More than 100 families attended “Financial Literacy,” a conference sponsored by The Bronx Institute at Lehman College for ninth grade GEAR UP (Gaining Early Awareness and Readiness for Undergraduate Programs) students and their parents. The event, which included information about scholarships, investing and saving for college, grants, and loans, took place on March 9 in the Faculty Dining Room on the Lehman College campus. Guest speakers included William Hill, Associate Director of Financial Aid and Student Affairs at Lehman College, and representatives from Citibank and Upromise Investments, Inc. On evaluation forms provided by The Bronx Institute, ninety-five percent of the attendees gave the conference the highest rating.

In addition to learning about searching for scholarships on the web, creating a budget, New York State’s 529 savings plans, and traditional bank services, families were given information about recent changes to federal loan and grant programs. For example, the maximum Pell Grant has been increased, and future increases will be indexed to inflation. Also, in an effort to simplify the application process, all new federal student loans will be made through The United States Department of Education and serviced by a small number of private sector partners. And more students may now pay off their loans in installments capped at a percentage of their income, a change which could lower their monthly payments.

“Financial literacy is a critical skill for all, and especially for those who want a higher education,” said Prof. Herminio Martinez, Executive Director of The Bronx Institute and faculty member in the Department of Middle and High School Education. “Conferences like these inform families about the importance of having a plan to finance their children’s higher education well in advance of their high school graduation.”

Family events are one component of GEAR UP, the Institute’s multi-year college readiness program that serves over eight thousand middle and high school students in dozens of Bronx public schools. Beginning in middle school, the events cover choosing a high school, financial literacy, and saving for college. In high school, they cover the SAT, ACT, and the New York State Regents exams, scholarships and financial aid, actual and virtual tours of colleges, and using the Internet to research colleges and the admissions process. The multi-year approach allows students and families to learn together and accumulate knowledge over time.

Posted on: April 05, 2011
Article published on: April 05, 2011 | by: The Bronx Institute