EKU basketball players get schooled on financials

RICHMOND, Ky. – Eastern Kentucky University men’s and women’s basketball players recently participated in a finance management seminar to prepare for the additional cost-of-attendance scholarship money they will receive this year.

The seminar was hosted by Cumberland Valley National Bank and featured guest presenters Phyllis and Eric Fuchs. The Fuchs stressed basic principles of responsible money management, including budgeting every dollar, building credit and compounding interest.

“We are very fortunate that Phyllis and Eric came to talk to our players about financial responsibility,” head men’s basketball coach Dan McHale said. “The cost-of-attendance money EKU has provided to my guys is an unbelievable benefit, and educating them on how to manage that money will prepare them for life after graduation.”

Players were also exposed to finance management resources such as budget templates and the website EveryDollar.com.

“Everyone seemed very engaged, and we got a lot of good questions out of the group,” Cumberland Valley National Bank V.P. Jeremy Brown said.

The seminar even inspired junior women’s basketball player Katie Pippen to start plotting out a retirement plan.

“The seminar really put into perspective how important it is to budget our money, and the presenters showed us a lot of fast, easy ways to manage our money now,” Pippen said. “Personally, I am going to try to invest some of my money now so that I can gain interest on it in the future. I’m even thinking about opening a retirement fund to prepare for the future.”

EKU announced in July that it will cover full cost of attendance for its basketball programs beginning with the 2015-16 academic year.

A full scholarship for men’s and women’s basketball will now cover expenses that meet the federal definition of “cost of attendance.” In addition to tuition, fees, books and room and board, a full scholarship will now include what the university estimates an average student spends on personal and travel expenses during an academic year. At EKU, the additional scholarship money will range from $2,800 to $4,600 per year.