IU is one of 11 colleges the magazine recognized for having effective programs in place to teach students about success and money management, according to a University press release.
MoneySmarts teaches students the workings of spending and borrowing. It was established in 2012 to teach students informed decisions about loans and not accruing excessive debt. The program serves seven different campuses and includes an interactive website, weekly podcast series, one-on-one financial education by other students, workshops and classes.
Students and groups can also request private sessions with the IU MoneySmarts Team, which is a group of Bloomington students who have been specially trained to provide this guidance.
IU Director of Financial Literacy Phil Schuman said in the release the recognition from the magazine was a confirmation of the work his department is trying to do.
“We are honored to have IU MoneySmarts recognized as a Model of Excellence by University Business magazine,” he said. “We are extremely proud of what the program has accomplished in its first few years and look forward to continuing to provide unique financial education opportunities for students in the years to come.”
After the implementation of the program, college debt for students across all campuses declined by 12 percent, or $31 million, from 2013 to 2014.
Schuman said in the release the key to MoneySmarts’ success is the lighthearted and student-centered approach. Weekly podcasts and brief lessons allow them to have difficult money conversations with students.
MoneySmarts has also established partnerships with other IU offices and community organizations. It plans to lead the National Summit on Collegiate Financial Wellness in June at ?IU-Bloomington.
Alison Graham
