NATCHITOCHES -- Professional sports organizations have made a recent push to promote financial literacy among its players, and that movement has trickled down to the college ranks.
 
Northwestern State student-athletes took part in a "Let's Talk Cents" financial education course Monday in the Stroud Room.
 
Participants learned about balancing their personal budget along with money-saving tips, but the crux of the hour-long discussion centered around credit scores and interest rates.
 
City Bank assistant vice president David Guillet and mortgage officer Kenny Thomas explained how spending behavior in college can negatively affect credit scores, which makes borrowing more money difficult and expensive in the future.
 
Both Guillet and Thomas said they struggled financially during college and had to rehabilitate their credit scores.
 
"The two most important concepts for you to understand (in college) is building up your savings and maintaining your credit score," Guillet said. "You can worry about investments down the road, but the decisions you make today can affect you, especially if your credit score is smashed and you have no savings."
 
Football junior Nigel Dora said he didn't know much about credit scores before Monday's discussion.
 
"I learned a lot tonight, and like many college students, I haven't really saved money to this point," said football junior Nigel Dora. "I didn't know about credit, and I didn't know a bad credit score now can hurt me down the line.

"I learned that I need to manage my money and make sure that I'm financially stable for my future."
 
Guillet added that methods exist to repair or establish a credit score, and he suggested starting a savings secured loan.
 
"Build your credit score now because it can take you years to repair it," said Kenny Thomas. "An 800 is a fantastic credit score, and we can work with people down to a 620.
 
"But the lower your score, the higher your interest rate and the more expensive it is to borrow money."
 
Putting money into a savings account then using that money as collateral can improve one's chances of being accepted for a loan and lower the interest rate because the bank is assuming less risk.
 
Thomas explained the difference between fixed and variable interest rates, advising students to lock in a fixed interest rate when making large purchases like a home.
 
Fixed interest rates won't change throughout the life of a loan and won't be susceptible to interest rate hikes as the economy improves.
 
Thomas added a long-term loan can always be refinanced if the interest rate dips.
 
"I learned that I need to prepare now and do things now so that I can put a roof over my head in the future," said soccer junior Cache' Haley. "I'm lucky enough to not have student loans because of my ability to play soccer.
 
"I learned what credit is today and that I'm starting in a good position because I don't have student loans."
 
Jasmine Chievous, assistant athletics director for student-athlete development, arranged the course as part of NSU's Life Skills series and said she's planning on incorporating similar courses in the future.
 
"The NCAA wants financial literacy to be part of what we offer student-athletes," Chievous said. "Student-athletes need to know how to manage their money properly, and they can be faced with issues involving athletics in the near future like the NCAA cost of attendance legislation.
 
"The student-athletes asking questions during the presentation and staying after to get more of their questions answered speaks volumes to their desire to learn how to manage their money."