Financial counseling center opens for students on MSU campus

11/16/2001 BOZEMAN --Student debt can be a crushing financial burden. To help students understand the realities of debt management and repayment Montana State University's Department of Health and Human Development has partnered with the Student Assistance Foundation (SAF) to establish an office for financial education and counseling on the MSU campus. The office opens in Herrick Hall on Nov. 16.

"Student loans have made it possible for many students to go to college but that also means that college students are carrying an unprecedented level of debt," said Deborah Haynes, MSU professor of family and consumer economics.

The counseling office is called SAFE (Student Advocates for Financial Education) and Haynes is the program director. The office will be staffed by MSU undergraduate and graduate students in family financial planning who will offer peer financial counseling.

"This will also further the training for the students in family financial planning and help the MSU student community at the same time," Haynes said.

The SAFE office will also make presentations to student groups, classes and the local community on various financial planning topics.

"Students with questions or concerns about their student loans, or who want more individual counseling on options for managing their student loans can visit the office," said Bernadine Warwood, manager of the SAFE program and an employee of SAF.

She said students can find help in planning their educational debt load and payment and learn how to utilize deferments to better manage their loans. The SAFE staff will also provide counseling on payments plans and make referrals to debt management resources.

SAF is a nonprofit corporation dedicated to helping assure financial access to post secondary education for Montana citizens and to provide a service learning component to the financial planning and counseling courses in the Health and Human Development Department.

"Loan repayments combined with unwise consumer credit debt can get students in financial trouble," Haynes said. "It can lead to students dropping out or performing poorly in classes because of working to pay off debt."

The Montana Board of Regents has been acutely aware of this issue she said and has recommended personal finance education as a response to student indebtedness.

MSU's Department of Health and Human Development (HHD) has responded to the Board's concern by offering an undergraduate series of courses in family financial planning and counseling.

"The goal of these courses is to help students become better financial managers in their own lives and achieve a national credential as an accredited financial counselor," she said.

HHD has also joined a consortium of mid-western universities to offer a distance-delivered masters program in family financial planning with includes preparation toward the Certified Financial Planner designation.

Send questions or comments to Brenda McDonald: bmcdonal@montana.edu. Or you can send letters to Brenda McDonald, MSU Communications Services, 416 Culbertson Hall, Bozeman, MT 59717.

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