Financial institutions invest time, funds in TRIO Upward Bound seniors

Through a partnership with two financial institutions, Grand Valley's TRIO Upward Bound has ensured that student participants graduate from high school with knowledge about loans, debt and savings, and have money to put away for future expenses.

Bonnie Jaracz, office coordinator for TRIO Upward Bound Grand Rapids, said Mercantile Bank and Federal Home Loan Bank of Indianapolis (FHLBI) have committed $25,000 annually for three years for seniors who participate in FHLBI's Money Masters program, which is hosted locally by Mercantile Bank.

Jaracz said the financial commitment means a senior Upward Bound student can earn between $1,000-2,500 (depending on number of participants) by attending the Money Masters courses. "The financial commitment from our partners means we are continuing to set our students up for success," Jaracz said.

MaryBeth Wott, senior vice president for community investment and strategic planning officer for FHLBI, said "banking on our youth" is integral to the institution's mission and the communities it serves.

“We empower our financial institution members to select community organizations like Upward Bound that impart crucial life skills to young adults such as financial literacy,” Wott said. "Because these are discretionary funds awarded in the form of bank accounts, our Money Masters scholarship recipients are able to practice budgeting and financial management skills with the guidance of our valued program partners."

Jessica Segura is a senior at Union High School who plans to attend Grand Valley in the fall to study nursing. Segura said activities in the program like the "Game of Life" helped her better understand life situations and the necessity of having an emergency fund. Segura also categorized herself as a spender.

"By participating in this program, I learned tactics on saving money and the importance of it," Segura said. "I appreciate being a part of this program as it will benefit me in my college career."

Mercantile Bank's Sonali Allen, senior vice president and chief compliance and community development officer, said the institution's partnership with Grand Rapids Upward Bound dates to 2021.

"Our hope is that in addition to some scholarship funds to help them with school expenses, that these classes will provide a solid financial foundation for students and that they develop skills to independently manage their finances well," Allen said.