College CNBC Article with Vince Shorb
In a recent CNBC article, Money Skills Your Teen Needs for College, the NFEC’s CEO Vince Shorb made some comments that some readers found controversial. Among those views are instilling financial skills into future college students that may seem like difficult lessons. Shorb believes that starting to learn about budgeting and other financial subjects earlier will better prepare students for the world they are about to face. In addition, there must be consequences to not properly budgeting once students reach college. “Instead of sending money, send a grocery store gift certificate” or other form of money that can only be used as intended, and will need to be paid back. Loans should also include interest. “Kids go from paying bills to all of a sudden having student loans and rent and eating out and groceries, so it’s all on them at once,” adds Shorb. “They need to build those financial muscles before suddenly having to use them”.
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