finex, F-I-N-E-X,
@cfpb.gov, that’s [email protected], and just say I want the power point and I will
send it to you. That way I won’t send a big file to everyone
on the call because not everyone wants it, but I’m happy to do that. Operator, do we have other – any phone questions
now? No questions queueing over the phone. Hold on, yes, I think we’ve got another
question. Great, so I just wanted to note also that
all the speakers I think gave a pretty high level overview, which was our request to them. I know from having gone to the Web sites that
there’s a lot of really good stuff, there’s loan calculators, there’s these videos. FTC has a lot on car buying which I know you
often don’t see in the financial education field as much. You all have really interesting stuff, so
I do encourage everyone to go to the Web sites, all of which have been featured up here. They were also in the FinEx newsletter for
those who received that, so I encourage everyone to dig deeper. Actually (KG) has something else he wanted
to add. Yes, I actually do want to add that our resources
are also available in Spanish, so our tools, our Web site, and our PDFs are available in
Spanish for those that are also interested in reaching out to those communities. Great, so operator, just one last check to
make sure there’s no one waiting in the wings on the phone. There are no questions over the phone. Great, well this has been wonderful. Thank you so much. We have our report of this Webinar, so in
– usually in about a week or so it will go up on the FinEx Web page, and you can access
it or have other colleagues access it if you want. So thank you so much to (KG), (Morgan), and
(Drew). This has been wonderful, we really appreciate
it. And stay tuned for more FinEx Webinars to
come as well as our national conference. Thank you very much. That concludes today’s conference call. Thank you for participating. You may disconnect at this time. END

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