Although it is summer break, college students about to start their fall semester are likely already thinking about paying for school. Those coming to the University of North Texas (UNT) have the option to supplement their education by learning financial literacy — for free.
UNT’s Financial Wellness Program runs from the Student Money Management Center (SMMC) on campus and offers personalized coaching sessions plus a variety of resources.
UNT built the nation’s very first SMMC 18 years ago to help students navigate the labyrinth of financial responsibilities that coincide with higher education. Yet the insights they receive into maintaining financial wellness — such as by constructing feasible budgets or maintaining a good credit score — will continue to serve them in the future.
“It’s important because we’re only going to be in these tin walls here at UNT for so long,” explained Elandra Collins, a recent UNT graduate and former SMMC student peer counselor, according to NBC 5. “There’s life after college!”
Paul Goebel was behind SMMC’s creation and now acts as its director.
“Pursuing a college education is expensive and they need to understand, how they develop the skills to identify and secure the funding,” Goebel said, according to NBC 5. “More importantly, to manage those funds so they have a long-term strategy that will take them from the first semester to the graduation stage.”
At UNT, approximately 50% of incoming students take out private and federally-funded student loans totaling an average of $6,058 to cover costs, according to data from College Factual. By the time they get an undergraduate degree, the average borrowing amount per student reaches $23,912.
“The formula for college success today is two factors: grades and money,” Goebel said, according to NBC 5. “I think it’s facing new financial responsibilities and expectations that sometimes can trip up students on their path to college completion.”
While the most recent annual cost for undergrad students (Texas residents) at UNT is approximately $26,554, fees have ballooned at institutions of higher education across the country.
As The Dallas Express reported, the annual cost to attend ivy league schools like Brown University or Harvard University has risen to nearly $80,000.
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