Author: Mark Rummel

What is credit?

October has been coined as National Credit Awareness Month in the United States of America. In other words, this is a good time to get a better understanding of what is credit.

So, what is this “imaginary money” that keeps our country functioning and causes massive debt? Credit is the ability to borrow money or access goods or services with the understanding that you’ll pay later. In the past reputation was a major factor on deciding creditworthiness. Now, credit is a 3-digit number ranking from 300-850. It is a representation of a person’s creditworthiness. This number, used by creditors to understand your record of borrowing and repaying funds, is known as credit history.

Credit history is compiled from reports that are housed by three independent bureaus- Experian, TransUnion, and Equifax. All card issuers, banks, and credit unions all voluntarily send your borrowing and repayment information to the bureaus.

While credit comes in many forms, the most common are credit cards, home mortgages, car loans and student loans. You must apply for credit, and the amount you’re authorized to use is determined by lending institutions like banks or mortgage companies. It is based on your personal financial history.

Daryl Singleton
Daryl Singleton

Having good credit makes it easier to do many things, including rent an apartment or buy a home or car; sign up for a cell phone plan, or get a student loan. Good credit is necessary if you plan to borrow money for major purchases, such as a car or a home. With good credit, you can even save money in the form of lower interest rates or waived fees and down payments when setting up utilities. As consumers, we use credit to buy almost everything, including food, clothing, housing, and transportation. Unfortunately, many people struggle to control their use of credit and get overwhelmed by piles of bills. 

In the next blog we will discuss different types of credit and how to decrease debt. If you have specific questions or would like to better understand what credit is send me an email to dlsingleton@sc4.edu. Always remember, this is a person-centered approach, so take what you need and apply it to your situation. As always Let’s Build!

Photo Credit by Nick Youngson CC BY-SA 3.0 Pix4free.org

Challenger Learning Center at SC4 opens early registration for Mission Lunar Quest

St. Clair County Community College (SC4) is pleased to launch its Challenger Learning Center website and announce early mission registration opportunities for Michigan and Ontario students and educators, businesses and corporations, and community members.

SC4—in partnership with the Challenger Center, a nonprofit science, technology, engineering, and math (STEM) education organization, and in collaboration with Unity in Learning, which includes the Ann Arbor Hands-On Museum, the Leslie Science & Nature Center and the Yankee Air Museum—will officially launch its Challenger Learning Center on the College’s campus in Spring 2022.

The Challenger Learning Center at SC4 is the only Center of its kind in Michigan and one of 40 Centers nationwide and around the world. It is a fully immersive, space-themed, STEM experience aimed at deepening understanding and appreciation of STEM careers and topics and building critical 21st century skills. Challenger Center and its network of Challenger Learning Centers aim to ignite a passion for learning in students and open their eyes to new possibilities for the future. The Center offers unique learning and team-building opportunities for learners of all ages and unparalleled programming for 5th-8th grade learners (adaptable for 8th grade+) that aligns with national science standards.

Though the Challenger Learning Center at SC4 won’t officially launch until Spring 2022, early registration for the first space mission offering, Lunar Quest, is now open. Lunar Quest takes crew members, serving in a variety of STEM-based roles, to the Moon in search of a long-term human habitat. It is the first of four space missions that will take flight in the Challenger Learning Center at SC4. Half day (min. 18 guests/max. 35 guests) and full-day experiences (min. 36 guests/max. 70 guests) are available, and pricing varies based on mission experience.

“We’re thrilled to launch this website and open registration for those interested in reserving a mission experience,” said Dr. Deborah Snyder, president of St. Clair County Community College. “Our nation needs future leaders who are adept at understanding and solving the challenging problems of today and the future. The Challenger Learning Center at SC4 will help support STEM education, exploration and innovation with experiences that go far beyond an everyday field trip, outing or corporate training session.”

Additional opportunities such as a Galaxy Quest STEM Summer Camp will be available beginning in Summer 2022.

