Yale Law School Expands Financial Literacy Initiative

The financial literacy community is buzzing over the profound growth of a financial education program at Yale Law School, which was initially launched in 2011 with one workshop per year, but now sports some eight events per year with approximately 80 students participating in each program.

The topics covered at each Yale Law School financial education event range from budgeting and saving to repaying loans and managing debt. The school’s financial aid office has spearheaded the effort and expects student participation to continue to rise as the initiative gains greater visibility. Moreover, in addition to the workshops that have become popular among students, the financial aid office is developing a plan to roll out one-on-one counseling sessions to better address the specific questions, issues and needs of program participants.

The expansion by Yale Law School of its financial literacy focus is emblematic of the growing trend among financial aid offices to view themselves as more than just financial aid award providers. Rather, they increasingly are positioning themselves as educational resources to support individuals and families as they move through the labyrinth of college loans and other debt during and after their college lives.

Financial education professionals are watching the Yale Law School program closely, as many contend that it could serve as a model for financial aid offices nationally and globally to fill a critical gap in the college debt crisis by arming students and families with the tools and resources they need to best manage their overall financial affairs as they move beyond their college years and in the decades that follow.