Grant bolstering university's ongoing efforts to make students more financially savvy
Tuesday, July 9, 2013
MANHATTAN -- Kansas State University is increasing its efforts to educate students about their finances with a grant from the Council of Graduate Schools.
The university is collaborating with the council and financial services provider TIAA-CREF to design a program that prepares students to play an active role in managing their personal finances and making informed decisions about saving, spending and borrowing.
Kansas State University is one of 15 institutions across the nation to receive this grant. These institutions will survey and measure their programs' effectiveness, informing best practices for improving financial education among college students. These findings will be made widely available to the higher education community through interactive tools and resources over the next two years.
Kansas State University's program will focus on education in the key areas of budgeting, understanding credit and managing student loans -- the top three concerns of students who use the university's award-winning service Powercat Financial Counseling.
Working in concert with Powercat Financial Counseling, the program will reach students through individual counseling, group financial presentations and through SALTmoney.org, an online financial tool introduced to the university in January. Students will be engaged in understanding their personal spending plans. This includes evaluating how much their education costs, the best way to finance it, and understanding how student loans work and how to repay them.
Moreover, students will learn about making the financial transition from student to young professional.
"The program will build upon the success of Powercat Financial Counseling's peer-to-peer financial education program by providing undergraduate and graduate students in the targeted groups with personalized financial training and access to the online SALT financial tool sponsored by Powercat Financial Counseling," said Jodi Kaus, who directs the center. "Powercat Financial Counseling will assist students in taking action in understanding their student loans and making wise financial decisions."
The program will be developed with several groups of students in mind, from honors students and undergraduate researchers and scholars, to graduate students and those in the School of Leadership Studies.
"The program will prepare students to make more effective financial decisions that will be beneficial now and in their future," said Carol Shanklin, dean of the Graduate School. "The Graduate School looks forward to collaborating with our partners and the participating programs."
Kansas State University partners include Powercat Financial Counseling, Center for the Advancement of Teaching and Learning, Graduate Student Council, School of Leadership Studies, McNair Scholars Program, Developing Scholars Program, University Honors Program and the office of the vice provost for undergraduate studies.