Sarah Elabid Sarah Elabid

The Importance of Financial Literacy Among College Students

Learning about financial literacy early on sets students up for a successful future.

 
 
By Sarah  Elabid
Learning about financial literacy early on sets students up for a successful future. When it comes to practical financial skills, students should learn about budgeting, saving, understanding credit, and managing debt. These skills will help them make informed decisions, avoid financial pitfalls, and prepare for a successful financial future.
 
College students often make a few common financial mistakes. When it comes to financial pitfalls, students can sometimes fall into the trap of overspending on unnecessary things, not budgeting, misusing their credit cards, and not saving enough. Additionally, many college students aren’t informed on terms like, interest rates, and repayment options when it comes to paying for their college tuition.
 
“While being at Lehman, I had a lot of friends who were going into debt while applying for their student loans process or overspending with credit cards. They did not know how to manage their expenses.” An economics major, Juan Santos mentioned in an interview with the Meridian.
 
Given that college is a significant financial investment, students must become knowledgeable about selecting loans that will not negatively impact their credit score. This can be achieved by learning about interest rates and repayment alternatives.
 
According to polls conducted by NEFE and AmeriSpeak, “80% said they wish they were required to take a semester or year-long financial education course during high school.” Financial literacy not being taught in schools is a missed opportunity. Because of this, in recent years there has been a push to include this knowledge in the high school curriculum.
This article from The Hill states that financial literacy courses will soon be offered for kindergarten through twelfth grade in 25 states. While the programs are still being implemented in 17 of those states, eight are already offering them. “85% of U.S. high school students say that they are interested in learning about financial topics in school, and 95% of students who currently receive financial curriculum find it helpful,” according to the Intuit Financial Education survey.
In addition to how to manage finances responsibly and understanding student loans, tax literacy is a crucial life skill that will be useful for students to acquire while in school and throughout their lifetimes. Learning about taxes can go on to help students understand how that system works and can help students navigate their financial responsibilities as they start earning more income.  
A great place to start learning about finances is by reading books or articles on personal finance. There are also online resources and Lehman courses available, such as BBA 204 and BBA 207 that cover topics like budgeting, saving, investing, and much more. Additionally, you can reach out to financial institutions or organizations that offer financial literacy programs for students.
 
“There is nobody in the finance field who is an expert in everything. Everyone I know in this field is constantly learning and educating themselves. It is important to keep learning either through courses here at Lehman, other sources of information online, books, or webinars to upskill your knowledge.” says Assistant Professor Dr. Stein Smith.
 
For those who are not accounting or economics majors, the Financial Learning Group is a fantastic way for students to grow their financial knowledge here at Lehman College. The Financial Learning Group was established by Lehman College students to encourage and educate their peers to manage and build their wealth responsibly. This club meets weekly on Wednesdays in the Bloomberg Lab of the Leonard Lief Library, from 4 PM to 5 PM.
 Racielly Mella, a biology major states, “As a chemistry major, FLG has allowed me to have access to information that I would otherwise have to pay for or just not have enough time for. I consider the club a haven for learning just about anything that has to do with finance. The club is a true gem and I feel like there truly is a place for everyone there.”
The club covers a wide range of subjects, including investing, tax planning, wise budgeting, mastering credit card rewards programs and debt management. They also have offered students an introduction to cryptocurrencies and bitcoin investing, and are always accessible to help with any financial queries you may have.
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Sarah Elabid Sarah Elabid

Having Trouble Picking a Major? Lehman is Here to Help

Many college students often experience nervousness about career options or uncertainty about their dedication toward a major.

By Sarah Elabid
Many college students often experience nervousness about career options or uncertainty about their dedication toward a major. At Lehman College, students are offered the chance to explore a variety of pathways. Students should take their time, seek help, and self-reflect when making important decisions. 
There are multiple reasons why college students may need help to decide on a particular field of study. Some may experiment with various subjects to discover their real passion, while others might find it difficult to narrow their interests to just one. 
It is common for students, whether they are first-year students or have already taken some college classes, to experience uncertainty. According to the University of South Florida, “an estimated 20-50 percent of students enter college undecided, and up to 75 percent report having changed their major at least once.”
As stated by Herzing University, students should consider their values, interests, and abilities while selecting a major.  What skills come naturally? What pursuits provide a sense of fulfillment? When planning out their career route, students must research the undergraduate degrees offered by Lehman. Lehman offers more than 80+ undergraduate majors that students can explore while choosing potential majors that may resonate with them. 
“When I first came to this school, I had absolutely no idea what I wanted to pursue. I came here not believing in myself, I thought I was not good at anything. However, that is when I had my first film class, which was a real revelation for me.” shares Xandar Reyes, a film studies major.
Moreover, Lehman offers students the opportunity to consult with experienced academic advisors who can assist them in making informed decisions when faced with uncertainty. It is recommended that students seek advice from academic advisers, professors, and professionals. 
“Even when things got difficult and I was treading on uncomfortable paths, I still looked forward to working some more. It is an interesting feeling. Not only that, but the people I got to work with were amazing, super talented, and supportive. They twisted my arm and made me fall in love with the art.” says Reyes. 
Academic advising is available to students on campus in many ways. The most common way students can access these unique services is through Lehman Navigation. This application enables students to arrange virtual sessions with advisers. Lehman’s academic advising can also avail in-person consultation at room 280 of Shuster Hall. 
Advisors are experts in helping students understand the requirements of various degrees and career pathways. This guidance aids students in discovering a major that reflects their goals. Advisors can also offer valuable information about extracurricular activities and internships that help advance their careers.
Media Communications Studies Professor Ian Sheinheit shared a story regarding his experience discovering his passion for teaching in college. “During my undergraduate career, I developed an interest in thinking about how social phenomena impact politics, culture, and individuals. I had some fantastic professors and advisors who guided me toward thinking critically about this impact. I began thinking about the career-oriented question of my skills and assets and how I can use those to engage this passion.”  
Lehman College provides many resources for students to establish relationships with other goal-oriented students that could help them in their career growth. For example, joining a club on campus. Juan Santos, an economics major, describes how starting the Lehman Financial Learning Club has enhanced his student and professional experiences. He began his professional career by aiding other students in their growth through the Financial Learning Group.  
“At first, I wanted to be an architect, then a Lawyer, and then I found economics. I knew I wanted to learn more about building wealth, which is one of the reasons why I started my club. I wanted to be able to share my knowledge of financial services and help students learn about wealth management.,” states Santos. 
Being flexible allows students the freedom to try new things and have an open-minded approach that can bring forth opportunities. Professor Sheinheit encourages students to step out of their comfort zones, gain self-confidence, and expand their horizons. 
“To think about what they are passionate about and try to answer the question, ‘How can I overlap my major choice with some qualities of that passion?’ Be flexible and do not ossify your path,” states Professor Sheinheit.
Students should treat themselves with self-kindness and understanding. They can do this by setting realistic goals, engaging in activities that bring them joy, and celebrating progress no matter how small it may seem. It is important to remember that they are not alone, and should never hesitate to ask for assistance or guidance. Lehman College always provides support through its academic advising services, which are accessible in person on weekdays from 9 AM to 5 PM. 
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