WHO IS MSFCP®?
Our Funder
Our Fiscal Sponsor
Our Purpose
Funded by JPMorganChase, MSFCP® is a nonprofit organization focused on improving student financial wellness and developing financially capable students. A hallmark feature of MSFCP is the combination of a financial literacy course, where students gain knowledge, combined with one-on-one, financial coaching, where students practice their knowledge and learn to change their behavior.
The program is grounded in research showing that the combination of the two interventions produces meaningful gains for all types of college learners. MSFCP equips students with the knowledge and skills to make informed financial decisions, manage money effectively which leads to improved financial health, and navigate financial challenges as they arise. By focusing on changing financial behavior, MSFCP bolsters student retention and completion through improved financial decision-making.
WHY WE DO WHAT WE DO
Concern about finances can dominate a student’s thoughts while in college, as substantiated by financial surveys of college students. Results of the 2024 Student Financial Wellness Survey of over 53,000 two- and four-year college students by the Trellis Company found that a large percentage of students suffer economic stress – 61% worry about having enough money to pay for college, 56% said they would have trouble getting $500 in an emergency situation, and 28% said they had run out of money 6 or more times in the past year. A study of Collegiate Financial Wellness conducted by The Ohio State University (2023) found that 72.5% of students experience high levels of financial stress leading to negative academic outcomes, increased time to graduation, and lower academic performance.
The good news is that MSFCP® has demonstrated that supporting student financial health and wellness leads to increased college persistence, retention and student success.
STUDENT VOICES
RIGOROUS EVALUATION ELEMENTS
MSFCP has selected five metrics to evaluate and measure changes in students’ financial health: establishing and achieving a SMART financial goal, creating a budget, increasing savings, managing/reducing debt, and increasing credit scores. Why these metrics matter:
- Having a budget and financial goal is fundamental to managing finances.
- Saving funds reduces students stress and anxiety particularly when an unforeseen event occurs.
- Managing and reducing debt improves credit scores, unlocking future financial opportunities.
MSFCP has demonstrated that the combination of a financial literacy course with one-on-one financial coaching supports persistence and retention for all types of learners.
- Data-driven methods to measure student outcomes across key metrics
- For matriculated students, many colleges experienced a 90% semester to semester student rate of persistence
- Learners engaged in workforce education programs achieve a higher rate of credential completion
MSFCP pre- and post-participation surveys track and assess students’ financial knowledge and capability. The instrument:
- Evaluates behaviors, attitudes and perceptions regarding students’ own financial health and well-being.
- Measures knowledge of budget, savings, credit and debt as well as confidence levels with these financial health metrics.
- Assesses students’ satisfaction with the course and coaching to promote continuous improvement.
COLLEGE PARTNERS
