Students Who Take College Personal Finance Courses May Benefit Greatly
With the current state of the economy, most students could benefit greatly from having college personal finance courses offered to them. Unfortunately, a good majority of students when beginning their secondary education are without any knowledge of how to manage their money.
Without a college money management program these skills often go undeveloped. The individual becomes part of the work force and they are unsure about how to make their income stretch to keep up with debt.
A large part of the population has never truly learned how to budget their money effectively. This may have been partially to blame for so many families owing more money than they had available to pay back.
If students had enrolled personal finance programs during their education that taught them how to budget and reduce debt, this might have been avoided.
For many years, individuals were offered credit cards as soon as they graduated from high school. These people never needed to search out the credit card companies, the companies always seemed to find them.
Many students as they enter college, they already have at least one card in their name. Unfortunately, many of these individuals believe that it will not take much time to pay off their debt.However, many individuals are not familiar with how quickly interest rates can make balances seem never to disappear simply because they never enrolled in financial literacy programs for college students. They do not understand that making only the minimum payments may take decades to repay the small amount that was charged. The choices that are made early on may cause problems with a person’s credit for years to come.
However, if these students have been offered a college personal finance course, many of these problems could be avoided. The information students obtained may help them in discovering how they can pay off student loans faster. Learning to keep an individual’s credit rating healthy may prove to be one of the most important things a person can do for their future.
Sign the NFEC’s College Personal Finance Petition now.