US Treasury recommending mandatory financial literacy courses for college students

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WASHINGTON — The U.S. Department of the Treasury is recommending that college students take a mandatory financial literacy course.

The department made this recommendation in a report they released on  behalf of the U.S. Financial Literacy and Education Commission.

The report asserts that 43 million Americans owe more than $1.5 trillion in student loan debt.  The department says borrowing, on average, comes out to $33,000 per person.

The department is reportedly concerned that families are taking on student loans without understanding the long-term impact of their debt.

The report makes the following recommendations to colleges and universities:

  • Provide clear, timely and customized information to inform student borrowing.
  • Engage students in financial literacy and education.
  • Target different student populations by use of national, institutional and individual data.
  • Communicate the importance of graduation and major on repayment of student loans.
  • Prepare students for financial obligations upon graduation.

More on student loan debt, here.

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