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Not doing this when you apply for student loans could cost you

USA Today – Kellie Ell

“More than half of students read less than 25% of their student loan documents, according to a new study. Many skipped reading them altogether. Those are the results of the 2017 State of Student Loan Debt in America survey, which polled current college students and their parents on their attitudes about managing student loan debt and found that most of America’s college students are flummoxed by the lengthy student loan process.”(more)

American Students’ Financial Illiteracy and What’s Being Done to Fix It

Education World – Joel Stice

“The United States reached a discouraging new milestone back in August when it was reported that U.S. households collectively have more than $1 trillion in credit-card debt. And unfortunately, that number might continue to rise in the future with a large number of teenagers (and a lot of adults apparently) lacking in financial literacy.”(more)

Retirement plan: 70% of young parents are making this big money mistake

USA Today – Kathleen Elkins

“According to a new survey from Personal Capital, 70% of Millennial parents say they would prioritize their kid’s college education over their own retirement. Most financial advisers would call that a big mistake. You don’t want to “derail your retirement for your child’s college education when they can get a loan or scholarships,” certified financial planner Carrie Schwab-Pomerantz tells CNBC.”(more)

This simple exercise can teach your kids how to be smart with money

The Week – Sara Lindberg

“The best way parents can help their children develop good financial habits is to lead by example. Growing up the daughter of a banker, my entire life was about teachable moments when it came to money. My brothers and I couldn’t go to the grocery store without some kind of lesson on spending. And many nights at home were spent learning how to save our pennies in hopes that we could turn them into a dime.”(more)

Wisconsin Could Soon Set The Bar For Personal Finance Education

Forbes – Stacey Leasca

“Just 17 states in the United States require high school students to take a course in personal finance, according to the Council for Economic Education. And while the sheer lack of access to personal finance education may seem abysmal it actually gets worse as according to the report, a mere 20 states required high school students to take a course in economics in 2016, which is actually two fewer states than in 2014. It should come as little surprise then that a 2012 worldwide assessment of young people’s financial literacy found that more than one in six students in the United States failed to reach the baseline level of proficiency. Overall, the Council for Economic Education’s report said, American students fall in the middle of the pack globally, performing on average just behind Latvia and just ahead of Russia. Thankfully, states like Wisconsin are looking to change this statistic by potentially introducing a financial literacy curriculum to its required courses in K-12 schools.”(more)

Tompor: Millennials start kids’ college funds earlier than Baby Boomers did

USA Today – Susan Tompor

“Many Millennials who know the burdens of student debt could be aiming to treat college savings a bit differently from their parents. After becoming parents, about 56% of Millennials began setting aside money for college for their children sometime between birth and age 5. That compares with only 33% of Baby Boomers who did that, according to the “How America Saves for College 2016″ report released last fall by Sallie Mae, the private student loan giant, and Ipsos, an independent global market research company.”(more)