St. Lawrence University has formed the Financial Literacy Program which will offer student workshops in the coming months to educate undergraduates on the tools necessary to manage their finances after college. The first workshop will be held on October 4, from 5 p.m. to 6 p.m. in Dean Eaton and hosted by the Associate Vice President of Finance, Carol Gable and Controller Mary Cosmo.
After listening to SLU alumni talk about their experiences outside of college, Gable thought it was in the best interest of students on campus to obtain as much information about financial literacy as possible before graduating. “Students asked the same questions to several different departments about finance,” said Gable. As a result, Gable helped form the Financial Literacy Program with the help from the FYP, HEOP, and business departments.
The Financial Literacy Program addresses some of the most important aspects of finance, including student loans, 401K’s, and how to balance credit scores. Through a collaboration between these departments and the Business Office, SLU will now offer students the opportunity to learn about these indispensable finance questions which have massive implications after graduating. Over the summer, the Financial Literacy Program hosted their first workshop for incoming HEOP freshmen.
On the Student Financial Services website, students can acquire a general overview of several financial literacy topics such as personal finance, loan management, and student employment. The links supplied derive their information from non-profit organizations, which ensures that there are no third-party interests involved, according to Gable.
In the spring, there will be several workshops hosted by the Financial Literacy Program that covers personal budgeting and long-term investment strategies, as well as understanding employee benefits. Instead of having to take a semester long course, students can attend these hour-long workshops to “gain a better understanding of essential financial literacy issues,” said Gable.
Gable also suggested that students from New York take advantage of the Get on Your Feet Loan Forgiveness Program. This program provides up to 24 months of federal student loan debt relief to recent New York State college graduates. Only students who have been a legal resident of New York for one continuous year and have a gross income of less than $50,000 are eligible for the loan forgiveness program. More information can be found on hesc.ny.gov.