Impact - Financial Sense: Empowering students to make smart decisions

Elgin Community College dares students to dream big. But, in a world where dreams have a price tag, ECC is intent on helping students reduce debt and improve financial literacy for lifelong success. “Our mission is to improve lives through learning, but that mission is meaningless if we are saddling students with debt while pursuing their goals,” said ECC President David Sam. Ongoing efforts to improve the affordability of the college include steady tuition rates, an increase in grants and scholarships, and financial education workshops.

This year, ECC established the Center for Financial Empowerment and Wellness in partnership with the Kane County Teachers (KCT) Credit Union to enhance financial smarts in the community. By leveraging KCT Credit Union's expertise, the center offers a variety of workshops, seminars, and resources designed to empower students, employees, and community members with the knowledge needed to make informed financial decisions.

While ECC has kept tuition affordable and ensured students receive scholarships and grants, the college is ready to take the next step in improving the economic futures of its students. “Financial literacy is not just about numbers; it's about providing individuals with the essential life skills they need to achieve their goals, navigate economic uncertainties, and build a brighter future for themselves and their communities,” said Sam.

"KCT has a history of serving the underserved in the banking community,” noted Mike Lee, president and CEO of KCT Credit Union. “We chartered 86 years ago because most banks would not allow female teachers to open their own accounts. Our hope in working with ECC is to equip students for life — that they come out of college with good credit scores, ready for employment, and not burdened with financial debt from the start.”

The center's accessible programming, designed to meet the diverse needs of ECC's student body and the community, will play a pivotal role in creating a financially empowered generation. The new KCT Credit Union branch in ECC’s Renner Academic Library opened in July and is available to students, employees, and the community.

Read the entire fall 2023 issue of Impact magazine online here.