VIVA NOLA August/September 2022

College-Bound Hispanics and
Their Financial Stability
By AnaGarcía
@anag1928
There is a lack of basic financial
information in the Hispanic community,
which makes it even more challenging
for youth in this community to achieve their
goals. College-bound students are often
unaware of financial aid resources and don’t
know how to manage their money, so we
contacted experts in our community to offer
some information to students, regardless of
their immigration status.
Ingrid Bustos founded ECCO Centro
Comunitario, a non-profit organization and
resource center that prepares students for
college. Bustos saw the need to provide
resources for students that want to pursue a
college or university degree.
An average community college tuition
is almost $8,000 per year and a 4-year
university costs around $30,000 per year.
“For an immigrant family, it’s hard to afford
that. So, students will rely on scholarships to
attend college,” said Bustos.
Obtaining scholarships isn’t easy. Students
must work hard. An ACT score of 26 points
or above will help the student’s chances of
receiving financial aid from some private
colleges. However, for immigrant students
still mastering English, achieving high scores
in standardized testing is harder.
Bustos mentions private universities
usually have a variety of scholarships
available. They offer scholarships for sports
and arts, for community leadership, and
from foundations. But in Louisiana, “most
scholarships are based on high ACT scores,”
says Bustos.
To find opportunities, students must
take charge of their search. New Orleans
schools offer a 2-year program called
College Track that prepares them and helps
them find scholarships. In other schools,
students must rely on their counselors. “I
always tell students to ask for help from
their school counselor. Also, you can ask
the university counselor when you visit the
10 ~ VIVA NOLA August/September 2022
university. Then, ask what scholarships are
available. They should give you a list of the
scholarships they offer,” says Bustos about
finding available scholarships.
Bustos founded ECCO to help Latinx
students in Louisiana. With a bilingual staff,
they can guide Spanish-speaking parents
and students in navigating the application
process. In addition, the organization offers
“Camino a la Universidad,” a 12-week
workshop to prepare students to apply for
scholarships. “Thanks to the sponsors that
support our mission, we can provide two
hours with a professional to help them in the
process,” says Bustos. The requirements for
applying depend on the kind of scholarship
pursued. “If it is an athletic scholarship, the
student must submit a highlight reel of his
plays. For an art scholarship, you can send
photos of your art. As for academic studies,
universities always consider the GPA (grade
point average),” she adds.
Another challenge for students is
financial literacy. Many Hispanic students
don’t know how to open a bank account.
Undocumented students are afraid of being
flagged when getting into the system.
Veronica Reyes, Louisiana Programming
Officer at TruFund Financial Services, Inc.
shares valuable information on this topic.
“Opening a bank account is not as scary as it
seems. You don’t have to be afraid of being
deported just for opening an account,” says
Reyes, adding that doing some research is
essential. “What is important to you may be
different than what is important to someone
else.”
Reyes says some things to consider
when choosing the right bank are the size
of the bank, personal service, locations in
the community or out of state, ATMs, etc.
These are important to consider as well
as the features, benefits, perks, and types
of accounts offered by the bank and any
monthly service fees and other fees that may
apply before opening your bank account,”
advises Reyes.
Large chain banks usually have more
branches in your city and other states, which
means you’ll get the same service no matter
where you go. This wide coverage can
help you avoid fees for using other banks’
services (like ATM fees, etc.) Large banks
also offer services like 24-hour helplines for
their customers. In addition, these banks
usually can assist in different languages and
have the best technology. Smaller banks,
also known as community banks, tend to
be friendlier than big banks. They provide
one-on-one attention and offer a variety of
accounts and loans that help benefit the
community. Community banks are locally
owned and operated, and usually offer better
rates and lower fees. Credit unions are
not-for-profit financial institutions, often with
a mission to be “community-oriented” and
exist to serve their members. Credit unions
have made their services more accessible
by offering lower fees and partnering with
other credit unions to provide shared branch
banking and ATMs.
To open an account, you must meet the
requirements established by each institution.
“First, confirm the bank or credit union’s
eligibility and age requirements for opening
a savings or checking account. If you are
under 18, some banks may require that you
open the account with a parent or guardian,”
says Reyes.
Choose the correct account for you.
Different types of bank accounts meet
different needs. For example, when
someone opens their first bank account, it is
either a regular checking or savings account
(or both). “It’s important to deposit money
into the type of account that suits your
financial goals, so you have access to the
right spending and saving tools,” says Reyes.
Regardless of race or nationality, the
youth are our future, and we will continue to
provide resources and information for their
success.