By
Mindy Jones
Arizona Daily Wildcat
Students to train each other in financial strategies
A new program aiming to better inform students about financial issues is looking for a source of funding.
Students In Free Enterprise, a University of Arizona club, and other campus organizations want "Credit-Wise Cats" to help students manage their money better.
College of Agriculture and Life Sciences faculty members along with Southwest Resource Center representatives have been involved in writing the proposal.
The organizations are requesting almost $17,000 from the University of Arizona Parents' Association.
The association probably will not decide on the grant until after Family Weekend, which is Oct. 13-15, said Melinda Burke, UA Southwest Retail Center assistant director.
"If we don't get approved for the funding, we plan on looking for other financial help to ensure that we are able to institute this program," Burke said.
Credit-Wise Cats is a pilot project and, if approved, will aid Students In Free Enterprise members in educating students on topics such as money management, effective debt control, and financial security and independence.
The project will hopefully be implemented in early November, Burke said.
Students In Free Enterprise members around the world, including the UA chapter, are participating in a wise-use of credit week Nov. 5-11.
"I have a credit card, but I never had any problems managing my credit," said Jack O'Brien, undeclared freshman. "A few of my friends have complained about owing a lot of money to their credit cards."
One way the project plans to meet the need for student advisement and financial awareness is through the implementation of Project Personnel within the Credit-Wise proposal.
Students need to learn how to handle their credit cards, said Linda Block, assistant agent with the cooperative extension program within the College of Agriculture.
"We need to have resources available to students which will help them become financially independent of credit cards and interest rates," Block said. "A student can build their credit and consumer worth with one card, but they need to be able to keep their spending under control."
Only 10 percent of nationally polled students in 1998 had personal financial instruction in high school outside of global economics courses, said Kim McGrigg, Consumer Credit Counseling Services public relations director.
"Many times, students don't learn about financial responsibility in school, specifically high schools or in their homes," McGrigg said.
Through this project, students will be trained by staff members with a strong financial background and then assist fellow students as credit consultants.
Students In Free Enterprise advisors will choose those who receive training.
"These students would provide educational seminars and open forums in dorms and greek houses," Burke said.
Also included in these seminars will be keynote speakers.
Burke said possible speakers include representatives from the financial industry such as Money Magazine.
"If a student attended one of these seminars, and there was an interest in seeking financial advisement, they could enroll in a financial fitness program," she said.
By enrolling in the financial fitness program, a student will set financial stability goals to be reached in three to six months, Burke added.
The students' progress will be tracked and monitored by the student credit counselors in areas such as balancing incomes, debts and financial school responsibilities.
"Learning how to manage credit and being able to apply what you have learned is a serious need," said Burke. "College students who are on their own for the first time are at a greater risk as they are being tantalized with freedom, responsibility and incredible credit card spending limits."
