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These Are the ‘Building Blocks’ That Lead to Smart Money Decisions

Time Money – Dan Kadlec

“These three skills are essential, and should begin to be understood as young as 3 years old. How do kids learn sound money practices? The answers have eluded financial educators for years, and the lack of clarity as to what works best has fueled resistance to pouring more resources into the effort, especially in schools. Critics make many valid points. But they also jump to a faulty conclusions. And as Richard Cordray, director of the Consumer Financial Protection Bureau, said recently: “I have never found [the resistance] convincing. To me, all it says is that we simply have not yet been at this work long enough.” The need for broad financial education has never been more apparent.”(more)

Scientific Secrets To Keep Kids In College

NPR – Anya Kamenetz

“Ideas42 — a nonprofit research-into-action lab — designs policy interventions to help people make better decisions about their lives. Its primary method is through what’s called “behavioral science” — applying insights from psychology and other social sciences to real world problems. Their high-profile scientific advisors include Richard Thaler, behavioral economist and co-author of the book Nudge: Improving Decisions About Health, Wealth, and Happiness ; and Daniel Kahneman, psychologist and Nobel Laureate and author of the book Thinking, Fast And Slow. Education is one of several program areas at Ideas42, along with health, poverty and development, consumer finance, and sustainability.”(more)

Proposed Changes to Higher Education Act Clear House

Education News – Kristin Decarr

“A number of bipartisan higher education bills have been passed by the House of Representatives in an effort to provide solutions to elements of the Higher Education Act currently in need of an update. In all, five bills were passed by the House which address some of the issues within the Higher Education Act, including a simplification for the application for federal student aid, making information about colleges and universities readily accessible, and offering benefits for historically black colleges those who serve Hispanic students…One of the bills, sponsored by US Congressman Gregorio Kilili Camacho Sablan, seeks to help students and their families obtain the necessary information they need to choose a college. The bill will create a US Department of Education tool called the College Dashboard, which will be available online and will include key data pertaining to financial and economic statistics on universities across the country.”(more)

Tips for filling out the FAFSA as a first-generation college student

The Christian Science Monitor – Devon Delfino

“Being a first-generation college student is a big deal and a huge opportunity. You’ll be the first person in your family to experience the lighter side of college — like experimenting with ill-advised late-night dining options — as well as the more serious ultimate goal: getting a degree. Navigating the college experience is hard enough as it is, but many first-gen students face an even steeper uphill battle: English may not be spoken at home, parents may be working long hours, or affordable tutoring programs may not have been available. Those who do attend college may face higher dropout rates and take longer to graduate. According to the Pell Institute, about 11% of low-income, first-generation students who entered college in 2003 received a bachelor’s degree within six years, compared with 54% of non-low-income, non-first generation students who did.”(more)

As More Parents Expect Students to Pay for College Costs, Need for Financial Literacy Grows

Education World – Nicole Gorman

“A fifth annual survey from Discover Student Loans reveals that parents are increasingly expecting their children to take financial ownership of higher education costs…Danny Ray, president of Discover Student Loans notes…“With an increase in responsibility comes the need to be prepared, and we encourage families to have discussions early and often on how to pay for college,” he said. This also brings into discussion the need for financial literacy education in America’s classrooms. Because most states do not require that financial literacy be taught in schools, most students never have the option to learn money management skills and financial responsibility before taking out their first student loans…Young adults are aware that they could benefit from financial literacy courses. Last week, a survey from the National Financial Educators Conference found that above any other subject, students think that a money management course would be the most beneficial to their lives.”(more)

Making College More Affordable for More Americans & Improving College Choice

U.S. Dept. of Education – Staff Writer

“The President’s blueprint unveiled last September aims to make it easier to get federal student aid by streamlining the process of submitting a Free Application for Federal Student Aid (FAFSA®)….Filling out the FAFSA—at no cost—opens the door for students to receive potentially thousands of dollars in federal aid. Yet each year, about two million Pell-eligible students do not fill out the FAFSA—and millions more may have enrolled in college had they known that aid were available. To further streamline and simplify the FAFSA, the President announced a plan that will allow students and families to apply for financial aid earlier—starting in October, as the college application process gets underway—rather than in January…Learning about financial aid eligibility earlier in the college application and decision process will enable students and families to determine the true cost of attending college—taking available financial aid into account—and make more informed decisions as they are searching for, applying to, and choosing colleges.”(more)