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Funded by JPMorgan Chase, this project elevates the critical need for financial wellness strategies to mitigate financial challenges faced by students at community colleges and HBCUs. This intrusive financial coaching approach, providing
one-on-one financial coaching and modeled after the successful Money Smart Forum at Westchester Community College, has been proven to increase students’ financial wellness and support academic success. Over the course of three years,
over 1200 students at six community colleges and one HBCU will receive financial coaching. The program targets colleges which serve predominantly low-income and underserved students and focuses on changing student behavior resulting
in students saving money, reducing debt, creating a budget and improving or establishing a credit score. The project is data-driven, with metrics collected and measured against target outcomes for over ten categories. Colleges will
receive financial support from the grant and coaching from the NCWE MSFCP team.
The following colleges were chosen through a competitive RFP process and began the project on July 1, 2022. As the first set of colleges to join the project with Westchester Community College, these colleges are considered 'Leader Colleges'
and serve as mentors to the 'Learning Colleges.'
- Fulton Montgomery Community College Johnstown, NY
- Mott Community College, Flint, MI
- Rockland Community College, Suffern, NY
A second round of colleges were chosen, also through a competitive process, and began the project on July 1, 2023. As the newest colleges to the project, these colleges are called, 'Learning Colleges.'
- Long Island University, Brooklyn, NY
- Monroe Community College, Rochester, NY
- Renton Technical College, Renton, WA
- Winston-Salem State University, Winston-Salem, NC
While still early in the project, initial results are proving very promising. For instance, over 50% of students enrolled in the coaching program documented that they achieved a financial goal. More than a third of the students increased
their savings by an average of $2,376 per student. While only 13% of students reduced their debt, many students did not have any debt to start with and those that reduced their debt far exceeded the goal of $350 debt reduction.
For more information, please contact: Dr. Christal M. Albrecht christal.albrecht@outlook.com
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