Students Want Money Information

    A growing number of students want to learn more about personal finance but most public schools don’t offer such classes as part of the curriculum, U.S. News & World Report recently stated.

    According to the student loan provider Sallie Mae, 84 percent of college undergraduates said they wanted more personal finance education. Of those, 64 percent would have liked to have the information in high school and 40 percent wanted the information when they were college freshmen.

    Today, only 13 states require high school students to take a personal finance class as part of the graduation requirements, and only 14 states require that such a class be offered at all. In these classes, students learn the basics of managing money, writing checks and creating budgets.

    In most states, however, students aren’t getting everything they need. Experts like Nan Morrison, president of the nonprofit Council for Economic Education, said schools are so focused on core subjects that personal finance gets overlooked. In addition, many school districts are so cash-strapped that personal-finance classes are seen as extracurricular and are scrapped.

    Where Does Responsibility Fall?

    For most of the financially inept high schoolers, the problems start at home. Parents can’t effectively handle money and can pass on their bad habits to their children. Because of this, money-management skills aren’t taught in the home.

    “To say it’s a parent’s responsibility seems unfair—unfair to the parents and unfair to the kids. You can’t ask people to be responsible for teaching something if they haven’t received the education themselves,” Morrison said.

    Then the problem trickles down to schools and local government. Many teachers said they feel unqualified to teach such a topic.  They worry that the implications of teaching misinformation could have far-reaching effects. And local lawmakers say adding more to the curriculum will drive up education costs.

    Certain States Implement Changes

    Some states have realized that it’s in everyone’s best interest to teach money basics at an early age. Maryland lawmakers recently passed a bill that would require all students in that state to pass a financial literacy class to graduate.

    Maryland Comptroller Peter Franchot said some state officials opposed the bill because of price concerns. He quickly dispelled that notion by pointing out that Maryland’s Carroll County, which independently chose to implement the program in its eight high schools long before the bill passed, did it with less than $40,000.

    “The idea that you have to hire a bunch of new teachers and incur all sorts of new textbook costs and other sorts of expenses just isn’t true,” Franchot said.

    Other proponent for financial literacy classes say that teaching high school students proper money management tools will guide them in life.

    “I think making sure our young people graduate from high school financially literate is one of the biggest gifts we can give them,” U.S. Secretary of Education Arne Duncan said. “And if they don’t understand finances, then I think they’re going to really struggle.”

    In debt? We can help!

    • Amount
    • Type
    • Contact

    How much do you owe?

    What can we help you with today?

    Related Articles

    FAFSA Benefits Students

    Changes to FAFSA Benefits Students

    You’re a college student, and life feels grand. You have your classes picked out for next semester, and you’ve signed a lease through next year. Everything is falling into place. The last thing on your mind is filling out the Free Application for Federal ...

    Continue Reading
    College Graduate Budget Computer

    College Graduates Should Budget (And Save!) Right Away

    When Ryan Dwyer received his undergraduate history degree from the University of South Florida in 2016, he felt a sense of accomplishment. His hard work had paid off with society’s definition of the ticket to a brighter future. But the degree has simply ...

    Continue Reading
    How well are students keeping up with their student loans?

    Who’s Paying For Student Loans

    Now that the college graduation parties are over, parents and students can sit down and have a serious talk about who's going to pay for it. College, that is, not the parties. The cost of college and how families are paying for it, has dimmed the ...

    Continue Reading
    Millennial holding a sign that declares their love for loan repayment plan

    Student Loan Repayment A Benefit Millennials Love

    Companies have a new carrot to dangle in front of college graduates – help repaying student loans – and experts believe it quickly will become the gold standard benefit for the next crop of college graduates. “Getting help repaying student loan debt ...

    Continue Reading
    Graduation with many happy students

    Attention 2015 college graduates: You just started a six-month grace period. Most of you, anyway.

    There are approximately 2.8 million college graduates this year and 75 percent of them – 2.1 million people – borrowed an average of $35,000 to pay for that diploma. That is the highest debt load ever and takes some of shine off the celebration, which ...

    Continue Reading
    student loan application

    FAFSA Deadlines Hamper Access To $150 Billion In Student Aid

    If you have a college-age child in the house, this will be your reminder that now is not just “tax season”, it’s also “FAFSA season.” The two are very much related. Everyone knows what tax season is about – pay the IRS! – but the FAFSA ...

    Continue Reading
    college student with debit card

    Worries About Student Debit Cards Similar To Credit Card Issues

    The crisis over credit card use by college students appears to be under control, but another problem with plastic is causing concern. This time it’s debit and prepaid cards and once again, colleges and universities are being criticized for helping ...

    Continue Reading
    debt relief just ahead road sign

    Private Student Loan Lenders Open Door To Modifications

    Help is coming for beleaguered borrowers who took out student loans from private lenders. How much help – and how many people actually will benefit from it – is still very much under discussion, but two private lenders at least have opened the door to ...

    Continue Reading
    Get Help Now

    Overwhelmed with debt? You have options for lower monthly payments!