Bridging Financial Wellness and Student Success: Effective Models for Community Colleges

Community college students face a number of financial decisions and obligations along the path to degree completion. Students must secure resources to pay for college expenses, including their tuition, fees, and basic living necessities. Central to this is students' abilities to access financial aid resources including federal, state, and institutional aid. Colleges also play a role in providing clear and timely financial education to ensure students are aware of available resources and have a strong foundation in personal financial management. Existing research on students' financial wellness typically separates financial aid and financial education approaches. For this report, the aim is to address both categories to offer community colleges strategies for holistic supports. Key takeaways from the report include: (1) Community college students' expenses often exceed available grant aid; (2) Financial literacy can be a critical topic for students seeking to navigate the complex nature of college financing and personal expenses; but is not a replacement for financial aid resources; and (3) This report highlights the Guardian Money Management for Life (MMFL) Program as an example of a personal finance course that has expanded to a financial empowerment model to provide students with holistic support services.