HCC Financial Literacy Fair and Scholarship Drawing provides students with key financial information
Jun 10, 2016
The main reason students drop out of college is because of lack of funds to cover education cost. The Financial Literacy Fair and Scholarship Drawing at Houston Community College (HCC) Stafford Campus, offered an opportunity to provide students with knowledge, tools and resources on a variety of financial topics, helping them to make wise financial decisions and gain a better understanding on how to manage money and increase their chances of successfully graduating college.
HCC Southwest Financial Coach Shanell Foster said “Once students are empowered to develop positive financial habits, they can pass along what they've learned to their friends and family, ultimately having a positive effect on the community and for future generations to come.”
The Financial Literacy Fair presented financial specialists from various backgrounds covering a variety of topics.
You and Your Car: The best practices and tips for purchasing a car with Doug White, financial coach from Family Services of Greater Houston, gave tips on buying your first car, financing, some dealer’s tricks, and the best and worst times to buy a car.
“The best time to buy a car is at the end of the month,” White said. “When dealers are trying to get rid of old inventory.”
Money Matters: Basics of managing your money was presented by Financial Advisor Susan McCubbin from Morgan Stanley and representing The Women’s Resource of Greater Houston. Susan’s interactive session went over well with the audience. Participating students were given a free t-shirts for every questions they answered correctly, and were also given a change to win an additional 500-dollar scholarship. Susan showed students how to determine income and expense, gave tips to help decrease spending and increase savings, and creating a spending plan.
“Don’t spend more than you earn,” Susan said. “Write down your goals (income and expenses), organize, prioritize, and follow them. This will give you a sense of control and decrease stress.”
HCC Foundation Scholarships Specialist Felicia Brooks gave information and tips to apply for HCC Scholarships. Students applying for HCC O14 scholarships will have to do two things: complete the financial aid application and sign up for classes at HCC. Students who meet these requirements will automatically receive the money in their HCC student account. There is no application and to continue receiving the O14 Scholarship, students must maintain a 2.0 grade point average on all work attempted at HCC, update their financial aid application yearly, and complete at least 9 credit hours per semester.
“The scholarship pays for tuition, books and fees only,” Felicia said. “If you received PELL Grant, after any balance is subtracted from the grant, all remaining monies are refunded to you.”
Debt Madness: Strategies for avoiding and eliminating debt presented by Ebony Thomas, founder of God’s Money, God’s Way (GMGW). Ebony gave student a brief history lesson on credit and two methods used to get out of debt.
“The Avalanche and Snowball methods are debt elimination plans,” Ebony said. “Avalanche is paying off the debt with the highest interest rate first regardless of balance, while snowball is paying the smallest balance regardless of interest rates.”
Learning how to manage your finances can lead to a debt free graduation.
“Establishing positive financial habits lead to financial independence which opens the door to endless possibilities,” Shanell said. “The future of their (students) financial situation is in their hands and it starts now.”
And as part of that financial success, students were offered a change to win a $250 scholarship.
You can contact HCC SW Financial Coach Shanell Foster, at: shanell.foster@hccs.edu for more information.
Fall 2016 registration is underway. You can register for classes online, click on: hccs.edu/apply.