"Linfield is committed to increasing its students' awareness of financial matters and their understanding of their rights and responsibilities," said Dan Preston, director of financial aid and dean of enrollment management.
The grant will provide Linfield with the resources to develop new and improved ways to inform students about general financial matters and their rights and responsibilities regarding their federal loans. It will fund several educational components including a game-show type program for first-year students that will be educational in nature, a brochure about financial management and financial aid matters for all currently enrolled students and a follow-up mailing to all 2003 graduates who have borrowed funds for college expenses. The grant will also fund a half-time coordinator position.
The education program will target first-year students to educate them early in their college career and ultimately produce more responsible borrowers. Organizers hope the education of student loan issues, along with broader issues of money management and financial planning, will lower the percentage of student loan defaulters.
"We anticipate this combination of activities will increase students' awareness not only of responsible borrowing, but also of other financial matters such as the wise use of credit cards, the necessity of budgeting and the various consequences of failing to meet payment schedules," Preston added.
Edfund, through their EdShare Foundation, supports campus programs that directly assist student loan borrowers. Edfund is the nation's second largest provider of student loan guarantee services under the Federal Family Education Loan program.