FleetBoston Financial Foundation Grants $10,000 to Buffalo State
The FleetBoston Financial Foundation has given Buffalo State College a $10,000 grant for the Fleet Financial Health and Wellness program to teach students the responsibilities of credit cards and how to avoid credit card-related debt.
"We expect that this program will have far-reaching benefits for students who are facing financial accountability for the first time in their lives, and who are preparing to become responsible participants in society," said Buffalo State College President Muriel A. Howard.
"Financial education is our goal," said Fleet Regional President John J. Larry. "Establishing good credit can be an advantage for these students. However, students obtaining their first credit cards often do not fully understand their financial obligations, the difference between fixed, adjustable and introductory rates, the penalties for late or non-payment, the full cost of cash advances or possible consequences of bad credit records. Neither the financial institution nor the student wins if the credit card is used improperly."
The Fleet Financial Health and Wellness Program will enable students to fully comprehend the lure of credit cards and their potential for financial entrapment.. Consisting of a series of presentations by financial experts and subsequent discussion sessions about the inherent risks of credit cards, the program will address responsible money management, who really profits from credit card debt, how to avoid financial trouble and what to do if in it. The seminars will target all Buffalo State College students, and be offered in several locations to reach the maximum number of students
Last year, Buffalo State College participated in a U.S. General Accounting Office study that indicates college students are at risk of being adversely affected by credit card debt. The college already provides debt education through its Financial Aid Department, but many students obtaining their first credit cards often do not understand their financial obligation, available interest rates, the ramifications of penalties incurred through non-payment and the possible consequences of bad credit.
The program was developed by Buffalo State's Student Affairs Office to encourage its students' fiscal responsibility with credit cards.
"We expect that this program will have far-reaching benefits for students who are facing financial accountability for the first time in their lives, and who are preparing to become responsible participants in society," said Buffalo State College President Muriel A. Howard.
"Financial education is our goal," said Fleet Regional President John J. Larry. "Establishing good credit can be an advantage for these students. However, students obtaining their first credit cards often do not fully understand their financial obligations, the difference between fixed, adjustable and introductory rates, the penalties for late or non-payment, the full cost of cash advances or possible consequences of bad credit records. Neither the financial institution nor the student wins if the credit card is used improperly."
The Fleet Financial Health and Wellness Program will enable students to fully comprehend the lure of credit cards and their potential for financial entrapment.. Consisting of a series of presentations by financial experts and subsequent discussion sessions about the inherent risks of credit cards, the program will address responsible money management, who really profits from credit card debt, how to avoid financial trouble and what to do if in it. The seminars will target all Buffalo State College students, and be offered in several locations to reach the maximum number of students
Last year, Buffalo State College participated in a U.S. General Accounting Office study that indicates college students are at risk of being adversely affected by credit card debt. The college already provides debt education through its Financial Aid Department, but many students obtaining their first credit cards often do not understand their financial obligation, available interest rates, the ramifications of penalties incurred through non-payment and the possible consequences of bad credit.
The program was developed by Buffalo State's Student Affairs Office to encourage its students' fiscal responsibility with credit cards.
Media Contact:
Nanette Tramont, Director of News Services | 7168784325 | newsservices@bscmail.buffalostate.edu