SC State Freshmen Increase Financial Literacy

Monday, November 1, 2010

All first-time freshmen and all new students in University 101 will attend a mandatory seminar on financial literacy presented by the Society for Financial Education and Professional Development (SFEPD). The seminar will take place today at 1 p.m. in the Martin Luther King, Jr. Auditorium, according to Terrence M. Cummings, executive director for the Student Success and Retention Program (SSRP) who oversees University 101.

The SFEPD is a 501©(3) non-profit organization that has engaged a number of colleges and universities, especially Historically Black Colleges and Universities, in very valuable and contemporary financial education. Annually, SFEPD comes to SC State and presents a seminar to the entire freshmen class through University 101. The financial education seminar includes, but is not limited to, credit management, personal money management, financing college costs, and especially responsible credit card use.

“SC State has been on the cutting edge of financial literacy for some time now and this is specifically aligned with the efforts of the South Carolina House of Representative Education and Public Works Committee relating to S 0377. In essence, the desire is that public institutions of higher learning develop a credit card marketing and solicitation policy and file it with the Commission on Higher Education. Of course, this is to protect young collegians who are generally targeted by credit card marketers,” said Cummings.

Over the last several years, SFEPD has provided invaluable financial information to SC State students. In addition, SFEPD has provided paraphernalia to have included CDs, flash drives (with its presentation on it), pens, workbooks, tee shirts, highlighters, and other gifts that are absolutely free. “South Carolina State University expends no dollars for this annual benefit, and this helps to increase students? knowledge of financial management, college financial planning, and responsible credit card use early in a collegian?s tenure,” Cummings further commented.

“It is exceedingly important to note that financial literacy is part of a multifaceted approach to improve overall retention and graduation rates. Student finances are critical to retention from „orientation to graduation,?” stated Cummings. “I am especially grateful to Dr. Joyce A. Blackwell, vice president for Academic Affairs and chief academic officer, and Dr. Carl E. Jones, assistant vice president for academic success and retention programs, for their support in SSRP?s daily efforts to chart courses of success for SC State students.”

The SFEPD is also a member of the Jump$tart Coalition for Personal Financial Literacy. To view information on SFEPD, visit