By Allie Brawley
In the digital age of spending, Limestone Federal Credit Union's CEO, Jennifer Watson, spearheads a visionary approach to reinforce the value of the dollar. Based in Manistique, her 23- person team meets annually to discuss where they can have the most impact with financial literacy and reach students and adults.
This financial education journey began in 2007 when Limestone opened a small retail store that was owned and operated by fifth graders. Using the retail store and elementary credit union, they taught financial education. They quickly learned retail was more successful because students related to it.
As the years unfolded, so did the evolution of educational initiatives. In 2015, Limestone launched the Grind Coffeehouse, a high school student run non-profit business operated by Upward Community Youth that funneled all proceeds back to the public school. Launched with a $20,000 grant from the Michigan Credit Union Foundation, the Grind surpassed projections and topped $170k in annual sales when it sold nearly five years later.
Building on this success, Watson and her team expanded their reach. When Limestone increased its field of membership to 15 counties across the Upper Peninsula in 2022, it yielded greater potential to partner with universities. In 2023, Limestone launched The Hub @ Lake Superior State University (LSSU) as a satellite branch operated by student interns under the leadership of a branch manager.
“When we first proposed the idea to LSSU, we brought our experience working with students in entrepreneurial ventures, in financial literacy and with adults in financial independence, and we adapted it to college students,” states Watson.
Watson believes college students are underserved or can be vulnerable to financial pitfalls. Limestone’s goal with the Hub is to work directly with students to help them understand the cost of attending college, the impact of how student loan dollars are spent and post-graduation financial realities.
“One of the big things that jumped off the page was the financial literacy and the space here is great for foot traffic,” said Mike Beazley, LSSU’s Dean of Student Affairs. “In our strategic plan, we have some specific objectives that are dedicated to ensuring that students have financial literacy, so this was a great partnership to help fulfill those objectives.”
Beazley cites the trillion-dollar student loan industry and the importance of ensuring students understand what the ink on the page of loan paperwork represents in their post-graduation financial responsibility.
According to LSSU’s Dean of Enrollment Management & Communications, Fred Pierce III, 90% of LSSU students receive some form of financial assistance – sourced from federal, state and institutional programs – and the average loan burden upon graduation for an LSSU student is $24,000.
The Hub currently has two interns working in member services interacting with members by phone, making transfers or loan payments. They rotate among departments to learn about marketing, accounting and administration. After four quarters, interns work in executive support to learn about balance sheets and the back-end of the institution. They are also creating a senior project using the branch as a model and creating a business plan driven by students.
Alyssa Swanson started her career at Limestone Credit Union as a part-time teller while attending Northern Michigan University and worked through the ranks to her current role as Chief Operations Officer. She hopes the Hub will make an impact to student interns and inspire them into credit union careers. To Swanson, the internship program is key for building a talent pool to serve any credit union.
“I’ve just seen the power of the credit union movement and I want to expand that into our internship program,” said Swanson proudly.
LSSU student Samantha Lee is the Hub’s first intern. While working towards a financial counseling certification, she handles member services functions and creates materials for the Hub’s Adulting 101 offering. These sessions delve into practical financial matters, from dissecting credit card statements to understanding compound interest and investing.
Limestone’s Branch Manager, Chelsey Zeeryp, oversees the Hub and engages college students through campus and community events. She knows facilitating new credit union member relationships can start on campus with the best tools for engagement: food and freebies.
“We did a scavenger hunt where we hid $50 gift card boxes around campus and it was great because there were so many students coming in talking to us about their financials,” says Zeeryp.
Identifying with the same generation as college students, Zeeryp knows budgeting and paying bills is often 100% digital. She believes an early start to education is key to creating a solid financial future. To serve students and faculty, Limestone invested heavily in interactive teller machine (ITM) technology to run a full-service branch far from its main branch.
“Once they graduate, I would like to keep that relationship with them so they can come to me for financial counseling or help with buying their first house,” says Zeeryp.
The journey continues with plans for financial reality fairs that simulate a month in the “real world” for students to make budgetary decisions. Participants are given a budget, career, salary and credit score plus student loan debt and must visit 13 stations to select housing, car payment, insurance, technology, lifestyle and clothing. The goal is to be in balance or find a part-time job to support additional expenses.
The impact of these initiatives reverberates beyond the classroom. Watson emphasized the importance of informing students about long-term ramifications of financial decisions, particularly the enduring influence of student loans. Ultimately, the Hub helps students make informed choices, transforming the heavy ink on loan agreements into a symbol of awareness and empowerment.
Watson believes success may unfold slowly but the hope is to witness a multitude of success stories in the years to come. Through projects that have lasting impact on students and adults alike, Watson and her team are pioneers in fostering financial literacy and independence.