School credit union branches are established as a financial education partnership between a credit union and a school or school district. They provide students with opportunities to learn money management skills, develop career skills, and encourage their peers to make wise decisions with their money. Many of the student credit union branches (*) referenced below received financial assistance from the Minnesota Credit Union Foundation.
There are currently ten student credit union branches run by seven credit unions in Minnesota schools. Minnesota’s student credit union branches include:
- HomeTown Federal Credit Union opened the state’s first student branch in 2011 at Owatonna High School. Students from the school’s branch also testified before the Minnesota Senate’s Commerce Committee in December 2014 – emphasizing the positive impact of the credit union as well as the individual benefits gained by student workers at the branch.
- St. Paul Federal Credit Union operates branches at Como Park High School (2012) and Harding High School* (2013). These branches are extensions of the schools’ business education programs, and resulted from the relationship the credit union built with the schools’ business teachers and administrators.
- Ideal Credit Union opened a branch at Tartan High School* in Oakdale in 2013. This student branch highlights the credit union’s mission of providing avenues for financial education and giving students tools to prepare for life after high school.
- Collegeville Community Credit Union at Saint John’s University* in Collegeville is currently the only credit union branch at a university in the state and opened in 2014. The branch office is student-staffed and managed and overseen by a student board of directors.
- North Star Credit Union (formerly Cook Area Credit Union) opened student branches at North Woods School in Cook in 2014 and South Ridge School* in Culver in 2015. Both of these branches are located in K-12 schools and were guided with input from student focus groups that work with the credit union to teach financial education in the schools and staff the branches.
- Royal Credit Union opened a student branch at Eden Prairie High School* in September 2015. The branch is staffed by students to provide traditional financial transactions, and will also be used as a facility for financial education opportunities. Royal will also work with the school to develop curriculum and classroom collaborations to support financial capability efforts.
- Hiway Federal Credit Union (Hiway) opened two student branches with the St. Paul School District. Johnson Sr. High opened in November 2015, and Highland Park Sr. High opened in May, 2016. The branches offer students a hands-on learning experience in which students work at both the school credit union branches and Hiway’s consumer branches. Hiway envisions students becoming the teachers of financial literacy among their peers as well.
*Designates a Student Credit Union Branch that received financial assistance from the Minnesota Credit Union Foundation – whose mission is to provide resources for credit unions and communities to prosper and thrive.
For additional information on school credit unions, contact Executive Director, Lyndsay Miller.