Virtual resources offer lessons in financial literacy for college students

Over a decade ago, the UI Student Money Management Center (SMMC) launched a webinar series with the goal of providing students and their families with fundamental financial knowledge. This initiative has grown to become an essential component of financial literacy for both new and returning University of Illinois System students.

“We first started offering webinars for all students over the summer in 2011,” shared Andrea Pellegrini, assistant director at the Student Money Management Center. “These webinars complemented the webinars the University Bursar was doing at the time to address commonly asked questions for incoming students and their families.”

This initial move to close financial knowledge gaps has developed into an annual tradition, utilizing the SMMC’s insightful “Cash at College” content.

The webinars offered by the SMMC are thoughtfully crafted to include a wide range of financial subjects in a succinct one-hour timeframe. The course covers topics such as making a college budget, understanding different financing sources, selecting suitable financial institutions, differentiating credit myths from reality and handling financial stress. With this all-encompassing approach, students are able to leave with a clearer understanding of their financial landscape.

For the SMMC team, tailoring information that specifically addresses the financial difficulties faced by today’s college students is a continuous process. “We update materials every year based on changes in financial trends, new financial habits, results of national studies on personal finance and changes in the college funding experience,” Pellegrini explained. The team’s commitment to relevance and clarity is reinforced by the feedback gathered from webinars, which allows them to improve the content regularly.

Since college is often a time of ever-changing transitions and high-stress choices, many of which have long-lasting consequences, the value of knowing about financial resources beforehand cannot be overstated.

Pellegrini highlighted: “Connecting students with even a little bit of financial knowledge and an unbiased resource to connect with for future financial decision-making can be very impactful for both the students’ financial well-being as well as their families’ financial well-being.”

The webinars also address common misconceptions regarding financing alternatives. Many students may not know that they must submit the FAFSA every year or that there are other forms—such as the one that the RISE Act makes available to undocumented residents of Illinois—that they can use. By clarifying these concepts and distinguishing between loans and gift aid, the webinars help students to make well-informed financial decisions.

Understanding and managing credit is another important topic covered. “Credit impacts many aspects of your life beyond what you immediately may think of, like access to and the cost of financial services like loans,” Pellegrini emphasized. Being educated in credit development and management early on may greatly improve a student’s access to a variety of financial instruments as well as their sense of financial stability.

Additional webinar resources include surveys, chat conversations and follow-up emails with further materials to guarantee accessibility and involvement. This approach promotes peer learning and ongoing access to financial information in addition to helping participants stay engaged.

Feedback from participants has been overwhelmingly positive, with many expressing gratitude for the valuable information. This cycle of input has been vital for molding future sessions and expanding the range of topics covered. The SMMC is dedicated to a digital-first strategy that guarantees scalability and convenient material access for all users at all times.

After a decade of equipping students with a multitude of knowledge and changing topics annually, the SMMC intends to continue expanding its extensive webinar series. They plan to include more subjects, such as “Investing 101,” “Demystifying the Financial Aid Process,” and “The Psychology of Money: Stages of Change.”

For students who are stressed and feeling overwhelmed by their financial responsibilities, the SMMC provides a reassuring message: “It’s okay to take a deep breath. Practice coping skills. Break big tasks into smaller chunks, just like you would for any big project that can be stressful.”

They add that establishing realistic and moderate initial financial goals can facilitate the development of sound financial practices and a more stable future.

Next week, the SMMC is offering two important webinars that students won’t want to miss. The final session of the “Cash at College” series will take place on Friday, August 16, at 11 AM. To register, you can use this link or visit the SMMC’s webinars page. Additionally, the first installment of the “Get Savvy: Grow Your Green Stuff” series for 2024-2025, titled “Demystifying the Financial Aid Process,” will be held on Thursday, August 15, at 12 PM.

The SMMC’s webinar series is not just an educational tool—it’s a lifeline for students traversing the tricky world of college finances. The SMMC is committed to ensuring that students are well-prepared to tackle their financial futures with confidence by committing to accessibility and continuous improvement.