Whether it is helping open a first checking account or buy a first car, UMe is always there for its members during all of life’s biggest moments, including supporting members during the current pandemic with its #hereforU program and being among the first to offer loan payment relief of any financial institution. The college experience is also one of those big life moments and planning financial independence can weigh heavily on a student’s mind. That is why the credit union created the UMe Super Awesome Scholarship to help two deserving students achieve their big college dreams – with an award of $2,500 each.

As high school seniors in our community prepare to graduate, UMe is proud to announce the recipients of the scholarship program. This year, instead of two super awesome students receiving $2,500 scholarships, the credit union is naming two additional surprise scholarship recipients, each receiving $500. Says Anita Hutchinson, UMe Credit Union Chief Marketing Officer, “We were inspired to give two extra awards this year while reading the moving personal essays and achievements of our applicants – there were just too many great students to choose from. And in a year of unprecedented change for these kids, we thought it would be a good way to spread some joy.” Through its scholarship program, UMe is honored to support these young people and their ambitions. The credit union believes that all four of these Burbank-area high school seniors will go on to do big things in life!

Giselle Gonzaga from Burbank High School received a $2,500 UMe scholarship and will attend the University of Pennsylvania Wharton School of Business where she plans to major in finance to become a financial analyst.

Prissila Fabian from Burbank High School received a $2,500 UMe scholarship and will attend California State University Northridge where she plans to study finance with the goal of becoming a CFO.

Kristina Belangue from John Burroughs High School received a $500 UMe scholarship and will attend California State University Northridge where she will major in mathematics with a minor in deaf studies and go on to study pharmaceutical medicine.

Luz Torres Antonio from Burbank High School received a $500 UMe scholarship and will attend the University of San Diego where she will major in business administration with the goal of working as a production manager in the entertainment industry. 

UMe’s commitment to education shines through in all its actions. Founded by Burbank teachers (80 years ago this June) the credit union has always considered the Burbank Unified School District a part of its organization. Many of the credit union’s volunteer board and supervisory committee members are current and former employees of the district. Creating the first student credit unions west of the Mississippi circa 1974, creating a paid internship that gives students experience in all departments of the credit union called the UMe Student Internship Program, and more recently, hosting financial education simulations at the high schools for students have been some of its most cherished accomplishments.

The UMe Super Awesome Scholarship was created in 2018 to support students and their future academic endeavors. The application consists of a student’s academic record, personal essay, letters of recommendation, and student activity. Applications for 2020-2021 academic year will be announced on UMe’s website late summer 2020. Applicants must be UMe members for at least 3 months to be eligible.

For footage of each UMe Super Awesome Scholarship recipient receiving the news of their award over a remote video chat, click here!

Receiving training at Burbank (Photo Courtesy UMe Credit Union)

On May 3 UMe Credit Union wrapped up their UMe Bite of Reality event at Burroughs High School in order to help teens make financial decisions and give them a better understanding of the challenges of living on a budget. UMe first tested the event out earlier this year in February at Burbank High School for a group of National Academy of Finance students and proceeded to introduce it to Burroughs after it’s huge success.

Receiving training at Burroughs (Photo By Betty Blossom)

The Bite of Reality program is created for Credit Unions by the RMJ Foundation and is a hands-on simulation app that gives teens a taste of real-world financial realities. The students were each assigned a fictional persona complete with an occupation, salary, spouse and family, student loan debt, credit card debt, and medical insurance payments. The students then walked around to various table-top stations to “purchase” housing, transportation, food, clothing, household necessities, day care, and other needs. Most importantly, the simulation includes a “credit union” table to help the students with their financial needs, guiding them on how to budget and successfully navigate finances in the real world.

Photo By Betty Blossom

At the transportation table, students dealt with a pushy “car salesperson” that encouraged them to choose brand new vehicles versus a used car or bus pass while over at the housing table a commission-based “realtor” sold them on the biggest house with the most rooms. There was even a “Fickle Finger of Fate” that gave students unexpected “expenses” or “windfalls” just like in real life. The students soon learned to weigh their wants versus their needs.

“Now that we know that the students enjoy the event, and even more important, learn something, our goal is to make it a regular event at both high schools,” said UMe Credit Union CMO & Vice President of Marketing, Anita Hutchinson, who helped organize and bring the events to both of Burbank’s high schools. “One of the students told me: ‘Thank you, this really opened my eyes about a lot of things I had no idea about!’ This fits in with where we started. Our credit union was founded by a couple of Burbank teachers back in 1940. We operated out of a teacher’s desk drawer for years, eventually moving to a teacher’s house so people could access their money after school hours,” added Hutchinson. UMe Credit Union bought their first building on Magnolia Blvd. in 1969 and have continuously showed their support for the Burbank community and school district.

Receiving training at Burroughs (Photo By Betty Blossom)

According to a WalletLiterarcy Survey by WalletHub, California ranks near the bottom of all the states in “Financial Knowledge and Education.”  “Most of the students who participated in our simulation were shocked by what it costs to survive in the real world: cars, cell phones, utilities, personal care-all normal, everyday expenses that need to be budgeted for,” says Hutchinson.  The students provided positive feedback regarding the program and many students commented that they learned something new. UMe Credit Union’s goal for the program is to get our Burbank students to rise to the top of the ranking, making sure they’re prepared for real life beyond high school and college. “If we can give them a good knowledge base, we can help ensure that they avoid stress and enter adulthood more prepared for success!” adds Hutchinson. Surveys shows that students report feeling the least prepared to tackle their finances and are particularly stressed about it.  The good news is that as financial knowledge increases, the stress over financial decision-making decreases.

Photo By Betty Blossom

According to a 2017 EverFi survey of 104,000 incoming college students, there is a general lack of financial knowledge/skills — and students are:

+ accruing high levels of student loan and credit card debt

+ displaying a poor understanding of basic financial topics

+ experiencing financial stress and anxiety

In the recap after the simulation ended, UMe asked students to share what they learned… and some of the answers were:

+ there’s a difference between wants and needs

+ kids are expensive

+ you can choose how to spend your money, don’t always take what a salesperson tells you as what’s best for you

+ ask questions

+ just because you make money doesn’t mean you will have enough to do everything you want

Receiving training at Burbank (Photo Courtesy UMe Credit Union)

Receiving training at Burroughs (Photo By Betty Blossom)