Center offers financial services, advice
A new credit union office in the Russell House is more than just a place for students to cash their checks.
Carolina Collegiate Federal Credit Union opened its first on-campus financial service center on the second floor of the student union in June.
Carolina Collegiate offers financial services to students, faculty and staff of USC, Coastal Carolina, Midlands Technical College and Benedict College as well as members of the Gamecock Club and the Carolina Alumni Association.
While the credit union already has eight ATMs on campus and an office on Pulaski Street, the new Russell House office will be a place for all students to cash checks, open and manage accounts and seek financial advice on issues from loans to credit checks. Many of those services will be open to all students, not just account holders.
The center will also offer free financial literacy classes in partnership with the Student Success Center. Finance education was an important component for Carolina Collegiate Vice President Helen Powell, who taught financial literacy as a University 101 teacher for 11 years.
“We want students to succeed,” Powell said. “I’ve seen some not so pretty pictures from students who’ve made financial mistakes. Once you’ve messed up, your credit stays there for a long time, so it’s important for students to learn the basics of self-discipline.”
The office is staffed by 13 student interns, many of whom are in the Darla Moore School of Business and the College of Hospitality, Restaurant and Tourism Management (although Powell said positions are open to students of all majors.) Her goal is for the financial services center to be completely student-run, similar to Georgetown University’s financial center.
Carolina Collegiate currently has 3,000 USC student members and over 13,000 members internationally, according to Powell. Members are eligible to receive private student loan service, custom USC debit cards, and “benefits plus” discounts at more than 70 participating local business, including Sonic, Miss Cocky and Thirsty Fellow.
Student Success Center Coordinator of Financial Literacy Catherine Sale does not recommend any particular bank or credit union to students, but she hopes that the mere presence of the center will get students interested in their own finances.
“Obviously for students who use Carolina Collegiate, there will be a lot of conveniences with having the office in the Russell House, but it will also remind other students to think about finances while they’re in college,” Sale said. “It really encourages students to sit down and ask questions so finances aren’t a scary topic to talk about.”
The center is planning a grand opening Aug. 27, but fourth-year international business student Alysia Malpass, an intern with Carolina Collegiate, says that simply having the office has already sparked the curiosity of passers-by.
“Hopefully this is going to be something other schools look at and see is working,” Malpass said.