LIVINGSTON COUNTY — Did you know students at Howell Public Schools and Hartland Community Schools have access to a student-run credit union?

The program, managed by LOC Credit Union, was established in the early 1990s for Farmington Public Schools and later expanded. Today, there are locations in Livingston County at five elementary schools in Howell (Challenger, Voyager, Three Fires, Hutchings and Northwest) and Lakes Elementary and Hartland Farms Intermediate in Hartland.

Interested students apply to work at the credit union each September. Those accepted into the program can serve as a branch manager, teller, marketing professional or member service guide — working one-hour segments a couple of times per month, according to LOC Community Impact Manager Stephanie Hamlin. The credit unions are held at each school in a temporary location.

Students can deposit money or make other transactions during a half-hour period a couple times a month, Hamlin said. She takes all paper and pencil transactions handled by the student “employees,” confirms the details, and ensures they’re entered into the credit union’s system. Funds can be accessed by students with help from their parents online or at any LOC branch. Parents receive a digital receipt of the transaction by email.

“These are real bank accounts and real transactions,” Hamlin said.

Hamlin also organizes about 150 financial literacy presentations each year at schools around Livingston County.

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The Michigan Department of Education’s Revised School Code requires students entering eighth grade to complete a one-half credit course in personal finance by high school. While the LOC program doesn’t replace the need for the state-mandated class, Hamlin believes the topic of financial literacy is one all students should explore by the time their high school careers are over.

“The biggest thing we see is (students need to learn) not to spend it unless they have it,” Hamlin said. “There’s also an overdependence on (adults or parents) to help them with their money. Many students have no fear of debt, so they need to understand that you have to pay off what you owe, plus interest.”

— M. Alan Scott is a freelance writer for The Livingston Daily. Contact the newsroom at newsroom@livingstondaily.com.

This article originally appeared on Livingston Daily: Livingston youngsters get real world experience from LOC Credit Union