NEW YORK (10/23/14)--The Nation's student blog Wednesday detailed the goals of the Lion Credit Union Initiative (LCUI): To bring a cooperatively run financial institution to the Columbia University campus and to provide financial education to students.
Students at Columbia--a private Ivy League university located in New York City--have been working on creating a credit union devoted to university students, faculty, employees and alumni since last year. A successful student ballot initiative in the spring has put the group on course to gain administrative, University Senate and National Credit Union Administration support (Columbia Spectator Sept. 19).
The idea is a "no-brainer," said current LCUI President Jared Greene in the StudentNation blog entry. "It's about connecting a community, while saving each other money and teaching each other things," he said.
In introducing the idea of the credit union, LCUI members are focusing on financial literacy and its member-owned structure. "The most crucial short-term goal of the LCUI is promoting financial literacy on college campuses, by bringing in speakers and organizing classes," StudentNation noted.
In the long run, the LCUI hopes to offer student loans at lower rates, something executive committee member Mischa Beumer says is "realistic."