Spring Break
Financial Educational Programs on the Rise to help Student
Allison Baker, MCT Campus
Issue date: 6/4/08 Section: From the Wire
College students today face a treacherous maze full of financial twists and turns, but some universities are trying to help.
An increasing number of postsecondary schools are developing money management programs geared toward providing students with the tools necessary to navigate their finances.
Nearly two-thirds of all undergraduates use financial aid in the form of grants, loans or work-study to help them finance their postsecondary education.
In the 2003-04 school year, the average student loan debt among graduating seniors was $19,237, according to the National Postsecondary Student Aid Study.
The average credit card debt undergraduates carry is $2,169 according to Nellie Mae, a top national originator of student loans.
And while many young adults are left to attempt to juggle student loans and credit cards on their own, some colleges are stepping in to help alleviate some of the burden.
When Texas Tech, in Lubbock, launched its Red to Black program in 2001, it was one of three money management programs run by American universities. Now, there are more than 20.
Staffed by students in the personal finance planning academic program, Red to Black offers free financial counseling, seminars and presentations on personal finance topics such as money management, choosing a credit card, paying off debt, saving money and comparing employer-provided benefits when choosing a new job.
The more schools that can adapt Texas Tech's money management program to fit their own students, the better, said Sergio Garcia, the Red to Black coordinator and a personal finance masters student at Texas Tech. Bowling Green State University, in Ohio, modeled their own money management program after Texas Tech's Red to Black and a similar program at the University of North Texas in Denton.
A student editorial gave Bowling Green the push to establish a money management office. The staff of the student newspaper pointed out the financial problems facing college students and criticized the Ohio university for not doing more to help in an April 2006 editorial. The University administration heard their call for help and responded within months. The money management office opened that July.
An increasing number of postsecondary schools are developing money management programs geared toward providing students with the tools necessary to navigate their finances.
Nearly two-thirds of all undergraduates use financial aid in the form of grants, loans or work-study to help them finance their postsecondary education.
In the 2003-04 school year, the average student loan debt among graduating seniors was $19,237, according to the National Postsecondary Student Aid Study.
The average credit card debt undergraduates carry is $2,169 according to Nellie Mae, a top national originator of student loans.
And while many young adults are left to attempt to juggle student loans and credit cards on their own, some colleges are stepping in to help alleviate some of the burden.
When Texas Tech, in Lubbock, launched its Red to Black program in 2001, it was one of three money management programs run by American universities. Now, there are more than 20.
Staffed by students in the personal finance planning academic program, Red to Black offers free financial counseling, seminars and presentations on personal finance topics such as money management, choosing a credit card, paying off debt, saving money and comparing employer-provided benefits when choosing a new job.
The more schools that can adapt Texas Tech's money management program to fit their own students, the better, said Sergio Garcia, the Red to Black coordinator and a personal finance masters student at Texas Tech. Bowling Green State University, in Ohio, modeled their own money management program after Texas Tech's Red to Black and a similar program at the University of North Texas in Denton.
A student editorial gave Bowling Green the push to establish a money management office. The staff of the student newspaper pointed out the financial problems facing college students and criticized the Ohio university for not doing more to help in an April 2006 editorial. The University administration heard their call for help and responded within months. The money management office opened that July.
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