NORMAN, Okla., May 24, 2017 /PRNewswire-USNewswire/ -- To help incoming students understand and prepare for the financial impact of a college education, the University of Oklahoma has announced an innovative, personalized financial education program called MoneyCoach. In collaboration with MidFirst Bank, the program has been designed to help students build lifelong money management skills.
"We are deeply committed to ensuring that a quality college education is accessible to and affordable for all," said OU President David L. Boren. "We have kept OU tuition among the very lowest in the Big 12. This important service and educational resource for students and families is yet another way that OU is serving as a model for American higher education."
Paying for college is broadly understood to be a challenge for students and families. Accordingly, governments, individuals, organizations and foundations are often introducing new programs to address this challenge. MoneyCoach aims to help all students, including first-generation college students and families who may not be familiar with the vast array of strategies available to pay for college, develop a financial plan and explore opportunities.
Through the program, each incoming student will be paired with a personal MoneyCoach to help them and their families understand the costs associated with their education at OU and develop a plan to cover those expenses.
"MidFirst Bank has a rich tradition of providing financial education and resources to the communities it serves. We are excited about the opportunity to work with OU and its MoneyCoach program and look forward to contributing to the positive influence this will have on the lives of OU students," said Leigh Singleton, director of financial education at MidFirst Bank.
To prepare for a meeting with their MoneyCoach, students are able to use the new web-based Financial Success Plan app, developed by OU in collaboration with Norman-based technology company NextThought LLC. The app allows students to calculate scholarships, grants, financial support from family, work income and other forms of financial support available for covering college expenses.
In addition to the personalized, one-to-one coaching, financial education workshops will be available that will complement counseling and other financial resources available through the program. Throughout their time at OU, students can reach out to their MoneyCoach for assistance with money management issues that may arise.
SOURCE MidFirst Bank