The U.S. Department of the Treasury released a report on behalf of the Financial Literacy and Education Commission (FLEC). The report, Best Practices for Financial Education at Institutions of Higher Education, provides recommendations for higher education institutions to deliver effective financial literacy education and resources to help students make informed decisions and avoid pitfalls associated with financing education.
This report advances FLEC’s mission to prepare students to make sound financial choices in order to succeed in the workforce.
Best practices for evidence-based, effective financial education covered in the report include:
- Providing clear, timely and customized information to inform student borrowing
- Effectively engaging students in financial literacy and education
- Targeting different student populations by use of national, institutional and individual data
- Communicating importance of graduation and major on repayment of student loans
- Preparing students to meet financial obligations upon graduation
The full analysis and complete list of recommendations can be found in the report
