Helping Engineering Students Prepare for Their Financial Futures
As part of MSUFCU’s educational and outreach efforts, we present to campus organizations on financial topics geared toward college students. Providing students with education regarding finance helps them to achieve financial security during their school careers and later in life, which is an integral part of MSUFCU’s mission. This year, we had the opportunity to speak with the Michigan State University chapter of the American Institute of Chemical Engineers (AIChE) regarding saving money and understanding credit. The AIChE is an organization that helps connect chemical engineering students with companies and industries for which they may one day work. Because of our strong affiliation with MSU, we were happy to help the engineering students learn about managing their finances and help them in their future financial endeavors.
The presentation was formatted for students planning to enter the workforce and begin saving for retirement. During this past school year, student Andy acted as president of MSU’s AIChE chapter. He stated “the importance of this talk was to get our graduating and soon to graduate students educated on some of the simple or finer aspects of personal finance. At this point, many of us are getting our first credit cards, investments, loans, etc., and the proper management of our accounts is important. I wanted to provide the opportunity for students to get some guidelines and advice on how to do this.”
Students attending the presentation were interested in how they can adequately begin to save money while in college and later when they begin their professional careers. The presentation outlined the importance of budgeting and how organizing finances could reinforce your ability to save money for the future. Credit cards, credit reports, and credit scores were also discussed in relation to saving money. For example, the total cost of a loan will be less if the individual’s credit score is higher. A higher credit score receives a lower interest rate and will, in turn, accrue less interest over the life of the loan and save the borrower more money.
“After the meeting,” relayed Andy, “conversations have grown in the investment aspect of finance. I think the presentation did a good job in explaining the budgeting and credit so most students feel comfortable with their understanding of [the subjects].”
MSUFCU welcomes any opportunity to enhance the financial literacy of our surrounding communities. If you are interested in our educational seminars or would like to speak with a Financial Education Outreach representative, please contact Lisa Biering at firstname.lastname@example.org or Paul Day at email@example.com.