The Mississippi Institutions of Higher Learning on Thursday adopted a new policy aimed at ensuring all eight public universities provide financial literacy education. The policy, discussed during the board’s meeting, will require annual reporting on efforts to teach skills such as budgeting, saving, managing debt, and investing, according to Dr. Casey Prestwood, associate commissioner for academic and student affairs.
Prestwood said the instruction will be delivered through experience courses, seminars, workshops, and existing curricula. The policy emphasizes teaching practical financial skills relevant to students’ needs, including managing income, student loans, credit, and long-term planning. Each institution will retain flexibility in how they meet these requirements.
Meanwhile, legislators are debating a bill that would mandate financial literacy education across all post-secondary institutions in Mississippi. The bill, HB 562, includes language about this requirement, but the House and Senate are currently negotiating the bill’s final language after disagreements last week.
In addition to financial literacy, the board discussed progress on creating a new performance-based funding model for the state’s universities. The National Center for Higher Education Management Systems is analyzing stakeholder feedback to develop a data-driven model that emphasizes student success and completion metrics, said NCHEMS Vice President Sara Pingel.
Pingel noted that the new model will account for differences among institutions, including mission, student populations, and costs. Draft models presented last month aimed to incorporate these factors, and concerns from university leaders focused on enrollment size, institutional missions, and the diversity of student needs. The model also considers the unique costs faced by smaller schools and regional differences, such as faculty recruitment and utility expenses.
Participants highlighted the importance of supporting out-of-state recruitment efforts and ensuring the inclusion of fields like education and social work, which may yield lower earnings but are vital to the state’s needs. Stakeholders also expressed concerns about lagging data and how it impacts funding decisions, emphasizing the need to track first-generation students and other outcomes more accurately.
The discussion did not result in a decision but served as an update on ongoing efforts to reform funding practices and improve student success metrics in Mississippi higher education, officials said.
Jon Ross Myers is the executive editor and publisher of the Mississippi News Network, Mississippi's largest digital only media company. He can be reached at editor@tippahnews.com
