As part of The Ohio State University’s emphasis on promoting student financial wellness, the Student Life Student Wellness Center uses iGrad’s Financial Wellness platform for on-demand, interactive financial education resources.
Research from The Study on Collegiate Financial Wellness by Ohio State’s Center for the Study of Student Life1, informs that 77 percent of Ohio State students report that they believe college is a good investment in their financial future, a significant number of students report feeling stressed about their current financial situation. Fifty-seven percent of surveyed students worry about having enough money to pay for school. Additionally, 62 percent expressed concern about simply paying their monthly bills. Of those students who borrowed money during college, 43 percent report that the total amount they owe cause a large or extreme amount of stress.
iGrad is an important part of Ohio State’s financial education program, Scarlet and Gray Financial. Located within the Office of Student Life, Student Wellness Center, The Ohio State University’s Scarlet and Gray Financial peer education program reaches more than 10,000 students annually in goal-oriented financial education services. Scarlet and Gray Financial is nationally recognized as a leading higher education financial wellness organization2, recently appearing in the United States Department of Treasury’s Best Practices for Financial Education at Institutions of Higher Education report.
Ohio State’s Student Life Financial Education Program Coordinator Ben Raines said the program is an important part of the university’s financial wellness efforts.
“In addition to the program’s one-on-one coaching services and in person presentation, iGrad offers on demand resources with a wide variety of topics for students with an ever-growing need for financial education,” he said. “From the first student loan to understanding health insurance at their first job, we utilize the educational program to ensure students are making informed choices.”
The service plays a role in the university’s Second-year Transformational Experience Program (STEP). All 3,400 members of the STEP cohort are required to complete two iGrad courses prior to one-on-one coaching appointments with a peer financial coach. The program is also available as a supplement to academic courses, with some instructors offering particular courses or tools as a class assignment. This year, the STEP program, including the financial wellness component, expands to students, faculty and staff at all six Ohio State campuses.