USA Funds presents Excellence in Debt Management award to SU
Syracuse University is among three winners of the 2012 Excellence in Debt Management Awards from USA Funds. USA Funds recognized three postsecondary institutions for their efforts to promote financial literacy and help their students minimize and manage student loan debt.
The other two winners are Shaw University in Raleigh, N.C., and Monroe College, Bronx, N.Y.
SU offers a comprehensive financial literacy program, I Otto Know This! Named after SU’s mascot. The program includes the Money Awareness Program (M.A.P) which provides financial literacy grants designed to replace alternative education loan funds to students who commit to attending financial literacy sessions each semester. The grant program has saved Syracuse University students more than $2.5 million since 2009.
The University also uses USA Funds Life Skills® lessons, including the budgeting module, which is a “to-do” item on students’ financial aid online requirement checklist. More than 2,900 users have taken lessons through the program.
Additional financial literacy outreach activities at SU include actively presenting on personal financial topics to campus organizations and programs, a column in the financial aid office electronic newsletter, a dedicated website, listserv and video series. The award includes a $5,000 USA Funds grant to support scholarships for SU students.
“These three colleges and universities offer creative and effective debt management programs that have produced positive results,” says Denise B. Feser, USA Funds senior vice president of school and student services. “These efforts help their students be more successful by reducing student loan debt and equipping students to manage their loans and other personal finance issues, while they are on campus and following graduation.”