Financial Awareness Counseling for Students | 09.20.12
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
You can log in using their Federal Student Aid PIN, or enter information as a guest if you don’t have a PIN or don’t want to track sensitive information. If you have a student aid PIN, your loan information pulls directly from NSLDS.ed.gov, making it simple to enter your federal loan infirmation. You can even add private loans manually, making it easier to track how much you owe in one place.
One thing to be careful of though – this finanical awareness tool is NOT the Direct Loan Entrance Counseling, so make sure you complete the right one for your school! While entrance counseling is required for direct loan borrowers, Financial Awareness Counseling is not.
To get started using this tool, head on over to StudentLoans.ed.gov.
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