Tuesday, February 24, 2009
Saving money while going to college can be a foreign concept to students, and FAFSA forms might as well be written in a different language. But two coalitions associated with Student Senate hope to bridge the gap between students and financial literacy by creating a financial planning office in the Kansas Union.
United Students and Envision, coalitions participating in the April Student Senate elections, have begun separately planning work on a student financial advising office. Both coalitions said they would like the office to provide students with free advice about applying for loans and personal budgeting, as well as having tax forms and FAFSA applications available.
The University already provides many of these resources to students through services such as personal finance classes and student groups such as the KU Finance Club.
“If you take the time to search it out, this University really does have the resources to help students,” said May Davis, Clay Center junior and United Students vice presidential nominee.
She said the purpose of a financial planning center would be to bring all of these resources together in a central location to make it easier for students to seek out the help they needed.
“I think the whole getting information for FAFSA forms can be kind of a difficult process,” Andrew Slater, Overland Park senior, said. “I think that would be the biggest help for students. Even though we have the office of financial aid it would be more beneficial for students.”
Each coalition’s plan varies slightly. The United Students version would attempt to work with the School of Business to give students credit for volunteering to advise their peers.
Frank Marshall, assistant dean of business administration, said he thought giving business students the opportunity to work at an advising center would give students a valuable opportunity.
“It potentially gives them an opportunity to take what they’re learning in the classrooms and in the courses they take and in some way use that knowledge to benefit others,” Marshall said.
However, Marshall said he would want to make sure student counselors were careful with the advice they provided to their peers.
“People still need to make their own decisions about their financial matters,” Marshall said. “Care needs to be taken to ensure that information is disseminated to people so that they can decide what they want to do.”
The distinguishing feature of the Envision proposal is the creation of a student investment fund. Interested students would apply to work under an oversight committee that would supervise the group. The group would start with a relatively small amount of donated money for students to invest in the market. The returns on those investments would eventually go to pay the wages of student hourly workers hired to run the center.
“This gives students interested in finances the opportunity to gain internship-level experience without the internship,” said Envision leaders in a written summary of their proposal.
Envision said their starting goal was $50,000, which would be gathered from partnerships with the School of Business, the KU Endowment Association and other contributors.
Alex Porte, Great Valls, Va. junior and Envision vice presidential nominee, said several other institutions implemented a similar program, including the University of Utah, Ohio State, Penn State and Abilene Christian University. These programs invest anywhere from $25,000 to $1 million.
— — Edited by Susan Melgren
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Comments
Coalitions plan financial advising office
God. Already?
Coalitions plan financial advising office
The emphasis on financial literacy by both coalitions is ideal. If a purpose of Student Senate is to bring programs to best help students, then platforms should align more often. It makes progress easy and prompt.
But, for your reading pleasure, here are a few major points that should also be considered: 1) United Students has already negotiated space in the KS Union. We have received draft proposals for rent-free space. 2) United Students already has pending funds for this project. 3) United Students has met with the University's Financial Literacy Task Force, who will present their findings to the Vice-Provost for Student Success. 4) United Students posted this platform on our Web site weeks ago...
This is not a United Students "platform" per say. We have been working on this project since the Pulse moved out of its original space in the Union, because we want to make sure this happens! However, if everyone works together to make this happen, even better.
PS- Go Hawks!
Coalitions plan financial advising office
"The returns on those investments would eventually go to pay the wages of student hourly workers hired to run the center." - Envision plan.
And what happens if there isn't a return on those investments?? Or better yet, what if we were to go into a recession and lose money? Who would pay then?
Other than that small issue - kudos to both coalitions.
Coalitions plan financial advising office
There are hardly "pending funds for this project" when all that has been submitted by United Students is an application to pay for this using student fee money. Envision has a different plan--the Student Investment Fund--that has been proven to work in several peer institutions across the nation.
United Students decided to launch their first issue in the middle of February--they released the idea for the pool on March 1st last year. The only way that United Students can make an impact with their plan is to try to beat their opposition to the punch. Hardly following through on their promises, the leadership of the United Students campaign was pushing for elections reform (and a shorter campaign season) not more than a year ago. United Students ends up coming out the gate with an idea that is incomplete for the sake of securing an early victory.
This is not a United Students platform per se; in a sense, it is so unoriginal that it is surprising that the incumbent should release this as their first issue. This plan is something that over 200 institutions have across the nation, and it is something that Envision is committed to bring to our student body--but we've figured out how to pay for it without using student fee money as our first option. Under the guidance of the current Student Body Treasurer, we have the financial know-how to create one of the best programs in the nation. Students deserve centralized financial services, and Envision can make sure that this becomes a reality.
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