by Alana J. Mauger
Montgomery County Community College has received a $100,000 grant to build on the success of a financial literacy prototype, developed as part of the inaugural Next Generation Learning Challenges (NGLC) Breakthrough Models Incubator (BMI) cohort.
Last May, MCCC was one of seven institutions selected for the inaugural cohort. Each institution received $50,000 to design and launch a technology-based support program, specifically created to improve completion rates, the quality of student learning and the time it takes for degree completion. Last week, each of the seven institutions from the initial cohort received the next phase of funding, $100,000, made possible by a grant from EDUCAUSE through Next Generation Learning Challenges.
After participating in NGLC’s three-day workshop in July, MCCC’s team of eight faculty and staff was given three months to develop a prototype based on the College’s initial proposal to improve first-time students’ understanding of financial, civic, and digital literacies through the creation of a “New Literacy” Massive Open Online Course (MOOC).
“Students cite ‘financial concerns’ as the top reason for dropping out of courses, especially during the first two weeks of a semester. Therefore, in order to make significant gains in student retention and completion, we must first improve our students’ understanding of financial literacy,” said Dr. Karen A. Stout, president, MCCC. “Our team has done outstanding work in building a pilot that has already helped hundreds of students strengthen their understand the financial aid process.”
After engaging students through focus groups and surveys, MCCC developed “Montco Money Matters,” a module that introduces students to the concept of paying for college. By working with content, media, technology and design experts from across MCCC, the team produced a multi-channel module that includes video displays, social media and face-to-face engagement, along with an online course-like experience.
The 30-minute, self-guided program introduces students to concepts of financial aid, loans and grants; highlights the long-term implications of loans and future debt; and makes them aware of other resources, like scholarships, to help pay for college. The program incorporates open-source and original content, including a computer-generated tour guide, short video clips featuring actual MCCC students, and links to off-campus resources that allow students to delve further into topics of interest.
A total of 425 students actively engaged in the pilot program during a seven-week period during the fall 2013 semester. Of those, 95 percent of students who provided feedback indicated they will recommend the online resources to others, and 80 percent said the course will influence future academic decisions. In addition, feedback revealed that student loans and scholarship information were the most valuable topics covered, and money management is a topic on which many students would like more information.
With the prototype completed and funding secured, MCCC’s next step is to build out additional modules under the umbrella of financial literacy. These modules could address topics such as cash management, budgeting, shopping for textbooks, transportation, loans and debt, among others. The College also hopes to make “Montco Money Matters” accessible to school districts within Montgomery County and to the general population at large.
In addition to Montgomery, six other selected schools are part of the inaugural NGLC BMI cohort, including Austin Peay State University, Ball State University, Charter Oak State College, SUNY-Empire State College, Harper College and the University of Maryland-University College.
Check out some of the videos from Montco Money Matters:
Videos by Matt Porter and Alana J. Mauger