Recently one interesting opinion was published in the campus newspaper of Bowling green State University. It was a students’ offer to increase money management assistance. And this offer presupposes additional help besides the existing help at the financial aid offices.
A long-term employee of this university Duane E. Whitmire claimed that it was necessary to show students how to manage their financial resources. And after such events Bowling Green founded Students Money Management Services which can give students financial counseling. After such actions, a lot of colleges and universities came to conclusion that financial literacy for students is very important and should be taught to them as much as possible.
But it is necessary to understand that such services don’t give financial advising, they give only counseling. At this service you won’t be told to by shares of IBM, because they can bring you profit. You will be told about various possibilities and variants which can be suitable for you.
And such services all the time demonstrate their independence from financial aid offices. As for Bowling Green service, it consists of Whitmire, full-time financial consultant who has experience with students’ affairs, credit cards and other banking peculiarities, graduate assistants and students-volunteers.
Students can come to this service and get personal consultation with financial consultant concerning checkbook, credit cards and loans. These services also organize group sessions dedicated to various financial matters which can be interesting for students.
The prototype of these services was the program which exists in Texas Tech University which is called “Red to Black”. This organization has no paid stuff and is reporting to the Division of Personal Financial Planning. Professor Dorothy Durband teach her students all matters concerning financial planning and then these students share information wit other students. So, this organization also doesn’t give financial advices, because its employees are also students whose specialty is finances and financial management.