April is National Financial Capability Month. Decisions about paying for higher education can have lasting impact on individuals and our economy. In keeping with our ongoing efforts to increase financial literacy among college-bound and postsecondary students, the U.S. Department of Education (ED) is working with Treasury’s Financial Literacy and Education Commission (FLEC) to teach students how to save and manage money for their postsecondary education.
The Far-Reaching Impact of Financial Literacy
Financial literacy, which can be defined as an understanding of how to earn, manage, and invest money, has a critical impact on students’ ability to make smart choices about which institute of higher education to attend, what to study, how to pay for college, and how to manage student loan debt after graduation.