As Indiana University puts student success at the center of its strategic priorities, the university is linking its nationally recognized student financial wellness programs with the Office of the Vice President for Student Success.

The Office of Financial Wellness and Education — which is responsible for the award-winning MoneySmarts program, teaches students about financial management and connects them with resources to alleviate financial stress — will move into the Office of the Vice President for Student Success effective July 1.

“By aligning our financial wellness and education efforts with our strategic student success initiatives, more students across Indiana University will have access to the outstanding resources developed and provided by OFWE,” said Julie Payne-Kirchmeier, vice president for student success. “Our team is excited to partner with Executive Director Phil Schuman and OFWE as we work toward the realization of IU 2030.”

The Office of Financial Wellness and Education will continue to have a dotted-line connection with the Office of the Executive Vice President for Finance and Administration, particularly the treasurer’s office, because this continued partnership remains critical to realizing IU’s student success goals.

The office will also continue to lead the Higher Education Financial Wellness Alliance, an organization that helps universities nationwide implement financial wellness programs. In 2021, the alliance acquired CashCourse, a financial education platform used by over 1,200 schools.

“We are extremely proud of the accomplishments of OFWE and MoneySmarts over the last decade,” said Don Lukes, associate vice president and university treasurer. “Under Phil Schuman’s leadership, OFWE has had a major role in providing financial education to IU students to help them reduce their debt burden and also relieve the financial stress of college. The Office of Financial Wellness and Education has built a national reputation and is a leader on issues involving financing college education on both the state and federal level.”

The Office of Financial Wellness and Education was established in 2012 as the Office of Financial Literacy. Its mission is to help students become financially well by helping them develop financial skills and knowledge. Staff also help students understand the ways that finance is influenced by personal values and beliefs and affects overall well-being.

The scope of the office includes one-on-one peer financial education, group and classroom presentations, the university education cost calculator and planner, promotion of 529 college savings plans and a financial education resource library. All of the services are available to every student across IU. Since the inception of the office, IU student borrowing has been reduced by $158.2 million, which equates to a 24% decrease in student borrowing university-wide over the past decade — including 35% for all undergraduates and 48% for in-state undergraduates. Also, IU has increased its undergraduate gift aid by 57% over the past eight years.

“Every year, students report that finances are one of their top sources of stress and why they struggle to stay in school,” Schuman said. “Our office has strived to provide a space for students to access the financial information and resources they need to succeed. I’m looking forward to our office joining the Office of the Vice President for Student Success as we work to find more ways to help our students thrive.”