MCC Selected for National Financial Coaching Program Aimed at Closing Racial Wealth Gap
June 12, 2023
National Council for Workforce Education and JPMorgan Chase collaborate to support Rochester
ROCHESTER, N.Y. – The National Council for Workforce Education (NCWE) announced today Monroe Community College (MCC) is one of four schools nationwide to receive up to $138,000 to develop and launch a financial coaching program to improve their students’ financial health and increase their graduation rates. The program is expanding nationally from four to nine colleges through a $2.5 million investment from JPMorgan Chase.
MCC was chosen through a competitive process based on the college’s capacity for innovation, staff knowledge and commitment to student success. Other schools selected for the second year include Renton Technical College in Washington state; Winston-Salem State University, a historically Black college and university in North Carolina; and Columbus State Community College in Ohio. The inaugural schools selected that will continue their financial coaching programs for a second year include three community colleges in New York and one in Flint, Michigan.
“MCC serves students by empowering them, through education and holistic support, to be financially literate and achieve economic security,” said MCC President DeAnna R. Burt-Nanna, Ph.D. “Together with the National Council for Workforce Education and JPMorgan Chase, MCC is removing obstacles to graduation and meaningful careers that pay family-sustaining wages. This partnership demonstrates our commitment to the economic vitality of the community by uplifting the lives of our students.”
Dr. Darlene G. Miller, executive director of NCWE, said, “As a nonprofit committed to supporting practitioners and workforce leaders to deliver equity-conscious and impactful workforce education programs, we believe that financial wellness programming is critical to addressing financial security barriers for workforce education learners and will serve to mitigate gender and racial equity wealth gaps.”
“Financial coaching is about behavior change and empowering people to take charge of their future by connecting them to resources that build healthy financial habits and in turn drive academic, career and personal achievement,” said Marco Villegas, vice president, Global Philanthropy for Rochester, JPMorgan Chase. “Monroe Community College is adept at serving students who face barriers to graduation and employment opportunities and this program will build on their ability to meet the needs of their students and help them achieve economic mobility.”
Utilizing a financial coaching program launched by SUNY Westchester Community College in 2014, NCWE will provide MCC with individualized coaching and technical assistance; training, guidance and support needed to hire staff; and assistance in building a successful, sustainable program. The NCWE team will assist MCC in developing a long-term business plan to embed financial wellness into its strategic and budget plans, to support the sustainability of the initiative.
About National Council for Workforce Education
As a workforce-focused, non-profit organization committed to equity and inclusion, the National Council for Workforce Education leads our members with innovative ideas and bold actions to drive economic advancement for all. An affiliate council of the American Association for Community Colleges, NCWE works through partnerships with business and industry, and national leaders, to transform workforce education programs to ensure student success and local labor market needs. Visit the National Council for Workforce Education website (www.NCWE.org) for more information.