As the nation’s financial crisis continues, student leaders organized a forum to address how students can cope with economic uncertainty.
University leaders answered questions about issues such as tuition, financial aid and the job market during “The Financial Crisis and You,” Jan. 17 in the Rackham Amphitheater.
Guest speakers included Provost Teresa Sullivan, Department of Economics Chair Linda Tesar and economics Professor Jim Adams, as well as representatives from the Office of Financial Aid and the U-M Credit Union.
“This financial crisis is unlike anything that we as students have seen in our lifetimes,” says Karey Quarton, an LSA Student Government representative and part of the event’s organizing committee. “The crisis directly impacts the lives of many students on this campus, affecting our ability to take out loans and afford tuition at this university.
“Graduating seniors face an unsteady job market, and families are being forced to change the way they spend money. These challenges are very tangible. I believe that this forum is an opportunity for students from all over the University to learn the answer to that most fundamental of questions: ‘How does this crisis impact me, and what can I do about it?'”
Sullivan recently reached out to students via a multi media message and through student leaders to encourage those experiencing difficulty to speak with the Office of Financial Aid. While some students have taken up that advice, University officials suspect more may seek support if the economy continues to worsen.
A primary goal of the event is to make information accessible, especially to those who have no background in finance or economics. To help facilitate this, a podcast of the forum will be made available, Quarton says.
“This crisis is a wake up call about the importance of personal financial management in each of our lives,” she says. “My hope is that students will come away feeling informed, and also with an idea of what steps to take right now to protect themselves. I also believe that the opportunity for dialogue between students and experts from their community is extremely valuable.”
The event was organized and sponsored by LSA Student Government and the Michigan Economics Society.
