New program helps students manage money

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A program and website, created by the Financial Aid Office, provides money management resources, tips and advice for students.

Newly updated this semester, the MoneySmart Lakers website includes information about credit cards, loans, credit scores and insurance.

Representatives from campus departments, including Student Life, Housing, Accounting and Financial Aid, formed a committee in the summer of 2012 to address the need for financial literacy programs, said Luis Lozano, assistant director of Financial Aid and manager of the Student Employment Office.

Michelle Rhodes, director of Financial Aid, said financial stability or instability can have dramatic effects on the emotional wellbeing of a student. “Credit cards, loans, credit scores and insurance will be things that students will have to deal with many times in the future and we can provide the opportunity for students to learn about these things early on,” she said.

Rhodes said a study by Hartford Financial Services Group shows that only 24 percent of college students feel well prepared to deal with the financial challenges that await them after graduation.

“We want MoneySmart Lakers to improve students’ financial knowledge and increase confidence around financial decision-making,” she said.

The Financial Aid Office also offers group seminars and individual appointments on money management.

Visit the MoneySmart Lakers website at www.gvsu.edu/moneysmart.