NWX-CFPB HQ CFPB FinEx Webinar: July 28, 2016 1:00pm CT Operator: 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. (Irene Skricki): 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, CFPB_FINEX@CFPB.gov, 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. (KG Populos): 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. (Irene Skricki): Can I ask you a question? Is – does this only cover federal student loans, or does it have anything on private student loans too? (KG Populos): Good question. (Irene Skricki): Someone will ask it later, so I thought… (KG Populos): 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. (Irene Skricki): 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). (Drew Johnson): 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, ADJohnson@ftc.gov, and I look forward to hearing from you and thank you for your time and continued work in financial education. (Irene Skricki): 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). (Morgan Rogers): 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. (Irene Skricki): 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. (Morgan Rogers): 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. (Irene Skricki): Okay, so these are mostly external campaigns or…? (Morgan Rogers): 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. (Irene Skricki): 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? Operator: 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. (Irene Skricki): 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? (KG Populos): 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. (Irene Skricki): 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? (KG Populos): 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. (Irene Skricki): Great, thank you. All right, let’s check in with the operator. Do we have any phone questions? Operator: No questions queueing at this time. (Irene Skricki): 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 sfpb_finex@cfpb.gov, 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? Operator: No questions queueing over the phone. (Irene Skricki): 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. (KG Populos): 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. (Irene Skricki): Great, so operator, just one last check to make sure there’s no one waiting in the wings on the phone. Operator: There are no questions over the phone. (Irene Skricki): 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. Operator: That concludes today’s conference call. Thank you for participating. You may disconnect at this time. END