Education News

Schools Emphasizing Financial Aid Literacy

Schools Emphasizing Financial Aid Literacy

One of the initiatives for college and career readiness on a national and regional scale involves financial aid literacy.

Unfortunately, cutbacks have forced some schools to drop classes that focus on teaching students economics and personal finance. Many high school students, especially first generation college students, find themselves borrowing too many student loans and not knowing how they will repay them. Sadly, many students will leave college with a massive debt and are faced with finding employment in places where jobs are often scarce.

“Debt is really a concerning issue. Over the past 10 years, things have been really bad and just getting worse,” said Rich Williams, the higher education advocate for U.S. PIRG, an advocacy group in Washington.

Expert warn students to be cautious and smart when borrowing student loans. Unlike credit card debt, student loans cannot be erased in bankruptcy.

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Photo Courtesy: Nicole Fruge/Education Week
Teacher Kathy Thomas helps Chris Leyva, 17, a junior in Herndon High School’s Economics and Personal Finance class, construct a resume on Oct. 27 in Herndon, Va. With the cost of college rising and family finances strained, students are taking out more loans to pay for their education. To better equip students to manage their college expenses, financial-literacy programs are spreading in high school classrooms and on college campuses. Virginia now requires all students to complete a one-credit financial-literacy course.