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High Schools, Colleges Push Financial Literacy

Teacher Kathy Thomas helps Chris Leyva, 17, a junior in Herndon High School's Economics and Personal Finance class, construct a resume on Oct. 27 in Herndon, Va. With the cost of college rising and family finances strained, students are taking out more loans to pay for their education. To better equip students to manage their college expenses, financial-literacy programs are spreading in high school classrooms and on college campuses. Virginia now requires all students to complete a one-credit financial-literacy course.

—Nicole Fruge/Education Week

By Caralee J. Adams

Before Reason Chandler could get his student loan at Tidewater Community College in Norfolk, Va., this year, he had to complete a budget. In one column, he estimated his current income and expenses; in another, he projected his cash flow after graduation—estimating his potential salary as an urban planner.

“This budget worksheet slows you down a bit and makes you realize, ‘Hey, I have to pay this money back,’ ” said the 26-year-old, who says it took just 15 minutes to meet the college’s new financial-aid requirement. Despite qualifying for Pell Grants and veterans’ benefits, Mr. Chandler estimates he will have accumulated $45,000 in debt by the time he finishes his education, including a master’s degree.

“I’m pretty confident that once I’m done with college, I’ll be able to secure a stable job, start my career, and I’ll be able to balance things...