U of C Federal Credit Union and CCCS bring credit counseling on campus

BOULDER, Colo. - This year some University of Colorado students will gain more than their degree. University of Colorado Federal Credit Union and Consumer Credit Counseling Services have joined forces to offer students on-campus credit counseling. "If this partnership can get one person to avoid bankruptcy then it's a success," said UCFCU Educational Specialist Kathy Snow. Noticing a trend of students not effectively handling their finances, financial aid and freshman orientation advisers invited UCFCU and CCCS, a nonprofit service that provides financial education and counseling, to help find a solution. What initially started out as a program geared towards freshman students, developed into a cooperative program available to all students and even faculty and staff members. An on-campus conference room generously offered by the financial aid department made the service even more convenient for those students without transportation. The service integrates budgeting, debt management and, if applicable, debt and credit counseling. UCFCU and CCCS will work together with the students. Generally CCCS reviews spending patterns and income to see how both match up and then develops a budget to help students pay bills. UCFCU education specialists will also be available to counsel student members on how to balance their accounts. Although the typical student debt involves credit cards, counseling is available for all types of debt including medical bills, school tuition and even rent problems. "The educational part of the service is most important," said CCCS counselor Jesse Hernandez. "Starting early means they're not getting over their heads." "An integral part of this partnership is really the financial aid counselors," said Snow. "There is no failing with all of us working together to help people balance and budget their money." UCFCU and CCCS are hoping the financial aid counselors will be even more involved in the future. Possible plans could include financial aid counselors referring students to CCCS after setting up a loan to help establish payback plans. According to Snow the on-campus program is just an extension of what UCFCU normally does for its members. UCFCU members with serious financial problems are usually referred to CCCS and while the campus branch of UCFCU is generally for emergency services, the main branch does offer a full range of services including an on call financial planner and one-on-one seminars focusing on retirement options. The response so far has been slow but UCFCU and CCCS believe the first step is alerting people that the service exists. Said Snow, "Initially we are promoting it as more of an awareness issue, making sure everyone knows that this resource is now available and we are maintaining a presence." The joint project was announced just before spring break via flyers posted around campus and advertisements in both the staff/faculty newspaper and the student newspaper. UCFCU also had a booth at the graduation fair. Credit counseling from CCCS counselors and UCFCU education specialists is available Tuesday afternoons in the University of Colorado Financial Aid building. UCFCU has $325.6 million in assets and serves 58,822 members. -mbourjolly@cutimes.com