With efforts ranging from information pamphlets to seminars, a number of higher ed institutions have been helping students to become more financially savvy. At the intensive end of the scale is the Student Money Management Services (SMMS) program launched at Bowling Green State University (Ohio) last July. In 2006 Bowling Green's student body collectively borrowed $129 million to attend the institution, says program director Duane Whitmire.
SMMS was initiated after an editorial published in the student paper last April asked the university to address the issue of financial literacy. Based on a program in place at Texas Tech University for seven years and the University of North Texas for four years, the SMMS office includes a full-time financial educator and six upperclass student assistants, all of whom are there to assist students who need help in identifying financial education needs, developing a plan to meet those needs, creating a personal budget, or a combination of the three. Surveys have shown that some students want to talk to a professional, while others prefer talking to someone who understands their situation. All sessions are confidential.
To avoid liability issues, administrators are careful about the services offered. "We don't give financial advice," explains Whitmire. "We give students options and let them decide the best one to follow."
Students can choose from individual planning sessions, group seminars, or online resources at www.bgsu.edu/smms. That website received 4,130 hits from its January 7 launch through March 13.
"The most important goal is to help them track their expenses," Whitmire says. "In some cases they are just swiping their charge card and moving on." Although the focus this year is on students, administrators have big dreams for the service. Faculty and staff are already asking for sessions, and the program might eventually be available to the community. Considering that new state legislation requires money management lessons at the high school level in 2010, Bowling Green is ahead of the curve. -A.M.
Corrections
In the article "Sense of Security" in the February issue of University Business, one source was inadvertently left out of the Resources box on page 47. Robert Huber, campus card consultant, can be reached at www.AllCampusCard.com.
In the March issue, the article "Keeping an Eye on the Network" mentioned the wrong product on page 57 near the end of the Temple University (Pa.) case study. Temple is migrating and updating to Symantec Network Access Control 11.0. Under the Endpoint Software-Based NAC heading on the same page, Symantec Sygate Enterprise Protection is mentioned as an example of this approach to NAC. Symantec NAC is the correct product name here, as well.