“We’re incredibly excited to see the momentum continue to build for the Challenger Learning Center at SC4,” said Lance Bush, president and CEO, Challenger Center. “We’re hard at work building the Spacecraft and preparing Mission Control to welcome students and community members to fly our newest space missions that we developed in partnership with NASA. The countdown has started and we can’t wait to open the doors of this new Center in 2022.”

Added Mel Drumm, president and CEO of Unity in Learning, “The Ann Arbor Hands-On Museum is delighted to collaborate with SC4 upon the opening of the new Challenger Center. This new informal learning experience will immerse each participant into life-like simulations well beyond anything previously available in Southeast Michigan. As the newest member of the region’s Unity in Learning collaborative, the Challenger Center will join with three regional science, nature and aviation organizations to become the region’s newest destination for hands-on discovery, exploration of the natural world and experiences that take flight.” 

Challenger Center was founded in 1986 in the aftermath of the Challenger accident by the crew’s families, who were firmly committed to carrying on the spirit of their loved ones and continuing the Challenger crew’s educational mission. Challenger Center and its network of Challenger Learning Centers have reached more than 5.5 million students worldwide.

For more information and to book a Lunar Quest mission, visit challenger.sc4.edu.

SC4 to host virtual Financial Aid Night Oct. 12

St. Clair County Community College will host its annual Financial Aid Night at 7 p.m. Tuesday, Oct. 12, via a virtual Zoom meeting.

Open to students, families and all area residents, the event connects SC4’s financial aid experts with the community to share valuable information about financial aid processes, opportunities and tips to maximize the money students can receive.

The 2022-23 Federal Application for Free Student Aid (FAFSA) opened Oct. 1, so students can now begin applying for next year. The event provides timely assistance for anyone who wants to learn more about paying for college. While Financial Aid Night is hosted by SC4, students and families interested in any college are welcome to attend.

The presentation will provide information on all type of financial aid, including loans, grants, and scholarships. SC4 representatives will explain how to apply for financial aid and give tips for obtaining maximum awards. A question-and-answer period will also be available.

“If you’re interested in earning a degree or certificate and want to learn more about federal, state and private funding sources as well as scholarships that might help you achieve your goals, this event is for you,” said Director of Financial Assistance and Services Josephine Cassar.

For those interested in attending, registration is required to receive the Zoom link by emailing financialaid@sc4.edu.

Learn more about making college affordable at sc4.edu/financial-aid.

Five key components of financial literacy

Hello and welcome back to school, and for our newcomers, welcome and all the returners welcome back! This week will pick up right where we left off, let’s talk financial literacy.

Here is a quick recap: The blog’s purpose is to provide you with the necessary skills for a sense of financial awareness. What is financial literacy? Financial literacy is “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing” (The President’s Advisory Council on Financial Literacy, 2008).

While researching financial literacy, five key components consistently appear. The five components are earning, spend, save, and invest, borrow, and protecting. During the continuation of this blog, we will better investigate each of these components of financial literacy. We ended the year on saving, and I hope that you had the opportunity to save, save, and save more money than you anticipated over the summer. If not, that is ok. I have good news for you; it is always ok to begin again. 

Daryl Singleton
Daryl Singleton

Last year we learned that earning is “when you trade your time and energy for money” (Donati, 2020). In laymen’s terms, you earn by the hour working during the time allotted. Spending money is/should be the perfect way to increase your overall value. Spending money should be a well-thought-out process, and the best way to remedy financial literacy is by budgeting. You must be willing to save according to what seems to stretch you beyond your limits. Saving can, at times, feel like a sacrifice because it is. Living in a society that thrives on instant gratification can rob you of the joy that comes after persevering. In the coming weeks, well will cover investing, borrowing, and protecting your money.

I want to caution you that as we explore, together, that you take what is necessary for your financial health. In other words, this is not a one-model-fits-all blog. This blog is a person-centered-approach blog where you collect information that is beneficial for your financial wellbeing. Let’s build!