It’s an often-heard story in today’s economic environment: Students graduate college only to find themselves knee-deep in debt. In fact, numbers by the United States Department of Education indicate typically college students end up more than $23,000 in debt.
There is no doubt that the costs of earning a college degree are on the rise, and many MU students are feeling the emptiness in their wallets as a result. MU is attempting to counter these costs through the Office for Financial Success.
A branch of the Department of Personal Financial Planning, OFS provides one-on-one and group counseling sessions in all areas of personal finance, ranging from budgeting to debt management.
“We take an educational approach to personal finance, teaching individuals the skills they need to successfully manage their finances in the future,” OFS Director Ryan Law said.
MU students, faculty and staff can attend free and confidential services to discuss a broad array of financial topics including student loan management, credit card management, credit score enhancement and the most popular topic, budgeting.
Recently, OFS received a $10,000 donation from State Farm. This donation is allotted to go toward the renovation of a new office to provide MU students upgraded facilities.
“The Office for Financial Success shares a very important part of State Farm’s mission statement: helping people manage the risks of everyday life,” State Farm agent David Haymon said in a news release. “State Farm is pleased to award this grant, which will increase the capacity for MU students and faculty to serve our community.”
OFS’s track record in terms of providing students with financial instruction was a big factor behind the donation.
“State Farm’s continued support for our Office for Financial Success is in recognition of the importance and effectiveness of our efforts to serve the MU campus with regard to financial literacy education and counseling,” said Rob Weagley, Department of Personal Financial Planning chairman, in a news release.
This donation will help OFS move to a new office on the first floor in Stanley Hall. The increased visibility will be significantly valuable for the organization and for MU students as a whole, those involved said.
“We are currently in the basement of Stanley Hall with very little visibility,” Law said. “With the move we will have as many as 1,000 students walking by per day. This will give us the chance to serve many more students. We will also have more space to provide such services.”
The Volunteer Income Tax Assistance Program, one of the free services offered through the OFS, looks to especially benefit from the additional space.
“Part of the services we do out of OFS is the VITA program, where IRS-certified students prepare taxes for students and lower-income community members for free,” Law said. “VITA always needs more space to serve more people, and this move will help facilitate that.”
OFS will need to raise an estimated $200,000 to cover the cost of moving into a newly renovated office.
Fundraising efforts will continue to provide the backbone for such funds, and those who wish to donate can visit [OFS’ website](http://pfp.missouri.edu/financial).
