LAFCU has awarded three grants that total $7,500 in debt relief in The LAFCU Pathway to Financial Transformation Essay Contest, which was designed to not just help the winners, but to help all who entered.
“We know debt can create stress that negatively affects many areas of a person’s life such as relationships and overall health,” said Shelia Scott, LAFCU community financial education & business development officer. “This contest highlights the value of creating a pathway to financial transformation to achieve financial security, especially for those who have stumbled on their journey.”
Via a one-page essay, entrants focused on their financial situation, assessed it and their accomplishments the past 12 months, and identified how they will continue to work to achieve their financial goals.
The essays of Candace Collier, Kalamazoo; Alexis Hodges, Lansing; and Lisa Neino, Jackson, stood out.
“They spoke from their heart,” Scott said. “Their essays laid bare the obstacles they have faced and their uphill journeys, yet they continue to make progress one step at a time. They are driven by hope, and they are inspiring.”
The three $2,500 grants were awarded so the winners could pay down outstanding debt.
Here are some strategies the winners identified in their essays:
- After bad financial advice dug an entrant into more debt, she learned on her own how to budget and live within her “extremely modest means.”
- After 11 years of on-time payments on an unsecured credit card, an entrant was able to refinance her car at lower interest rate.
- An entrant and her children budgeted an educational road trip through 23 states — their first vacation in more than a decade.
- An entrant increased her credit score by disputing hard inquiries on her credit report and getting them removed.
- An entrant is working to improve what is needed to obtain access to credit because her business cannot grow without it.
This debt-relief program is part of LAFCU’s financial literacy program that helps the Michigan credit union deliver on its desire to help make the communities it serves stronger.
Eligible entrants were those who live, work, worship or attend school in Michigan, the credit union’s geographical service area. They were not required to be a LAFCU member.

At a virtual presentation for LAFCU’s debt relief grants, the word cloud for Lisa Neino’s essay highlights her financial journey. Pictured are, from left, Shelia Scott, Candace Collier, Alexis Hodges, Lisa O’Connor and Zac Williams.

At a virtual presentation for LAFCU’s debt relief grants, the word cloud for Alexis Hodges’ essay highlights her life-long work to obtain higher education and make her mother proud. Pictured are, from left, Shelia Scott, Candace Collier, Alexis Hodges, Lisa O’Connor and Zac Williams.

At a virtual presentation for LAFCU’s debt relief grants, the word cloud for Lisa Neino’s essay highlights her financial journey. Pictured are, from left, Shelia Scott, Candace Collier, Alexis Hodges, Lisa O’Connor and Zac Williams.