[Wsssc] Taskforce 5100 Outcomes

Deborah Casey dcasey at greenriver.edu
Thu May 10 10:24:41 PDT 2018

Hello Colleagues,

Here are the recommendations with the Taskforce 5100 that completed it's work in the Winter quarter.


January 29, 2018

RE: FAC Summary of SB5100 Financial Literacy


Last July Senate Bill SB5100 became effective which requires colleges to provide financial literacy to students at institutions of higher education.  The bill requires "the office" which was has been defined as Washington Student Achievement Council (WSAC) to provide a financial aid counseling
curriculum to the colleges with state need grant recipients.  The curriculum must be available via a website and must include several requirements.  These are summarized below, see the attached legislation for more detailed descriptions.

a)      An detailed explanation of the state need grant program

b)      Information on campus and private scholarship and work-study opportunities

c)       An overview student loan options

d)      An overview of personal finance skills

e)      Average salaries for wide range of jobs

f)       Financial education from a wide range of students who were recipients of aid

g)      Contact information for local financial aid resources and federal student aid ombuds' office
Colleges were provided an annual allocation based on FTE's to implement and maintenance these requirements.  The requirements of SB5100 are a college wide requirement and it is important to meet this legislation different areas of the college work together.  There are two components of this legislation, 1. Identifying how to develop the curriculum and 2. How it will be delivered on your campus. At this time based on feedback from the Financial Aid Council (FAC) the consensus is colleges are currently at one of three stages of step 1. Identifying the Curriculum:

1.       Colleges have internally developed a financial literacy curriculum option and have begun to use this curriculum on their campus.

2.       Colleges are in contract or speaking with vendors (predominately ECMC) to use their financial literacy product which will include a Washington State Financial Literacy page that covers each of the requirements from SB5100.

3.       Colleges are waiting on WSAC's Ready Set Grad or unsure at this point.
FAC would like to recommend to WSSSC Leadership the importance of supporting the implementation of a financial literacy curriculum and the need for this decision to be a campus wide initiative and not the sole responsibility of the financial aid office.  It is recommended colleges do not wait for WSAC's Ready Set Grad site because they (WSAC) stated they will be updating their site to meet the requirements. Instead colleges should chose an option of an internally developed curriculum or external vendors product, whichever the colleges determine best meets their individual needs.

Johanna Dwyer, FAC President

Deborah Casey, Ph.D.
Vice President of Student Affairs
Green River College
dcasey at greenriver.edu<mailto:dcasey at greenriver.edu>

"Vulnerability sounds like truth and feels like courage. Truth and courage aren't always comfortable, but they're never weakness." Brene Brown
"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; . . . who at best knows in the end the triumph of high achievement, and who at worst, if he fails, at least fails while daring greatly." -Theodore Roosevelt

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