The Citi Foundation has awarded BMCC a $60,000 grant for renewal of the Save for Success program, which was launched in Fall 2015. Save for Success is a financial education program that encourages students to save a portion of their financial aid and begin forming positive savings habits.
The 50 participating students will work with a financial counselor and program coordinator as they set up strategies to save money, design an educational plan and connect with offices at the college that can support their efforts. If participants successfully save for a full course ($600), they will receive a free, for-credit course during the BMCC winter or summer sessions.
The Save for Success program serves students from households with low to moderate income and who have at least a 2.5 GPA. They must be registered full-time for the Fall 2017 semester, and have completed close to 30 credits.
Strategies that build lifelong skills
“BMCC believes Save for Success impacts students’ financial behaviors in an important way,” says BMCC Dean of Student Affairs, Michael Hutmaker.
He explains that not only does the program provide skills and knowledge about saving, investing and spending, “It helps students learn ways to stretch their dollars. Students learn strategies to save and maximize their funds, such as reducing their spending or taking advantage of coupons, discounts, campus events and other programs. These are lifelong skills that will benefit them well beyond their time as a student.”
“BMCC is especially grateful to the Citi Foundation for its continued support of Save for Success,” says Brian C. Haller, Director of Foundation and Corporate Relations at BMCC.
The program offers students the opportunity “to look at their lives as a living financial model,” he says, “through which they can learn how to be more creative and effective in managing their financial resources. Dean Hutmaker and his team have been creative and successful in tweaking this program, so that participating students find countless teachable financial moments and lessons which will empower them financially throughout their lives.”
For more information about the Save for Success program at BMCC, contact Fausto Heredia, Program Coordinator at firstname.lastname@example.org or (212) 220-8000, x5093.