Going to college is exciting, but the debt that often comes with student loans and all the other expenses associated with university life is not.
A new resource center on the University of New Mexico campus will help students manage their money to avoid going into debt.
The Center for Financial Capability will be located inside the Dean of Student’s Office.
Students will be able to meet with peer mentors and participate in free training classes.
“The goal is to give students access to all the information that they need now to understand how budgeting and planning can impact them for the rest of their life,” said Nasha Torres, Dean of Students.
Torres says the idea for the center actually came from a student who shared her personal struggle balancing tuition and student fees.
That was on top of paying utilities, a cell phone bill, and car insurance.
She suggested that the school provide guidance and coaching for students on how to balance their budget.
Another goal is to have the program outline what resources are available at the school and in the community.
Torres says the school started working on the idea about two years ago.
Recently UNM partnered with Nusenda Credit Union to offer the money managing classes.
“In that first class, we’re going to walk students through how to set up a budget what interests look like so the decisions they make today are going to impact them for the rest of their lives,” said Torres.
The first training will be Sep. 5 on the topic of how to live in Albuquerque on a budget.
During each workshop, food will be provided and students will also be entered to win a $100 scholarship.
The school hopes to roll out financial coaching sessions next year. Currently, they’re in the process of hiring student mentors.
To register for the free class, click here.
Additional information on money management can be found here.