SUNY Westchester Community College announced recently a new financial health course administered by Money Smart Financial Coaching Program with support from JPMorganChase. The non-credit course combines one-on-one financial coaching and education to provide the individualized support students need, including those of under-represented, first-generation, and low-income students. The program, which will be offered every semester, aims to improve student persistence, increase retention, and open new pathways to well-paying jobs after graduation.
“This new course represents a powerful evolution of the original program we developed with the support of JPMorganChase,” said Dr. Belinda Miles, President of SUNY Westchester Community College. “We’re proud to see our model expanded nationally and to continue leading efforts that equip students—especially those historically underserved—with the knowledge, confidence, and tools to take control of their financial futures and thrive beyond the classroom.”
Nine other colleges from across the country now join SUNY WCC in offering the course, either as a credit course for degree-seeking students or a non-credit course designed for adult learners in workforce training programs. Students work one-on-one with a financial coach and receive classroom instruction from a professor with guest lectures from Chase Community Managers—a unique role that does not promote banking products or services, but is singularly focused on providing greater access to banking and helping community members get on a path to financial health and resilience.
“Education is the first step on the pathway to a solid financial future. This program empowers students to take charge of their finances, while driving positive academic, career and personal outcomes,” said Wayne Davis, Chase Community Manager in Mt. Vernon. “The Money Smart Financial Coaching Program represents a new way to provide our neighbors with the knowledge and tools they need — and I am excited to work with the team at SUNY WCC to continue educating, uplifting, and strengthening our community.”
This new program builds on the success of an initiative SUNY WCC created which other schools have successfully adapted through the National Council for Workforce Education (NCWE), all with strategic guidance and funding from JPMorganChase over the last ten years. The latest independent evaluation shows that among MSFCP students nationwide:
- 35 percent saved over three consecutive months ($2,016 on average).
- 67 percent achieved at least one financial goal.
- 27 percent reduced debt ($2,263 on average).
- 18 percent increased their credit score (52 points on average).
- 72 percent of First-Time Full-Time two-year college students returned to their school (nine points higher than the national average).
- 85 percent and 82 percent retention for four-year college students at Long Island University and Winston-Salem State University, respectively.
“I am very excited and humbled to continue this work with the team of dedicated leaders that served the NCWE Money Smart initiative so capably,” said Dr. Christal M. Albrecht, Project Director at MSFCP. “It is equally rewarding that we will continue this work with the devoted and enthusiastic faculty and staff of the ten current participating colleges who have proven their commitment to helping students build healthy financial behaviors.”
For more information on the Money Smart Financial Coaching Program course MSFCP.org or contact press@msfcp.org.
