University Business - May 2007 - (Page 65)

Power of a happy hour: Young alumni events are popular at the University of St. Thomas (Minn.) in part because the alumni have a hand in planning activities for themselves. Association, says that between 300 and 500 young alums—up to 10 percent of a graduating class—take advantage of GradMed, the short-term health insurance offered through the association to any graduate of the university. “The rates and the coverage are good, but the main benefit is the simplicity of it,” she says. “It’s an easy application, and coverage is nearly immediate. For college grads who have just come off of their parents’ insurance, it’s really helpful.” Through the association, alumni can also purchase renter’s insurance and home insurance. And association members can get discounts on everything from movie tickets to car rentals as well. With today’s students burdened with more debt than ever, loan consolidation can be another prized perk. “Students [and young alumni] get inundated with a lot of information about consolidation from many different companies,” says Mandy Franklin, director of Affinity Marketing at Nelnet, which works with more than 120 alumni associations to offer student loan consolidation packages. Franklin notes that going through an alumni association for loan consolidation can provide peace of mind, since the association has presumably researched the company to find out if it’s reputable. But is it wise for colleges and universities to market a product that might just remind alumni how much they owe the school? Franklin frames that possible con- cern another way: “The goal is [for schools to help their young alumni] to make this debt—and ultimately their lives—more manageable.” Help Them Navigate the Rat Race A decade ago, landing a job right out of college could be as easy as sending out a few resumes. These days, prospects are a bit less rosy. Young alumni tend to value advice and events that help jumpstart their careers. Niekro says one of the University of Michigan alumni association’s most popular young alumni offerings is a mentorship program that allows recent grads to talk to experienced alumni working in particular Michigan alumni. For Wartburg, in-person networking is the primary benefit for alumni, but as the college rolls out its web-based alumni programs, Coleman expects online networking to become increasingly important for young alumni. “Part of the attraction of the site for young alums is that there will be some older alums on the site,” he says. “From a networking standpoint, if [young alumni are] looking for a mentor or for advice about something, this is a much more efficient, effective way for us to connect young and older alumni.” Wooster alumni in cities around the country, meanwhile, can attend happy hours with other alums and exchange business cards and advice. And more personal assistance is available just by asking: “If a young alum is moving to San Francisco and wants a list of people who work in banking, we’ll provide that information,” Nichols says. “We really want them to get connected with each other.” Give Them Programming Empowerment St. Thomas’ Stephens says that it would be easy to sit at her desk and dream up programs she thinks young alumni might Through the Alumni Association of the University of Michigan, graduates of the school can get short-term health insurance, renter’s insurance, and home insurance offerings. Members can even get discounts on everything from movie tickets to car rentals. fields. “The alums can talk to them by email, by phone, or in person, and they can find out how the alum got to their current position and what their workday is like,” she says. The association also offers a job board, self-assessment tests, and connections to employers eager to work with like—but that would also be missing the point. “We want to be able to give young alumni exactly what they’re looking for, whether it’s more career resources, social events, or service opportunities,” she says. “We want them to have a say in what’s going on.” To that end, St. Thomas’ Young universitybusiness.com May 2007 | 65 http://universitybusiness.com

Table of Contents for the Digital Edition of University Business - May 2007

Contents
College Index
Advisory Board
Company Index
Editor's Note
Behind the News
Viewpoint
Money Matters
Marketing
Human Resources
Financial Aid
Community Colleges
The Innocents Abroad
The Big Business of Research
What’s New in A/V
The Kids Are All Right
Designing a Unified Campus
Business Technology
What's New
Calendar of Events
Direct Connect
End Note

University Business - May 2007