Montana State promotes student financial literacy in October

BOZEMAN - The Montana State University Office of Financial Education is sponsoring activities in October to raise awareness of its resources and programs to help students understand financial literacy.

The office celebrates Financial Literacy Month twice each year - once in October and once in April - with booths, online resources, activities, literature and drop-in appointments meant to promote OFE's services and engage MSU students with financial peer mentors.

This month, the office has distributed information about its services from booths across campus and led a 30-day financial challenge encouraging students to complete specific tasks such as, creating a personal budget for a week or using cash for all purchases in October. The month's activities will conclude with a cooking on a budget workshop, "Guest Chef Event," which is held in collaboration with the Gallatin College MSU's culinary program.

Apart from Financial Literacy Month, OFE offers numerous services to students year-round, including one-on-one financial coaching, workshops and classroom presentations, as well as a one-credit personal finance class. It also sponsors such events as Prep the Students for Career Fair, the Grad Fair, the Student Resource Fair and the Montana State Summer Orientation Information Fairs.

According to Carina Beck, MSU's vice provost, last year there was a total of 2,756 MSU students who received personalized financial advising by meeting with a financial coach to learn about savings, budgeting, loans and other personal finance questions.

"Take advantage of the services that are offered year-round to support your financial well-being," Beck said.

Vanessa Chau, MSU career services and financial education program manager, said the office also helps students manage their college debt by encouraging them not to borrow more than they need, to work closely with a financial coach to plan and navigate expenses, and to familiarize themselves with repayment plan options and student loan forgiveness programs.

"We want you to understand that debt, if used properly, can be a good investment in your future," Chau said.

Keith Hamburg, OFE senior financial coach, said he stresses budgeting as a crucial tool for achieving financial literacy.

"We want to help students develop good habits of mind throughout college that they will be able to carry with them for the future," he said.

For more information about OFE services and resources, visit https://www.montana.edu/aycss/financialedu/.