LOC Federal Credit Union is expanding its student-run credit union program with Howell Public Schools, which will initially bring a student-run credit union branch to three new schools.
“Last year, the superintendent of the Howell Public Schools, Erin MacGregor, approached us about expanding our program further into his school district,” said James Dickinson, president and CEO of LOC Federal. “I am pleased to announce that in early 2017 three more student-run credit unions will join programs currently in Howell Public Schools at Voyager and Three Fires elementaries. Our goal is to be in every Howell elementary and middle school by the end of the 2017-2018 school year.”
Operations began on Jan. 20 at Ruahmah J. Hutchings Elementary School; Northwest Elementary School operations will begin on Feb. 3. Highlander Way Middle School’s student-run credit union will open later in first quarter 2017.
This unique program consists of a LOC Federal branch inside the school. Each student-run credit union is open one day a week, and is operated by student employees. An LOC Federal employee is always present to supervise operations and ensure accuracy and confidentiality are maintained.
In pursuing this expanded venture with LOC Federal, Howell Public Schools Superintendent Erin MacGregor said,
“Over the past 10 years, our partnership with LOC Federal Credit Union has provided hundreds of students the opportunity to gain real world experiences and essential life skills,” said Erin MacGregor, superintendent of the Howell Public Schools District. “The students at our schools with student-run credit union branches gain leadership experiences and financial literacy from an early age. We are very excited to be able to expand this program into additional schools in our district so that more students will have these opportunities. We are so thankful for this partnership.”
Participating students must apply and interview for their positions at the credit union. Students are responsible for conducting daily teller transactions and opening accounts for other students at their school.
Tim Moore, principal of Hutchings Elementary, said they chose to partner with LOC Federal “as part of our vision for what education looks like for a 21st century student.”
“LOC Federal provides us with a unique opportunity to combine the classroom curriculum, leadership opportunities and real-world experiences into one great project-based learning experience for all of our students,” Moore said.
The student-run credit union branch is available for students, parents and faculty to make deposits and withdrawals from LOC Federal accounts while providing students the opportunity to learn and practice basic financial management in an interactive and engaging way. The program’s focus is on its student membership, encouraging them to open savings accounts and begin to make a habit of saving. Additionally, it helps students practice basic, necessary math skills in a practical way.
LOC Federal’s first student-run credit branch opened in Farmington Public School’s East Middle School in 1993. With the opening of three branches this winter, LOC Federal will operate a total of 18 student-run credit unions in Farmington Public Schools (12), Howell Public Schools (5) and Hartland Consolidated Schools (1). During the 2015-2016 school year, nearly 400 student employees processed 3,758 transactions, helping individuals save a total of $152,115. A complete list of student run credit unions can be found at locfederal.com/cuatschool.
