On Jan. 26, the Center for Women and Gender Equity’s Fostering Laker Success (FLS) held a virtual financial planning workshop in order to teach students how to be successful and proactive with their finances.

FLS, which was launched as a result of a $375,000 grant provided by the Michigan Department of Health and Human Services, works with youth who’ve experienced foster care and other out-of-home placements. The program provides guidance, access to valuable resources and scholarships to help facilitate student success. 

“Program participants will have access to key resources that can help students succeed in their personal, academic and professional lives,” said program coordinator Brandy Thompson. “Participants will also gain a community of supportive staff and mentors to assist them in reaching their goals.”

To be eligible for Fostering Laker Success, you must be accepted to Grand Valley State University, have experienced foster care after the age of 14 and be younger than 23.

Although the program is fairly new, FLS is unique in the ways that it serves students. In addition to hosting events and providing general guidance for students, the program also participates in the annual Giving Tuesday holiday and accepts donations to the Fostering Laker Success Scholarship fund at www.gvsu.edu/giving.

FLS currently has only 10 participants, but the program has the capacity to serve up to 25 students.

FLS is also part of Fostering Success Michigan, a statewide collective focused on impacting and improving college success among the target population. Historically, students who’ve experienced foster care or other out-of-home placements have much lower graduation rates than other students.

“Statistically, the graduation rate of foster care youth is between 3-10% for bachelor’s degrees compared with national college completion rate of a BA or higher of 32.5%,” Thompson said.

FLS’ latest virtual workshop was focused on budgeting, the importance of understanding credit reports and student debt. Attendees also learned about building credit scores and other general financial tips.

The event was put on for current FLS students and those that met the eligibility to join the program. FLS hopes to keep hosting events similar to this one to give students as many resources and opportunities to succeed as possible. 

“Our goal is to create a community of support that will educate and encourage our program participants with the goal of degree completion,” Thompson said.

FLS is celebrating five years of academic and social support for students who have experienced foster care or out-of-home placement on April 21. Students eligible to join the program and looking for more information about future events can contact the Center for Women and Gender Equity (CWGE) or visit www.gvsu.edu/fls.