JONESBORO, Ark. (KAIT) -A recent study shows Arkansas State University has a financial program that’s helping to keep students on track.
According to an article by LendEDU, financial literacy programs are a necessary tool to help students responsibly handle their student loan debt.
LendEDU’s study examined educational institutions that have financial literacy programs based on three specifications: number of workshops and resources available, access to one-on-one financial consultation, and incentivizing available programs, such as scholarships for attending workshops.
Arkansas State University’s program, started in April 2018, focuses on improving financial literacy and actions of students on campus.
The program contains two parts: A Howling Start to Your Future focuses on incoming first-year students and their families, and Smart College and Real-Life Education Training (SCARLET) to Black, which hosts events open to any student, faculty or staff member.
Dr. Phillip Tew, associate professor of finance in the Neil Griffin College of Business and director of the A-State Center for Economic Education and Financial Literacy, Tew directs the program.
"The primary reason students drop out of college is related to finances," Dr. Tew said. "The S2B program is designed to help students make the smart financial decisions necessary to succeed in college and in life.”
Tew said it’s about helping students make their future happen.
“Our goal with the program is for students to be able to follow their passion when it comes to their majors and careers,” Tew said. “And not be forced into certain areas just because they can’t afford to follow their passion.”
A-State's S2B program has student-designed programming by students, for students. Through financial support by the Kay's Foundation, Arkansas State University and A-State Online, the program has been able to hire four students to design and implement programming toward A-State students as well as beginning development of peer-to-peer financial counseling.
It offers informational sessions that concentrate on the A-State semester billing statement, the financial aid package, clarify the student responsibilities within the federal student loan program, how to find the terms and conditions for scholarships, importance of completing the FAFSA, and an overview of what to expect the first year from the Howling Start Program.
A-State ranked among 50 universities that included Stanford, Duke, UCLA, Harvard, Yale, Georgetown, Indiana, Iowa, New York University and more.