Understanding finances is challenging for many students and there may be added challenges for refugee and displaced students who may be new to U.S. financial and tax systems. During a recent Welcome Campus Network meeting, practitioners shared questions and effective resources. Technical assistance experts from our Portal Partners, Switchboard and IRC shared resources and guidance for financial empowerment.
Here are some tips to keep in mind:
- Utilize students studying accounting- see if students/professors in accounting would be willing to host a workshop or provide individual support
- Be proactive and start early, including having a conversation about tax withholding when they get a job, having a session on understanding paystubs, etc.
- Manage expectations. While we want to support students to ensure they don’t pay unnecessary taxes, in some cases it may be most helpful to prepare students to save an apportioned amount to pay taxes.
- Find local or virtual resources that can support students with tax filings
- Include financial capabilities training into orientation and on-going training sessions
Here are some resources that you can share directly with students or use to support your financial empowerment efforts:
- Switchboard Resource List: Taxes & Financial Literacy
- Supporting Access to Financial Empowerment (SAFE) Financial Education Resources
- Switchboard Resource Collection: Financial Empowerment for Refugees and Newcomers
- Switchboard Supporting Newcomers with U.S. Income Taxes
- SettleIn Understanding Taxes in the US