ERIC Number: EJ1057390
Record Type: Journal
Publication Date: 2015-Mar-2
Reference Count: N/A
New Way to Break Down Barriers to Higher Education: Build "Financial Capabilities"
Savage, Sarah; Graves, Erin M.
New England Journal of Higher Education, Mar 2015
Community colleges have traditionally responded to the financial needs of their students by removing or minimizing financial barriers to attending. Efforts to make community college tuition free fit with this philosophy, but where efforts to minimize or remove financial barriers to attending community college fall short is in empowering students to navigate the next financial crossroads they encounter, to make well-informed financial decisions that will decrease their vulnerability as students, and to position them with the tools for achieving financial wellness as they progress through life. The intention of this work is to teach students effective money management and savings and planning techniques, but also to provide opportunities to apply what students learn, which is critical to developing positive financial habits. While engaging with students in this way is new territory for most community colleges, it is an emerging area in which some institutions have already developed expertise and observed significant benefits. These authors, who are members of the Financial Capabilities Group at the Federal Reserve Bank of Boston, report the availability of the "Community College Handbook," a tool that provides case histories of community colleges from around the country who have developed programs that work. Institutions and the students they serve will be better positioned when students are knowledgeable, well-informed stewards of their financial lives and able to navigate financial systems as students, workforce participants, and members of society.
Descriptors: Community Colleges, Educational Finance, Financial Needs, Student Needs, Money Management, Barriers, Tuition, Decision Making, Teaching Methods, Guides, Educational History, College Students
New England Board of Higher Education. 45 Temple Place, Boston, MA 02111. Tel: 617-357-9620; Fax: 617-338-1577; e-mail: firstname.lastname@example.org; Web site: http://www.nebhe.org
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Two Year Colleges; Higher Education; Postsecondary Education
Authoring Institution: N/A