College of Business Mississippi State University

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COB Student Elizabeth Modzeleski Named Recipient of Jack R. Lee Award

5-6-16 - Elizabeth K. Modzeleski, a senior business administration major from Roswell, GA, is the inaugural recipient of The Jack R. Lee Award for the best student paper written for FIN 4743 - Consumer Finance.
Professor Tom Miller and Wilma Peterson from the Department of Finance and Economics presented Elizabeth with a commemorative plaque and a check to honor her achievement.

Elizabeth's paper entitled, “The Consumer Financial Protection Bureau and its Effect on the Payday Loan Market,” discussed recent articles that debate opposing viewpoints on the appropriateness of federal regulation in this loan market.

As required, she concluded her paper with her own opinion on this important topic in public policy, pointing out that eliminating the payday loan market would mean that some consumers would be left without any arms-length borrowing sources.

“Advocates of increased regulation might view this outcome as a good thing, but every consumer should have the right of free choice. If consumers still choose to take out payday loans instead of resorting to other options that is their right,” she says.

FIN 4743 - Consumer Finance, is the first course of its kind offered at a major U.S. University. The focus of the class is on credit that is not secured by real estate. Students write papers on a variety of topics, including the use of credit cards, establishing and maintaining a strong credit score, personal bankruptcy, and student loans.

One particular focus of the course is on the wide variety and differences among non-bank supplied small dollar loans. The landscape of these loans include products such as pawn loans, auto title loans, payday loans, and traditional installment loans from finance companies. Students also study various state and federal regulations in these markets.

“I am immensely flattered by this award,“ says Elizabeth. “I was thrilled to see how my idea grew into a finished paper. I thank Dr. Miller for his guidance and encouragement.”

After graduating this May, Elizabeth plans to attend law school at the University of Georgia.

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