Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
NYU CU uses grant to reach low-income students
NEW YORK (7/7/11)--Through a grant from the National Credit Union Foundation (NCUF), $13 million-asset New York University FCU, New York, is offering a financial education program to help low-wealth students reach their financial goals.
Click to view larger image Through a grant from the National Credit Union Foundation, New York University FCU offers “Making Ends Meet,” a financial education program to help low-wealth students reach their financial goals. Here, university students help Mira Ness (top right), president/CEO of the credit union, with financial education seminars during the NYU’s “welcome week.” (Photo provided by New York University FCU)
The New York Credit Union Foundation also helped fund NYU FCU’s program. Since starting the program in the 2010-2011 school year, more than 5,000 students have attended one of the credit union’s “Making Ends Meet” seminars. The credit union’s delinquency and overdrafts have also decreased since the program’s inception. “Making Ends Meet” leverages targeted group financial education using the National Endowment for Financial Education curriculum. The content has been modified to change behavior related to account overdraft and late loan payments and to strategically deploy one-on-one coaching to cease the behavior and move students into credit and asset building upon graduation. “Ironically, few college students receive good financial education,” said Christopher Morris, NCUF director of communications. “Credit unions are the ideal institution to help students achieve financial freedom and NYU FCU’s program is evidence of that.” Students frequently face the stress of credit card debt and are often unequipped to handle their own personal finances. The number of 18- to 24-year-olds declaring bankruptcy has increased 96% in 10 years, according to the Richmond Credit Abuse Resistant Education (CARE) Program. NYU FCU’s program included classroom-style learning and one-on-one coaching in tandem with waived fees for participation, while working with the lifestyle of the college student. During the school year, the credit union hosted financial education seminars for the freshmen students on topics such as budgeting, credit reports and credit cards. NYU FCU also saw financial results and increased membership. The credit union’s delinquency decreased to 0.37% from 0.72% from December to March. Overdraft fees decreased to $625 from $980 and the credit union opened more than 200 student checking accounts.


RSS print
News Now LiveWire
.@mncreditunions' Mark Cummins shares CU difference with @KIMTNews3 http://t.co/gkarhZxDRF
18 minutes ago
.@LeagueofSECUs' brand campaign reaches 80M consumers #NewsNow #System http://t.co/yKmdYyXN2v
53 minutes ago
#NewsNow White paper from @CUNA Tech Council examines DDoS risk http://t.co/faMr9jnfzc
55 minutes ago
#NewsNow: Fraud, theft, money laundering get CU employees banned from work. http://t.co/s0AQZ4LWbW
1 hours ago
.@FHFA Federal Housing Finance Agency has new director-Office of Minority/Women Inclusion.It's Sharron Levine,frmr FHFA assoc. gen. counsel
2 hours ago