Student loans: the one problem every college student dreads, but is forced to face. Luckily, the St. Ambrose Library is hosting Money Smart Week April 5- 12 to educate students on financial literacy. Two speakers combined with a drawing for $1,000 in tuition money will make for an informative week for all involved.
Money Smart Week was sponsored by the Federal Reserve Bank of Chicago. The bank asked libraries in Iowa and Illinois to hold free programming as a way to inform students and the general public on how to manage money on topics such as loans, budgeting and every day financial business. The SAU Library invited two speakers for students for the week. Lupe Hernandez from the Iowa College Access Network spoke on April 7 about “Life After College.” Eileen Eitrheim, the Galvin Marketing Director will provide students with a money management workshop on April 10 at 7 p.m. Both events were free for students. The bank wanted any programs to be strictly informational, so they were free from solicitation and none of the speakers were from organizations that could use the program as a selling opportunity.
Joyce Haack, a tech services librarian in charge of Money Smart Week, said the goal of the week is to prepare students for the real world.
“This is for the students to help them make better financial decisions, give them the proper tools for what’s ahead and prepare them for what to expect after college,” Haack said.
In addition to the speakers, the Federal Reserve Bank of Chicago is sponsoring a contest for students in Iowa or Illinois to win $1,000 in tuition money. There are seven posters with different topics placed around campus, in the Library, the Beehive and the Rogalski Center, with a variety of information about certain topics on them. After reading the poster, students can either scan the QR code or go to the website listed and answer a question about the content on the poster. If they answer it correctly their name is entered into the drawing two times, but if they answer incorrectly, their name is only entered once.
“So it would be to their advantage to read the poster,” Haack said.
A display case in the library holding piles of shredded money is also a part of Money Smart Week. Students can enter a guess for how much money they believe is shredded in the case and the closest guess earns a small prize.
This is the first year programs have taken place in academic libraries, and the events at SAU are the only ones available in the area for college students. The public libraries held other events including another contest to win $1,000 throughout the week.