Financial Coaching

What is financial coaching?

Financial coaching involves providing regular one-on-one sessions with students in order to ‘coach’ performance improvements to meet goals that are mutually set by the coach and student. Coaching is differentiated from counseling in that coaches are not “experts”. Instead, they provide encouragement and monitoring rather than advice and do so in a process largely driven by the student. Coaching is not designed to be a therapeutic relationship or to manage a crisis. A coach provides the necessary motivation and resources in order to assist students in making positive life changes.

Why is it important?

Students often need encouragement and support to adhere to positive financial behaviors. Coaching is different from counseling or mentoring because it focuses more on ongoing behavioral change, executive attention and goal setting, as well as goal monitoring. A coach can provide a much needed boost to self-control along with the ability to be flexible and change strategies as the student’s financial situation changes.

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Financial Coaching @ DCC

DCC offers low-income, pell-eligible students the opportunity to meet with a Student Success Coach for financial coaching. During these sessions, students will learn to budget wisely, save more money, build their credit, pay off debt, become financially stable and more with one-on-one financial coaching sessions, seminars from financial experts, and educational workshop opportunities.

The Student Success Coach will:

  • Focus on improving long-term financial behavior;
  • Facilitate students to set and achieve financial goals largely on their own;
  • Help students practice new behaviors and monitor those behaviors over time; and
  • Target students with a minimum level of financial skills and experience.

Goals of Coaching Sessions:

  • Create student-defined goals
  • Address immediate issues
  • Support specific actions to meet goals
  • Improve financial situations
  • Change financial behaviors
  • Facilitate decision-making
  • Provide tools, resources and referrals

 

To schedule an appointment for financial coaching, contact a Student Success Coach at 434-797-8536, or complete the inquiry form below.

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