What is your financial IQ?
Chuck France/University Relations
David Biller, Paola graduate student, reads a copy of the Wall Street Journal. An accounting major, Biller keeps an eye on the financial world. A new task force has been formed at KU to help improve students' financial literacy, from balancing a checkbook to using credit responsibly and financing their education.
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The Office of Student Financial Aid has a head start, offering a financial literacy link complete with budget worksheets, financial counseling information and more on its Web site, www.financialaid.ku.edu
It's not uncommon for today's college student to graduate with a diploma in one hand and a tab for enormous debt in the other. To help students avoid starting their professional lives behind the financial eight ball, KU has formed a financial literacy task force that will help students become more savvy with money, from managing debt to balancing a checkbook.
The task force, which was formed by the Office of Student Financial Aid but will include representatives from across the university, held its first meeting last month. Its top goal: increase the financial literacy of KU students so they not only can avoid unmanageable debt but learn vital life skills as well.
The task force will continue to meet throughout the academic year and in the spring will present a set of proposals on how it wants to achieve its goals.
Brenda Maigaard, director of Student Financial Aid, said her office is often the first stop for students who are struggling financially. That alone was enough impetus to form the task force. She said the task force will conduct research throughout the year on the best ways to reach students with vital financial lessons. They will also work to connect students with existing KU and community resources that can help.
The group will help students understand how to finance their education, manage and repay loans, supplement income through methods such as work study, the importance of savings and responsible use of credit cards. Basic financial skills such as shopping for insurance and making car payments and more long-term topics such as investing and planning for retirement will all be part of the offerings as well.
Several resources already exist to help students financially. The School of Business offers personal finance classes and some student groups, such as the KU Finance Club, help educate students every year. The Financial Literacy Task Force will explore ways to work with all departments on campus to help make students aware of such resources. The task force will also work with Susan Twombly, professor of educational leadership and policy studies, to assess what the average student knows and needs to know about finances to help tailor the offerings.
Although students stand to gain from the task force's work, KU will also potentially see dividends. Stephanie Covington, associate director of Student Financial Aid, said scores of students drop out every year because of financial problems. Through financial literacy, students can learn to use credit wisely and avoid financial trouble, enhancing their success at KU.
The task force will also explore the best ways to reach students, including an expansive online tool for students. The Office of Student Financial Aid has a head start, offering a financial literacy link complete with budget worksheets, financial counseling information and more on its Web site, www.financialaid.ku.edu.
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