09.20.12 | Financial Awareness Counseling for Students
There has been a lot of talk lately about the financial literacy of Americans, and of the Millennial generation in particular. According to the National Financial Educators Council:
About thirty-four percent of parents have taught their teen how to balance a checkbook, and less than that has explained how credit card interest and fees work and ninety-three percent American parents with teenagers report worrying that their children might make financial missteps such as: overspending or living beyond their means.
To help combat the low rates of financial literacy, the Department of Education has recently launched a new Financial Awareness Counseling program. This online tool allows consumers to enter their student loans and other financial metrics to view reports on things like:
- Student loan balances
- Income and tax information
- Default avoidance