St. Kate’s News
Julie Michener
Phone: (651) 690-6521
Cell: (651) 253-8931
Fax: (651) 690-6042
jcmichener@stkate.edu
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St. Kate’s financial literacy program earns national support
By Julie Michener
Nov. 11, 2009
Entering its third year, St. Catherine University’s financial literacy program combines sound financial advice, innovative programs and cultural sensitivity to build students’ money management skills. The program was designed to support students in attaining their educational goals and give them tools to sustain them throughout life.
Garnering early support from ING Foundation and GE Money, the financial literacy program has now been awarded a $126,000 grant from the Public Benefit Grant Program of TG, a Texas-based, non-profit corporation.
St. Kate’s program was one of 55 higher education access and retention initiatives across the nation awarded grants by TG. The non-profit provides federal student loan guarantees to help ensure access to higher education for millions of students across the country each year.
“Our nation’s future depends on our ability to inspire students to achieve all that they’re capable of accomplishing,” said Sue McMillin, president and CEO of TG. “By providing funds for the St. Kate’s program, we’re pleased that TG can help change the future for individual students, families and society as a whole.”
Financial literacy launched
Responding to the needs of students coping with complex financial issues, including rising costs for higher education, the St. Kate’s Financial Literacy Planning Group created money management programs to develop students’ financial acumen. An interdisciplinary group of staff and faculty were part of the planning team.
“Enrollment management staff was very concerned with the number of students who were leaving our institution because of financial issues,” said Director of Student Retention Ellen Richter-Norgel. “I learned about the Student Money Management Center at the University of North Texas (UNT) at a national conference in April 2007. We consulted with them and began our own program.”
The St. Kate’s financial literacy program incorporated the best practices of UNT’s center and also created programming to address the unique needs of the St. Catherine University student population. Financial aid was given to 99 percent of first-time, first-year students enrolled for Fall 2009 and more than 35 percent are multicultural.
The program focuses on the challenges of first-generation college students and provides culturally appropriate financial counseling.
Financial literacy programs address the unique needs of students who come from cultures for which borrowing money is not a cultural norm. St. Kate’s also welcomes parents and family members to participate in the speaker series events.
"Through assessment tools, we are able to identify specific program topics and money issues students need and/or are interested in obtaining," said Richter-Norgel. “We want to develop a culture of comfort for students to talk about money and to create an openness and desire among our students to take advantage of financial counseling and the educational workshops, without shame or embarrassment. These are life skills we want to teach.”
Financial literacy programs
The financial literacy program initially offered a series of lectures and discussions called “Money Doesn’t Grow on Trees” and a two-credit course, “Financial Fitness,” for first- and second-year students.
The following year, the program expanded the “Money Doesn’t Grow on Trees” series and contracted with Lutheran Social Services to provide on-campus, confidential financial counseling. A comprehensive money management website also gives students access to information and resources 24/7.
The TG Public Benefit Grant expands St. Kate’s ability to meet students’ ongoing financial needs that have been exacerbated by the recession. Key components include:
- Adding a full-time director of financial literacy/student employment, and;
- Creating a student money-mentor program to increase visibility and additional educational programs.
In addition, St. Kate’s will continue plans to develop a comprehensive financial management center for students.
To learn more:
St. Kate's magazine, SCAN, featured the program in the story, "Pruning the Money Tree."
Financial speaker Nathan Dungan opened the financial literacy series, "Money doesn't grow on trees!" for the third year in October.
A news site story about Ruth Hayden's lecture at St. Kate's.
Contact Julie Michener, (651) 690-6521
