Student Operated Credit Unions – Provides Financial Education
by Nikitas Tsoukalis, President
Key Credit Repair
Students at the Notre Dame-Cathedral Latin (ND-CL) School of Chardon, Ohio, are taking money matters into their own hands with Student Operated Credit Unions. In a collaboration with the Cardinal Community Credit Union of Mentor, Ohio, students have the opportunity to run a credit union.
The program is headed by Cardinal CEO Christine Blake, who supervises the program. Blake notes in Crain’s Cleveland Business News, “The timing [of the program] could not be better. Students who are exposed to financial education in preparation for college are better prepared for life outside of the classroom. Learning how to manage their finances early on is a critical part of their long-term success.”
To participate, students must be active members of the ND-CL Business Club. The program serves as the foundation of financial literacy education for business-minded students. However, all interested students have the opportunity to be a part of the program in the form of banking customers. By using this innovative method for learning banking principles and money management techniques through hands-on simulated practice, students stand to gain valuable life skills.
During their days operating the credit union, students will learn the basics of checks and balances as they handle financial transactions. Additionally, they will be exposed to the operating system of banking institutes while gaining priceless training that they can use for supplementing their work experience when applying for college. Students in the program will also receive lessons in money management in the classroom setting, which will then be applied when they are working in the credit union. Topics to be covered include credit card debt and student loan defaults, which will provide students with useful debt management information.
ND-CL will also receive long-term benefits from the establishment of this student-run credit union. Thanks to the connection with the Cardinal Community Credit Union, the school’s state standards are set to increase. Blake adds, “Our community benefits when we can foster a new generation of savvy, money-smart savers. They’ll not only reap the benefits of smart money management, but through the process, they’ll learn to successfully manage their lives by making responsible choices.”
For more information on how to deal with student loan debt you may contact our office at 877-842-5214 or fill out the form below.