Esse Quam Videri - "To Be, rather than to seem."
So, what is FAFSA? ... and what does it have to do with SECU?
"The Free Application for Federal Student Aid, or FAFSA, is a form
students must fill out to get federal financial aid for college. The
U.S. Department of Education, colleges and state agencies use the FAFSA
to collect financial information about you and your family to determine
how much financial aid for which you can qualify."
Do you think that a college education is important to the children of many SECU members? Well. if you think that a college education can be "a ticket out", then FAFSA is the key; paying for college is an expensive burden to most working families. Filling out the form is a ritual conducted each Fall all across America by folks with college hopeful teens.
The correct filing of the form can make the difference in getting into a college. It is not a simple form and most parents have no clue as to what's involved. Opportunity or problem for SECU? The current leadership would probably - much like the tax prep program - say "let someone else help" the members.
Providing the FAFSA service had some costs and for those "most profitable year-type" folks, it didn't appear to help the bottom line. But, in addition to the vast member goodwill and loyalty created... go back to the CFNC link and check out the organizations in North Carolina with which SECU had the opportunity to work on FAFSA - every N.C. high school, every N.C. Community College, and every college/university - public and independent - in North Carolina.!
Those institutions all learned about SECU and saw the commitment of SECU to the people and to the educational and economic fabric of North Carolina. And, did you happen to notice the quote with which CFI leads on its website - "Those who are happiest are those who do the most for others - Booker T. Washington". Esse Quam!
Think helping with FAFSA was better "marketing" than "We Are SECU" or a Super Bowl ad?
If you're in doubt of the impact of this service, if you're that "type"; let me point out one more thing - this little line item on the SECU January, 2024 financial statement: "Savings Deposits 529" - $148,224,805.
By earning the trust of everyone in the North Carolina educational community, SECU was selected as the base savings account provider on the North Carolina 529 Plan, which is a tax- exempt educational savings plan. Most states have 529 plans for their citizens, last time I checked no credit union in the Country was a core provider.
Ya' reckon $148 million in deposits, probably helps the bottom line?
... hey, but there is an even better story on this topic tomorrow! Esse Quam!
I did FAFSA as an employee for years. I do like the service and believe it provides a great benefit to the community. I was never offered compensation though for volunteering as an employee and was definitely not paid double overtime. All I received was some free doughnuts and the pleasure of helping out the community which was more than enough.
ReplyDeleteSorry, has been 15 or so years; I may have the pay wrong. Managerial folks might not be paid, but line employees given wage and hour laws generally should - weekends after a 40 hour week means overtime.
DeleteIs the program still in operation?
Hope main point came through, that the importance of what SECU and employees do is often far greater than it "seems", or the bottom line. And, not something that other institutions will do.
"There is ( was) a difference" and that difference was real...and purposeful.
Yes we still have the program, it is open to the membership during business hours or they can set up an appointment. No one was paid any additional compensation for working over 40 hours a week during this time. Hourly staff or managers. Employees were instead given "comp time" to come in or leave late during regular business hours. Maybe that is why the previous weekend structure was removed.
DeleteThat's great! How was it promoted in 2023? Didn't see anything in the newsletters or press releases. Couple of branches indicated they didn't remember any memos on it.
DeleteAny idea how many members were helped?
2023 FAFSA filing was delayed. SECU held FAFSA month in February and a recent memo went out extending FAFSA assistance into March. Traditionally October is FAFSA month but this delay was outside of SECU control and resulted in no FAFSA help since October of 2022.
DeleteThis is the type of program that SECU should absolutely be offering. People are inundated with paperwork the the gov requires. And the connection with the school systems' was a thing money can't by!
ReplyDeleteYou would think the school systems would have SECU as their source of financial assistance in all aspects. However, school systems have agreements and contracts with other financial service providers making it difficult to get into the schools. SECU has lucked out with some great leaders in the school systems to provide financial literacy to students. More should be done with the state employee school system staff in general.
DeleteSchools like most 'business' are looking for additional revenue ... B**ks probably offer that.
Delete@9:14pm. Not quite sure what your comment means. Are you suggesting SECU not focus on providing financial services to State Employees? And that they should use banks instead?
Deletemy point being that with everything being equal the schools will go after the money banks offer them for their business, The CU is never going to do that. It's not meant as a jab towards the CU just the way the world works.
DeleteWas the Super Bowl ad actually scheduled? y or n
ReplyDeleteI can give you the answer, but the best way for members and employees to assure themselves is to ask Ms. Brady publicly. Let me know what she says.
DeleteTwo more executive promotions today to positions that weren’t posted.
ReplyDeleteWhen will the hiring of top execs slow down?
DeleteKind of like how we ended up with the current president/ceo? A position not posted and Poor Leigh just stepped right in it. Yay.
DeleteLate stage capitalism sucks.
ReplyDeleteand Narcissistic leaders don't help!
Delete11:57 Think you came up with a great "unicorn" point!
ReplyDeletePart of what the Credit Union was trying to demonstrate was that - "just the way the world works" - is not the way the financial world has to be for SECU members, when they own and control a $50 billion financial institution!
SECU is not "industry standard" and that doesn't have to be "just the way the world works"
Would you prefer a credit union that works for you, or a credit union that works against you?
.
Remember that's your choice... not "theirs".
You meant to say SECU WAS not industry standard. Is not departed when Jim Hayes was hired to wreck SECU.
ReplyDelete