Setting an Example of Financial Responsibility

decorative border

Nicole and Carl Pearson

Nicole and Carl Pearson

For Nicole and Carl Pearson, graduates of the College of Pharmacy, financial responsibility and estate planning have driven their passion for giving at a relatively young age.

“I lost both of my parents,” Nicole (COP ’13) shares. “Going through the estate chaos of closing accounts and figuring everything out while grieving a loss is not something that we want our family to have to try to navigate.”

In order to have a plan in place for their families, the Pearsons have made a planned gift, establishing the Nicole and Carl Pearson Scholarship Endowment. This scholarship will benefit students in Ferris’ College of Pharmacy.

“Ferris set us up for success,” Carl (COP ’14) explains. “Now, we are able to help future students defray the rising costs of their college education.”

While the main goal of the Pearsons’ scholarship is to help students in the Pharmacy program devote their energies to school and learning instead of finances, they also hope to set an example of financial responsibility.

“Younger people don’t think about estate planning,” says Nicole. “Finances are taboo to talk about, but you have to put in the work to learn about it. I feel like it is my personal responsibility to help people be financially healthy sooner.”

The Pearsons met during their time at Ferris as honors students, residing across the hall from each other while living in Carlisle Hall. The smaller community feel of Ferris helped them to develop friendships with others within their hall, friendships that they maintain today.

As graduates of the Pharmacy program, the Pearsons have a great respect to the education they received.

“We didn’t realize what a great education we received until we got out into the working world,” Nicole reflects. “As a trainer of new pharmacists, I can tell who went to Ferris, based on how they act, how they talk, and their confidence. They are more well-rounded, communicate better with patients, and have a better understanding of the big picture.”

After graduation, despite having scholarship help, like many grads, they were both left with an incredible amount of debt.

“Student loan debt can delay grads from becoming a fully functioning member of the economy, states Carl. “We were fortunate that as a married couple of two pharmacists, we were able to take care of that fairly quickly, but not everyone has that luxury.”

Nicole adds, “Our generation is crippled with student loan debt. It takes longer to buy a house, to have kids; you feel like you can’t do anything until you get it under control.”

When asked if they had advice for Ferris students nearing graduation, financial planning remains a key theme. “Your relationship with the school will change as an alumnus,” Carl shares. “It is hard to focus on the good parts of college when you are focused on the financial parts of it.”

Nicole echoes this sentiment. “Make a budget and be aware of what you are spending your money on. You never know when it’s your time: I talked to my dad four days before he died; we were celebrating his birthday. You need to have a plan in place for your family to make their lives easier during a difficult time.”

The Pearsons’ generous gift to the university is an incredible tribute to all that they have invested in their lives and leaves a tremendous legacy for their family.

Like the Pearsons, you too can help offset the cost of education by including a gift to The Ferris Foundation in your estate plan. Contact The Ferris Foundation at (231) 591-2365 or FerrisFoundation@ferris.edu to learn about your options.