Universities Lead National Financial Literacy Efforts

Financial Literacy Today:

Just a month after the Council of Graduate Schools (CGS) announced awardees of its best practice program, Enhancing Student Financial Education, co-sponsored by TIAA-CREF, more positive financial literacy news is coming from colleges across the United States.

This week, Northeast Iowa Community College announced that it will be implementing additional strategies in order to teach financial literacy and stewardship, as well as streamline financial award refund process for students. This announcement comes soon after its decision to freeze tuition and fees for the 2013-2014 academic year. Vice President of Student Services at the college, stated, “We know a lot of students are leaving the College with financial debt… we want to help students understand how they’re planning to use financial aid ward money.” Dr. Peterson brings up a great point here. With many students struggling to manage their debts after graduation, intervention is needed to better prepare them for it. Whether this be through government programs or youth personal finance courses or college studies, as NICC is doing, these graduating students are very vulnerable to financial troubles later on. To read more about NICC’s financial literacy program, see this additional information.

Iowa State University also just moved forward with initiatives to join the growing global effort to enhance financial literacy among college students.  The University announced that it will launch an Internet-based game centered around personal finance education.  The University’s goal is to develop a robust program to best prepare students to take an active and effective role in managing their personal finances. Read more here.