Several area juniors and seniors are currently getting an education in personal finances courtesy of BancFirst and their Student Board Program.
Once a month, the 45 students from Ardmore, Dickson, Lone Grove, Plainview and Springer meet up to learn about topics such as budgeting and loans as well as hear from various community leaders.
The board is run by Business Development Officer Erin Carroll and Consumer Loan Officer Erin Nichols. This is the second year for the program.
“This is a personal finance class that we started for juniors and seniors because we noticed that there was a big need for personal finance education,” Nichols said. “It gives the kids an opportunity to learn about finance but also financial careers. We also want them to get to know our community leaders and form relationships with people they can go to for advice, whether that’s at the bank, or other people in the community.”
At their meeting last Thursday, the students heard from BancFirst Vice President Dawn Shebester who spoke about the importance of community involvement. They also heard from Bill Murphy, president and CEO of the Ardmore Chamber of Commerce and the Ardmore Development Authority, and Kevin Stinson, chief operating officer for Big Five Community Services.
Following the speakers, the students went over their “homework” from the last meeting. They were given the task of finding a home for sale or rent in Carter County. They then learned how to calculate an approximation of what the monthly mortgage payment would be based on the cost of the home.
Next month they will be meeting at the Ardmore Campus of Murray State College to learn about college financial aid.
“We surveyed the kids at the end of the program last year and asked them for suggestions,” Nichols said. “One of the kids said they would like to learn something about college financing and how to live as a college student. So we’re incorporating that into the program this year.”
The program will run through April. A new Student Board will begin in the fall.
