A “genius” idea to help students manage their money

Phil Schuman, right, IU director of student financial literacy, chats with assistant director Morgan McMillan.

Phil Schuman, right, IU director of student financial literacy, chats with assistant director Morgan McMillan.

Indiana University’s efforts to help reduce student debt, better known as IU MoneySmarts, continue to receive major attention. IU’s debt letter email, which helps students understand how much loan debt they’ve accrued and their estimated monthly payments, has been named by Yahoo! Finance as one of “5 genius ways colleges are tackling the student debt crisis.” The article also highlights other programs IU offers to help students minimize the amount of debt they take on, including its Summer Tuition Discount, flat-fee credit hour increase, personal finance education courses and personal finance reviews.

The Yahoo! Finance story arrived on the heels of several other high-profile MoneySmarts mentions, including a April 24 Q&A in the Chronicle of Higher Education with Phil Schuman, IU director of financial literacy, and an April 27 post at the National Review website, “A Common Sense Idea from Indiana University.”

Additionally, MoneySmarts was recently named a “Model of Excellence” by University Business magazine. IU was one of 11 colleges and universities honored by the publication for having implemented innovative and effective programs at a time when institutions and their leaders are increasingly being held accountable for student success.

IU’s financial literacy efforts are likely to generate more interest in the coming weeks and months. In June, the university’s Office of Financial Literacy will host the National Summit on Collegiate Financial Wellness at IU Bloomington.

Read more about past coverage, including a July 2014 Bloomberg Businessweek report, “How students at a U.S. university borrowed $31 million less.”

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