Thanks to a $75,000 grant from the Citi Foundation, BMCC will launch Save for Success, a Fall 2015 financial education program that will encourage students to save a portion of their financial aid and begin forming positive savings habits. The 50 participating students will work with a financial counselor and program coordinator to begin to save, design an educational plan and connect with other offices at the college.
If participants successfully save for a full course ($600), they will receive a free course during the winter or summer sessions.
“Financial aid is limited in the winter and summer sessions, so this program will help students stretch their resources. If they demonstrate they’ve saved the required six-hundred dollars, they will be able to take one additional course in either of those sessions at no cost,” explains Brian Haller, BMCC Director of Foundation and Corporate Relations. He adds that doing so will accelerate students’ academic progress toward graduation.
“BMCC believes Save for Success will also impact students’ financial behaviors in an important way,” says BMCC Dean of Student Affairs, Michael Hutmaker.
“The success of similar types of programs indicates that it helps students realize that even with limited resources, they can find solutions to financial issues that may be getting in the way of their education. It also reinforces that in the long run, earning a college education is key to achieving economic independence.”
The program serves students from households with low to moderate income and who have at least a 2.5 GPA. They must be registered full-time for the Fall 2015 semester, and have completed close to 30 credits.
“For students, financial capability is an important skill to advance their educational and professional goals,” said Eileen Auld, New York Tri-State Market Director of Citi Community Development. “We are pleased to work with BMCC to provide aspiring students with critical financial education to enable positive economic futures.”