Aiming to help students better understand the reality and basics of their financial situations, the Fleishman Center for Career and Professional Development unveiled a new financial wellness program on Thursday.
Created through a partnership with Visions Federal Credit Union, the program will feature an interactive, touch-screen video board in the center that will help students quickly answer basic financial wellness questions such as how to make a budget, save money, track their spending and better understand their student loans. These programs will be part of web modules available on both the video board and the center’s website.
Additionally, student groups and individuals will be able to schedule financial literacy courses on campus taught by Colleen Barton, a Binghamton University alumna who graduated in 2007 and a community education coordinator for the credit union, who currently teaches financial literacy courses in the Binghamton area. These courses will provide a more in-depth examination of the financial wellness questions addressed by the web modules, as well as programs created by Barton and the center tailored specifically to college students. These include courses examining the potential cost of graduate school and advice for negotiating a job offer.
The ribbon-cutting ceremony was held in the center and was attended by over 50 BU students, faculty and Visions Federal Credit Union employees. During the ceremony, BU President Harvey Stenger noted that there may be no better place for students to receive financial information than the institution that is trying to get them ready for their future. He stressed the importance of helping students understand the financial decisions they will have to make as they begin their post-collegiate lives and careers.
“If students don’t learn about finances, they can make a mistake that they won’t look at for years,” Stenger said.
Tyrone Muse, the president and CEO of Visions Federal Credit Union, said that the credit union chooses to form partnerships locally to facilitate growth in the area and hopefully benefit the local economy. Visions sought out this partnership to help fill a need they felt existed in students’ education.
“We believe in giving back,” Muse said. “We believe that we can be a catalyst with our success to give back and elevate the area to the next level.”
Muse said that he and Visions Federal Credit Union feel that education is a great equalizer and that by helping educate students financially, they can play a part in continuing their success and growth. According to Muse, opening the financial wellness center video board and the arrangement with Barton allows the credit union to directly prepare students for life after college in a way the University previously could not.
“I think it’s a need,” Muse said. “I’m hearing from students that this is the one thing — that as they come out of college as brilliant kids, no one tells them what’s next. You leave here with $30,000 in debt and you think your life is set, but you realize that now you have to deal with that and pay it back. It’s just giving students the skills to continue that success that they are already having.”
Samantha Schoenfeld, a senior in the individualized major program, openly admitted that she had not been provided with much financial training in her life but was excited by the opportunity to learn through the program.
“Even though I didn’t have anything like this for the past few years, it’s still good to have the opportunity to go to the programs now and get started on a good foundation for my post-graduation life,” Schoenfeld said.