The U.S. Department of the Treasury released a report that recommends college students take a mandatory financial literacy course.
The department released the 44-page report on behalf of the U.S. Financial Literacy and Education Commission.
The report says 43 million Americans owe more than $1.5 trillion in student loans. It comes out to about $33,000 per borrower on average. The concern is families are taking on debt without understanding the long-term impact.
The report provides the following recommendations to colleges and universities:
- Provide clear, timely and customized information to inform student borrowing.
- Engage students in financial literacy and education.
- Target different student populations by use of national, institutional and individual data.
- Communicate the importance of graduation and major on repayment of student loans.
- Prepare students for financial obligations upon graduation.
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