Ole Miss to pilot financial literacy for athletes

University of Mississippi athletes will take a first-of-its-kind financial literacy class this spring that, if successful, could spread to college campuses throughout the Southeast.

Developed by Regions Bank, the financial education pilot program kicks off in Oxford on April 19 and will equip student-athletes with the tools needed to save money, build a positive credit history and manage their finances.

Regions contributed $500,000 to the multi-year effort, which is implemented through the university’s Vaught Society/Forward Together campaign to strengthen Ole Miss athletics.

College students notoriously struggle to make sound financial decisions, and many find themselves saddled with crushing debt from student loans and credit cards. A 2013 nationwide study by the private, nonprofit student loan guarantee agency, NSLP, found nine out of 10 first-year college students scored a “C” or below on their knowledge of financial literacy.

Regions already has rolled out financial literacy programs in grade schools and high schools nationally, but the bank is partnering with Ole Miss to customize those lessons for student-athletes, said Keith Carter, the university's senior associate athletics director for development and executive director of the Ole Miss Athletics Foundation.

"The more that we are able to reach young people and guide them toward smart money management decisions early in their adulthood, the more positive impact we are going to have," Brown said.

About 35 student-athletes are expected to take the course this spring with an additional 125 set to take it this summer, said Ole Miss spokesman Danny Blanton.

While the program is unique to Ole Miss, Regions hopes it will become a model for similar programs across the SEC.

"We have a long-term relationship with Ole Miss, and this is a natural extension of our support for the university and its students," said Jimmy Brown of Grenada, area president for Regions North Mississippi.

"It's our goal to support both financial education and additional life skills that will serve students well as they begin their careers and plan for the future."

Contact Emily Le Coz at (601) 961-7249 or elecoz@jackson.gannett.com. Follow @emily_lecoz on Twitter.