Ombudsperson Helps Students
Manage Money and Stay in School
Henderson with student Naila Iram.
“My primary objective is to assist students
and parents as they try to navigate the world of personal finance,
financial aid, and debt management.
Last September 2004, the position of Student Financial Resources Ombudsperson
was established–an innovative office that focuses on personal
outreach to PMC students and their families who are struggling with
college expenses and shrinking family budgets. The action was taken
because a significant percentage of PMC’s current students are
low-income, first generation college students with little or no past
experience in juggling finances to meet school expenses.
In creating
the position President Nemerowicz said, “By introducing
this unique outreach program we hope not only to help the parents of
our students who are struggling to meet tuition payments, but also
to help our students become wise money managers and to acquire skills
that will be important to them for the rest of their lives.”
Sophia
Henderson (formerly the College Bursar), who was appointed to the position,
sees herself “as a resource to help our students
with the process of investing in their own education and to enable
them to develop good financial management skills. My primary objective
is to assist students and parents as they try to navigate the world
of personal finance, financial aid, and debt management.”
To do
this, Henderson works with both students and parents on a case-by-case
basis. She helps them identify and understand sources of potential
financial aid and works with them to complete the application process
in a timely fashion, meeting all the deadlines. She interprets financial
aid award letters for them, helps review tuition bills, and explores
borrowing and other alternatives, making sure that they understand
the implications of their actions on their future credit. She also
works with them to ensure that all their bills are paid on time and
that there are no problems with banks, other lending institutions,
or the Bursar’s Office.
As part of her outreach, Henderson provides
workshops for parents and students, such as the fall 2004 programs:
Parents’ Financial
Workshop, Debt Management Workshop, and Student Loan
Consolidation
Workshop. A number of local banks have agreed to meet with students
to discuss loans, savings accounts, checking accounts, and credit cards.
By
taking this step, PMC is helping students manage their money better,
therefore reducing the need for leaves of absence or withdrawal because
of funding problems. Many students have been able to stay at PMC
as a result of this program.
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