During the fall 2020 semester, the Foundation Matching Investment Program (FMIP) was launched as a partnership between the USI Foundation and Student Financial Success Center to strategically help students in financial need. The Student Financial Success Center provides peer mentoring and support services to advance financial literacy and wellness among students to promote retention and success. This partnership strives to help students in understanding personal finances and the impact that they can have on everyday life, if not handled properly. It is important for students to know they are not alone in their struggles and help them feel safe and knowledgeable in the subject of financial wellness.
Students who face difficulty paying their USI balance in full and wish to enroll in the FMIP must work directly with the Student Financial Success Center. With the financial knowledge and skills students gain through courses and mentoring, they are able to create a personal finance budget that allows them to pay for everyday living expenses and contribute their own monies to their tuition, which are matched up to $1,500 by the USI Foundation.
For the fall 2020 semester, 19 students enrolled in the program and completed all requirements. These 19 students contributed a total of $12,214 toward their University balance and the USI Foundation matched every dollar for a total of $24,428 issued to the University. 26 students enrolled in FMIP for the spring 2021 semester, a total of $27,613.04 was contributed to their USI balances and the Foundation matched every dollar as well for a total of $55,226.08 issued.
A grand total of $79,654.08 contributed to outstanding USI balances in the 2020-2021 fiscal year - half contributed by students alone - as a result of the program. Through this program, the USI Foundation wants to help more students better understand and manage their finances while keeping them enrolled in their academic studies.