For many college students, managing personal finances is a brand-new responsibility. Financial stress often has a significant impact on students’ overall well-being, and The University of Alabama offers a variety of programs and tools to assist students in developing lifelong skills.
UA faculty and staff recognize that financial health is a critical component of student success. UA is committed to providing resources that help students make informed decisions, reduce stress and build confidence in their ability to manage money both during their time on campus and beyond.
Sheena Gregg, MS, RDN, LN, serves as director of health promotion and wellness at UA, a department within the Division of Student Life helping lead the University’s efforts to connect financial literacy with overall student wellbeing.
“There is significant data available that indicates the impact of financial wellness and financial literacy on a student’s overall health and wellbeing. While UA recognizes that poor financial wellness can contribute to students’ stress levels and affect academic performance, the institution is also committed to providing students with resources to increase financial self-efficacy so they are set up for success post-graduation,” Gregg said.
The Alabama Model and Holistic Wellness
Financial decisions and stress can directly impact other aspects of a student’s life, from academic performance to mental health. So, the University promotes financial wellness through the Alabama Model, a holistic approach to student health that recognizes wellness across multiple dimensions: academic, career, financial, psychological, physical, social and spiritual.
“Personal financial problems are a commonly cited source of stress among college students. Compared to other stressors such as academic or social stress, which are often situational or short-term, financial stress tends to be chronic and persistent, leading to increased mental health impact,” Gregg said.
She added, “Because of the known impact that financial problems can have on mental and physical health, having this dimension included in the Alabama Model allows us to do intentional programming in this area and track its correlation with other key well-being areas.”
Programs and Courses Supporting Students
To support students in building financial confidence, UA offers courses for class credits such as CSM 204 Introduction to Personal Financial Planning and CSM 205 Honors Introduction to Personal Financial Planning. These classes guide students through core topics like budgeting, credit, investing and saving.
In addition to classroom instruction, UA provides students with interactive tools such as Banzai, an online platform offering financial literacy courses, coaches, calculators and articles, as well as Cash Course, a program designed to help students make smart decisions about spending, saving and managing debt.
“For Banzai and CashCourse specifically, we have had positive feedback,” Gregg said. “We debuted Banzai last spring in partnership with Alabama Credit Union. Students have appreciated the range of financial topics, making it relevant for both traditional and non-traditional college students. Through UA’s membership with the Higher Education Financial Wellness Alliance, Health Promotion and Wellness has made CashCourse available this fall, and we’ve received feedback from instructors noting tools like the Budget Wizard specifically for college students,” Gregg said.
Guidance for Students
Financial wellness initiatives at UA also focus on giving practical advice to students. For many students, especially first-year students managing their own money for the first time, small missteps can add up quickly.
“Some common financial mistakes that first-year students make include not having a budget and overspending,” Gregg explained. “College is a time of newfound independence and a need for self-regulation with both time and resources. Not having a plan for spending and not understanding what affects credit score can be common for undergraduate students on their own for the first time. Using free available resources such as CashCourse can help educate students on how to best navigate their own personal financial situations,” Gregg explained.
Even when finances feel overwhelming, UA encourages students to take proactive steps.
“If a student feels overwhelmed with their own financial situation, we recommend that they initially explore the UA resources that educate students on financial literacy. Additionally, students may decide to inquire with their personal banking institution, as many of these organizations provide free financial consultations for their customers. If a student needs immediate support for a financial hardship, the Office of Student Care and Well-Being offers financial emergency funds,” Gregg said.
Preparing for Post-Grad
Ultimately, the University’s goal is to equip students with skills that extend far beyond their time in college. By learning how to budget, save and plan effectively, students can prepare for financial security in their personal and professional lives after graduation.
Financial stress is a reality for many college students, but UA’s financial wellness efforts aim to ease that burden. By offering both academic courses and wellness resources, the University provides students with practical tools to manage their money confidently. The goal isn’t just to help students make ends meet in college, but to prepare them with lasting skills they can carry into life after graduation.