Literacy in Financial Education (LIFE) Center
Financial decisions start early in life. Opening a checking account, preparing a personal budget, determining if having a credit card and the corresponding interest rate is worthwhile, not to mention financing a college degree through student loans, all of these decisions impact today’s college student.
Making the right choices on these and many other issues related to personal finance will have a significant impact on a student’s life.
In response to the unique financial pressures that college students face, Eastern Illinois University has created the Literacy in Financial Education (LIFE) Center. The mission of the LIFE Center is to educate Eastern students on the importance of making well informed financial decisions.
TIAA-CREF, a leader in the financial services industry, and the Council on Graduate Studies, an organization representing more than 500 graduate and doctoral degree granting institutions in the United States and Canada, recently provided a $40,000 grant to aid in establishing the center. Read the press release here The LIFE Center will provide financial education through presentations, webinars, and peer-to-peer financial counseling.
Dr. Linda Simpson, School of Family and Consumer Sciences faculty member and director of the LIFE Center, has set an impressive goal, “We want to encourage students to practice responsible financial behaviors and graduate with a lower debt level by developing strategies to reduce their discretionary spending”. She also hopes the LIFE Center can assist Eastern in retaining students by teaching them effective money management tools, tools that will help them both to finish an undergraduate degree, while also saving for graduate school or the costs of setting up a household after getting their first job. Simpson plans to follow-up with students who participated in the program to see how successful they were at managing their finances.
“As educators, we have an opportunity to impact our students in some meaningful ways. The LIFE Center is extending our commitment by helping to make our students aware of the many pitfalls, as well as the possibilities, that come with prudent personal financial training”. To learn more about the LIFE Center, please contact Dr. Simpson email@example.com or visit the LIFE Center on-line at http://castle.eiu.edu/life/