The vast majority of college students today have no idea what their student loan payments will be after graduation or even how much they will owe. A personal finance class can help.
Washington, DC (PRWEB) January 17, 2013
The NFEC is working with industry experts to outline clear personal finance education guidelines that should be met by college bound students prior to committing to student loan debt. A draft of the College Prep Financial Education Standards has been created and the NFEC solicits the industry experts to comment on the guidelines that are designed to reduce student loan debt and default.
The NFEC is using the crowdsourcing model to attract those with and expertise and passion for improving our youth’s financial capabilities. They seek those with experience in personal finance, education, student loan debt, college planning and financial professions to contribute to the development of these standards. This model was also used in the development of their petition campaign designed to address the student loan debt problem - college personal finance petition.
According to Daily Crowdsource, “the principle of crowdsourcing is that more heads are better than one. By canvassing a large crowd of people for ideas, skills, or participation, the quality of content and idea generation will be superior.” In Jeff Howe’s book, Crowd Sourcing, it states this process leverages the power of the many “to accomplish feats that were once the province of the specialized few.” It states that “crowdsourcing activates the transformative power of today’s technology, liberating the latent potential within us all.”
The NFEC is leveraging this model tap into the experience, creativity, passion and knowledge of many to support the overall objective – to outline clear personal finance education standards that should be met by college bound students prior to committing to a student loan. The goal is to develop a clear set of guidelines that support financial educators and others that desire to teach money management lessons.
In the draft version, one of the standards outlined states, “Reach proficiency in the use of financial calculators and other tools to calculate the cost of borrowing money.” Vince Shorb of the National Financial Educators Council states, “The vast majority of college students today have absolutely no idea what their payments will be after graduation or even how much they will owe. As I visit college campuses and ask students questions about their loans it is apparent they lack the education and are worried.”
The NFEC is an advocate for personal finance and helps universities and high schools develop comprehensive financial literacy campaigns. These financial literacy workshops, high-profile awareness campaigns, multimedia learning centers, and contests. NFEC financial coaching programs employ innovations that combine current technology trends with interactive games, creating experiential learning methods to which students can readily relate. Specific NFEC brands Money XLive and The Real Money Experience were designed to connect with college students and move them toward taking positive action steps to improve their personal finances.