Note: April is National Financial Capability Month.
On August 28, 2017, I accepted an offer to work with the U.S. Department of Education’s Office of Federal Student Aid (FSA) through the State Department’s Virtual Student Federal Service (VSFS) internship program. I imagined that I’d be doing typical intern duties, but didn’t foresee how much I’d learn about financial literacy, or the level of understanding I would gain on how to earn, manage and invest money.
I didn’t even know that this was a skill or area of study before last August, and as a third-year undergraduate student at Yale, I wish I could have learned sooner about financial capability – making informed decisions about college access, applying for aid, budgeting and borrowing and managing debt.
Financial literacy, or financial capability, is a very important area of study. Included in the Secretary’s Final Supplemental Priorities for Discretionary Grant Programs from the U.S. Department of Education is a priority area for “[s]upporting instruction in personal financial literacy, knowledge of markets and economics, knowledge of higher education financing and repayment (e.g., college savings and student loans), or other skills aimed at building personal financial understanding and responsibility.”