Category Archives: Announcements

FinanceU, Second Annual Financial Literacy Event, Successful

Over 165 students participated in the 2nd annual FinanceU Financial Literacy Event held in the Van Pelt and Opie Library on November 20th.

FinanceU is a financial literacy education program partnered between the Office of Financial Aid and the Michigan Tech Finance Club. The event was held to increase student awareness of financial literacy and provide tips on how to get on a financially sustainable path that will carry students into their careers. Students were shown how sound financial decisions now will enable them to live the life that they desire later.

Members of the Finance Club and Cindy Cowell from the Office of Financial Aid, were on hand to offer students information on budgeting, saving, financial aid and retirement. The Wells Fargo Store Manager, Ellie Freeman, also volunteered at the event. CashCourse, a free financial literacy tool sponsored by the Alumni Association and hosted on the Financial Aid website was also featured.

In addition to information about personal finance, students were asked to complete a short survey covering areas such as their current method of budgeting, Federal Direct Student Loan knowledge and any additional areas in which they have questions. Students also were asked to disclose their grade level and major. The number of surveys collected more than doubled those in 2012. Just under 200 students completed surveys while they enjoyed a pre-Thanksgiving snack. The surveys will be compiled and compared to the 2012 results, allowing the partners to begin to mine the data for insights about Michigan Tech students’ financial literacy.

The Finance Club is advised by Emanuel Oliveira, Assistant Professor of Economics. The Financial Literacy Program is available for presentation to any student group. For more information or to schedule a presentation, contact Cindy Cowell in Room 143 of the Waino Wahtera Center for Student Success in Administration Building or at ccowell@mtu.edu or 906-487-2622.

FinanceU Financial Literacy Event a Success!

The Office of Financial Aid and the student Finance Club have partnered to offer FinanceU, a financial literacy program designed to increase the financial awareness of students and to assist students in making informed financial decisions now and in their professional lives. The Finance Club is advised by Emanuel Oliveira in the School of Business and Economics. The Financial Aid Office representative is Cindy Cowell.

The inaugural event was an informational table in the library on Dec 12. Students who stopped by were offered information on budgeting, saving (including retirement saving), and financial aid.

FinanceU is a great avenue to introduce students to CashCourse, a free financial literacy tool sponsored by the Alumni Association and available on the Financial Aid website at www.cashcourse.org/michigantech.

On Dec 12 students who attended the event were surveyed regarding their current budgeting and saving practices.

A total of 69 surveys were collected. An overview of the responses follows showed that 54 male and 15 females responded. The surveys represented 22 different majors and one faculty member.

Of the respondents, 78% have a savings plan with 100% of those with a savings plan indicating that the tool they use for tracking saving is their checking account. Other savings tools used include a piggy bank, securities and no tool used.

Only 15% of those surveyed budget their money. The budgeting tools used by this 15% include Quick Books, Mint.com, an online banking site, phone apps or by hand.

FinanceU will sponsor additional financial literacy events during the Spring 2013 semester. The program is also available for presentation to student groups. For more information or to schedule a presentation, contact Cindy Cowell at ccowell@mtu.edu.

Summer 2012 Financial Aid

Are you thinking about enrolling in summer classes and enjoying beautiful Houghton without snow on the ground? If so, you’ll need to complete a Summer Financial Aid Application to be considered for any aid. Your summer cost of attendance and financial aid package will be awarded based on the information you report on the application.

The minimum number of credits required to retain specific types of aid are as follows:
Scholarships and University Student Awards – 12 credits
Federal Direct Loans – 6 credits

Note: throughout the summer semester, students who change their enrollment status will see an adjustment to their federal grants and possibly to other aid. It is important to speak with a financial aid staff member prior to dropping a summer class to understand the impact it will have on your financial assistance. Please contact the Financial Aid Office with any questions (906-487-2622 or finaid@mtu.edu).