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The center opened last spring with the ultimate goal of improving the financial well-being of individuals by equipping them with the knowledge and skills needed to make responsible financial decisions in college and beyond.
“Studies consistently show that students are financially illiterate, and that stress about their finances is the number one reason students drop out of school,” says Ryan H. Law, director of the MMRC. “Opening the center demonstrates UVU’s commitment to reversing this trend. We’re one of just a handful of universities across the country that have invested the money and space to this important service.”
The center is a “safe place” to receive unbiased financial information, as students meet with highly trained financial coaches and personal financial planners, benefitting from an educational approach to financial planning and counseling. Trained financial coaches volunteer to help students and staff with any aspect of their personal finances, including budgeting, credit and debt management, student loan management and repayment and more.
“Our goal is to be a resource for students, faculty and staff, to help them manage all aspects of their personal finances,” says Law. “The financial coaches are passionate about helping others set and achieve their financial goals, and I’m thrilled to be part of a university that is committed to doing so much for their students.”
Law put a student leadership team in place to help open dialogue with students on what can be an uncomfortable and highly personal subject matter. “I grew up in a home where money was a ‘stresser’ and we lived paycheck to paycheck,” says MMRC student president Matthew Daley. “I learned at a very young age that I wanted to affect change in this area and help people avoid that stress and difficulty in their lives.”
“Our personal financial planning students not only receive a top-notch engaged learning experience working with student and faculty clients, but they are contributing to the UVU community and the future of our economy,” says Law.
For students, the MMRC hopes to remove money as an obstacle to completing their education, helping students to stay in school and graduate with minimum debt. “A lot of the stress for students is being overwhelmed and not knowing the resources that are available to help them manage,” says Daley. “My goal is to have a student leave here with a plan and relieved.”
UVU student Brian Ting shares, “I have a start-up aviation consulting firm, Star-Ting Aviation, and our short-term goal is to run a summer pilot training program in California. Boeing predicted that 500,000 qualified pilots will be needed in the next twenty years. The UVU MMRC helped me create a budget to achieve this goal, and I couldn’t have done it without their help. I truly felt that Ryan and the MMRC provided helpful guidance and many resources to me that I used and deeply appreciate.”
The MMRC is a place to receive confidential professional personal financial planning consults, retirement information, tax advice and counseling, and much more. The center is available at no charge to UVU students as well as the community.
To set up an appointment, email Ryan H. Law at firstname.lastname@example.org. For more information visit the MMRC’s website at uvu.edu/moneymanagement.
Photos Courtesy of UVU Marketing