Medgar Evers College among three CUNY schools to launch financial coaching and finance education course with JPMorganChase

The City University of New York today announced the launch of a new financial health course at three CUNY colleges, which will be administered by the JPMorganChase-funded Money Smart Financial Coaching Program (MSFCP.org). 

The course — which starts this semester at Bronx Community College, The City College of New York and Medgar Evers College — combines one-on-one financial coaching and education to provide the individualized support students need, including those of underrepresented, first-generation and low-income students. The program aims to improve students’ financial wellness, reduce debt and increase credit scores.

“CUNY takes seriously its responsibility to prepare our students for all aspects of their futures,” said CUNY Chancellor Félix V. Matos Rodríguez. “Financial education can be transformative for a person at any part of their life journey, so we are incredibly grateful to the Money Smart Financial Coaching Program and JPMorganChase for providing this essential resource for our students.”

The three CUNY colleges join seven other colleges from across the country that are now offering the course, either as a credit course for degree-seeking students or a noncredit course designed for adult learners in workforce training programs. Students work one-on-one with a financial coach and receive classroom instruction from a professor with guest lectures from Chase community managers — a unique role that does not promote banking products or services, but is singularly focused on providing greater access to banking and helping community members get on a path to financial health and resilience.

“Our participation in this program further enhances the relationship that Medgar Evers College began to develop with Chase in 2022, where we launched a Chase financial literacy program that was implemented in the spring of 202,3 training Medgar Evers College students and students in our summer youth program,” said Dr. Patricia Ramsey, the college’s sixth president. 

“We even extended the program to parents. The JPMorganChase-funded Money Smart Financial Coaching Program takes it to another level because this program aims to improve students’ financial wellness, reduce debt and increase credit scores. I am so pleased that Medgar Evers College was one of the institutions selected to participate.”

The course is the latest effort by the University to expand financial literacy among its students; CUNY and JPMorganChase last October hosted a financial health summit at Medgar Evers College. This program also builds on the success of an initiative created by the State University of New York Westchester Community College and adapted for other schools by the National Council for Workforce Education (NCWE), all with strategic guidance and funding from JPMorganChase over the last 10 years.

“Education is the first step on the pathway to a solid financial future. This program empowers students to take charge of their finances, while driving positive academic, career and personal outcomes,” said Nichol King, market director for community banking at JPMorganChase. “The Money Smart Financial Coaching Program represents a new way to provide our neighbors with the knowledge and tools they need — and I am excited to work with the team at CUNY and our amazing team of Community Managers in New York City to continue educating, uplifting, and strengthening our community.”

The latest independent evaluation shows that among MSFCP students nationwide:

• 35% saved over three consecutive months ($2,016 on average).
• 67% achieved at least one financial goal.
• 27% reduced debt ($2,263 on average).
• 18% increased their credit score (52 points on average).
• 72% of first-time, full-time two-year college students returned to their school (nine points higher than the national average).
• 85% and 82% retention for four-year college students at Long Island University and Winston-Salem State University, respectively.

“I am very excited and humbled to continue this work with the team of dedicated leaders that served the NCWE Money Smart initiative so capably,” said Dr. Christal M. Albrecht, project director at MSFCP. “It is equally rewarding that we will continue this work with the devoted and enthusiastic faculty and staff of the ten current participating colleges who have proven their commitment to helping students build healthy financial behaviors.”

About Money Smart Financial Coaching Program (MSFCP)

Students at the City College of New York, Bronx Community College, Medgar Evers College, Long Island University, SUNY Westchester Community College, Rockland Community College, and Fulton Montgomery Community College in New York; Renton Technical College in Washington; Mott Community College in Michigan; and Winston Salem State University in North Carolina began enrolling in MSFCP courses as of January 2025.

Founded in 2024, MSFCP.org is dedicated to scaling financial coaching programs to colleges and universities across the United States. Originally created at SUNY Westchester Community College, the program has been funded by JPMorganChase since 2014 and has demonstrated significant success in increasing retention rates among participants. For more information about the Money Smart Financial Coaching Program and its national expansion, please visit MSFCP.org or contact press@msfcp.org.