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Student Run CU Featured in Washington Post

WASHINGTON-Though many students at Alexandria's Jefferson-Houston School for Arts and Academics cannot even see over the counter at a regular credit union, there is one that is just their size. State Department Federal Credit Union's branch in Alexandria's Jefferson-Houston School for Arts and Academics was featured in a Washington Post...

By Staff Writer | Updated on February 24, 2004

WASHINGTON-Though many students at Alexandria’s Jefferson-Houston School for Arts and Academics cannot even see over the counter at a regular credit union, there is one that is just their size. State Department Federal Credit Union’s branch in Alexandria’s Jefferson-Houston School for Arts and Academics was featured in a Washington Post article last week. The article highlighted the credit union’s and others’ financial literacy efforts for these pint-sized savers. The Alexandria school was the 334th to join the growing list of public schools partnering with credit unions, according to the article. One hundred and eight credit unions across 29 states are involved in similar programs. The branch, which opened its doors last October, has been a great success with nearly 25% of the school’s 350 students opening accounts, the article read. Eight students have been trained as tellers, teaching them money handling and professional skills. The Washington Post story also mentioned that bankruptcy filings have doubled in the last decade and that a 2002 survey of high school seniors scored an average of 50% on financial knowledge. Additionally, the number of states including personal finance in curriculums is declining, according to a 2002 study by the National Council on Economic Education. CUNA’s involvement in the National Endowment for Financial Education’s High School Financial Planning Program was also noted.

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