Debt is something that many young adults battle, especially college students who have been known to accumulate debt in the tens of thousands of dollars. In an attempt to help with this burden, Plymouth State University recently launched the $MART program.

$tudents Monetary Awareness and Responsibility Today was developed by PSU's Financial Aid team in response to the escalating debt being incurred by students. There are currently 125 students participating in the program.

Approximately 10 percent of first-year PSU students who borrowed money for their education were invited to participate in these personalized, $MART counseling sessions. In addition to ongoing individual and confidential counseling, $MART participants receive a personalized portfolio containing their financial aid information as well as financial literacy tools. The Financial Aid Team compiled personalized packets for students that included information about student loans and helpful pointers on managing personal finances.

According to the University System of New Hampshire, those students who graduate from a USNH school who have incurred debt owe $22,274 on average. The Granite State has the second highest loan debt in the nation.

June Schlabach, PSU financial aid director, explained that the program is in its first year and has only been offered to first-year students. She said that this is to help them with a quality start and begin early in minimizing debt.

"We have started this with freshmen because they have four years to work with alternatives to debt," said Schlabach. "It serves as a good way to help students learn about this."

Schlabach said that the goal is to minimize debt for young students, and the first step toward this direction is offering the program for free. She said that students who are interested can contact the Financial Aid Team and that they are looking to help people, not turn away. Schlabach is thrilled with the way the program is going.

"It's just a great program focused on minimizing debt," said Schlabach. "We've received positive feedback from the students involved.

Crystal Finefrock, who also serves as PSU's financial aid associate director, runs the program. She explained that financial education should be part of the academic experience because it is a big part of life after college.

"If we can help students think about the long-term impact of their borrowing decisions, it could benefit them tremendously. This program is about creating opportunities for conversation that allow everyone involved to learn from each other."

One of the tools offered in the portfolio is The Freeway Guide to Maximizing Your Money, which is an 80-minute audio program written and recorded by New Hampshire financial author, Peter Bielagus. It was donated and published by The Freeway Guides (www.FreewayGuides.com), a brand new audio learning series.

PSU's Financial Aid Team has also unveiled a "financial wellness" section on their Web link, www.plymouth.edu/finaid/wellness/index.html. The team is beginning a program this spring where financial education presentations will be brought into the residence halls. Angie Uhlman, a PSU financial aid counselor, is coordinating this activity.

"Our sincere concern is that students are mortgaging their future which will impact their quality of life after graduation," said Schlabach. "The financial commitments they make today could affect them for the next 20 to 30 years."