IU Launches Financial Wellness Alliance

Posted: Updated:
(Photo Courtesy: Indiana University/Mary Keck (Photo Courtesy: Indiana University/Mary Keck

Seven out of ten college students are less confident about their ability to pay off their student debt. That figure is one reason why Indiana University has initiated a Higher Education Financial Wellness Alliance. The alliance was announced Monday during the Higher Education Financial Wellness Summit held in Bloomington. IU says the alliance will take a proactive approach to students’ financial knowledge and decision-making when it comes to borrowing money. "There has never been a greater focus on student finances, from student loan debt to the role that student finances play in student success," said Phil Schuman, director of financial literacy for IU and executive director of the alliance.

The alliance will provide online and in-person training to staff. Those staff members will then work with students on their financial wellness education.

Schuman says college debt weighs heavily on student’s minds. "Institutions are increasingly looking for ways to support student financial wellness, and the alliance will provide the premier opportunity for them to develop new programs, learn about best practices and contribute to this important national conversation."

A recent study of 17,500 undergraduate students conducted by Trellis, a 501(c)(3) nonprofit focused on student finances, reveals some interesting data about students’ concerns about their student debt:

  • Only 21 percent of respondents could correctly answer three financial knowledge questions relating to loan terms, interest rates and repayment options.
  • 65 percent of students say they worry about having enough money to pay for school.
  • 68 percent of respondents who borrowed a student loan were less than confident they would be able to pay off their student debt.

A pilot program will get underway still this year and full operations begin in January. The alliance is not limited to IU. Schuman says any university is welcome to join.

  • Perspectives

    • How to Find a New Audience After Hitting a Marketing Plateau

      It may sound like a marketer’s dream scenario: efforts have proven to be so successful it appears a company has completely saturated their target audience. While it may be a good problem to have, it still may be a problem. Hitting a marketing plateau is an opportunity for companies in any industry to reevaluate, re-energize and come to the table with new ideas for better understanding existing customers and engaging new audiences.



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • (photo courtesy of WTHR-TV)

      Andrew Luck Retiring from NFL

      In a shocking development following the Indianapolis Colts' preseason loss to the Chicago Bears, quarterback Andrew Luck has announced his retirement from the NFL. Luck, who did not play in Saturday's game, said the number of injuries he has suffered throughout his professional career "has taken my joy of this game away." Luck teared up during a news conference in which he made his announcement. "After 2016 where I played in pain and was unable to regularly...

    • Shaina Keck

      Pier 48 Manager Named

      FK Restaurant Group has named Shaina Keck sales and banquet manager for Pier 48 Fish House and Bar in downtown Indianapolis. She previously served in sales at Kilroy's Bar & Grill. Keck is a graduate of Indiana University Kelly School of Business with a bachelor of science degree in finance and accounting with a concentration in international studies.  
    • (image courtesy of The Times of Northwest Indiana)

      Crews Start Demolition of Carson's in Hammond

      The face of downtown retail in Hammond is changing once again with the demolition of Carson’s department store, the one-time the anchor of Woodmar Mall. Our partners at The Times of Northwest Indiana report excavating crews have started to demolish the last vestige of the shopping center which stood since the 1950s. 

    • Julie Bondy Roberts

      How Barry Manilow Can Help Tame Your LinkedIn Stage Fright

      My former co-work, Rita, loved Barry Manilow.  She often wore a T-shirt that said, “Never Underestimate the Power of a Barry Manilow Song.” She loved him so much that in one week, she saw him once in Indianapolis and the following weekend she drove up to Chicago to see him. She was our receptionist – and I guarantee you she ate Ramen noodles for a few days to make those two concerts happen. 

    • (Image courtesy of Northern Indiana Commuter Transportation District)

      Michigan City Commits $12M to South Shore Track Project

      The Michigan City Common Council has formally committed to contribute $12 million towards the proposed $416 million Double Track project for the South Shore commuter line. Our partners at The Times of Northwest Indiana report the council voted unanimously to pay $7 million upfront and finance the remaining $5 million through a 20-year bond issue.