Would students still be $1.5 trillion in debt if they’d been forced to take financial literacy courses?
Colleges should provide lessons in mandatory financial literacy courses and financial-aid letters that itemize attendance costs, according to a new report from a federal government commission.
• There should be a “broad adoption” of debt letters in higher education. The letters tell student borrowers the debts they’ve incurred annually and what their expected future repayment amount will look like. Debt letters are already required in 12 states. The letters should spell out repayment options, estimate how much interest will pile up if payments are deferred and provide average entry-level salaries for graduates with the same sort of major.
He added, “The department also plays a critical role in financial literacy and that is why we are implementing the Next Gen FSA initiative and modernizing the user experience to include personalized tools regarding student borrowing and financial decisions.” That dearth of knowledge is on display elsewhere. About half of college students in a 25,000-student survey answered two or fewer questions correctly on a recent six-question quiz.
Treasury Secretary Steven Mnuchin said, “It is vital for our higher education institutions to offer students the resources and information they need to make financial decisions that best fit their needs and career aspirations.” The report, according to him, was a “great guide for colleges and universities to help them improve their students’ financial outcomes.”
A focus on financial literacy was hardly a cure-all for the woes around the cost of college. The price of college, she said, “is too damn high.” Even without a financial literacy program, Fishman said many students were already making informed decisions, but were still forced to take on debt.
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