Tips, advice, and the latest news from the savings world.
April 19, 2011
By Katie Bryan, America Saves communications manager
April is the peak time when colleges send letters of acceptance. Approximately 1.5 million students will sift through 5 million letters this year. But acceptance doesn’t end the process. Millions of American families also need to determine how to pay for school. Unfortunately, financial aid information is often jargon-filled and unique to the institution sending it. This can make it difficult for families to understand costs, evaluate loan options, and figure out how much debt to take on.
The Consumer Financial Protection Bureau (CFPB) launched the next phase of its Know Before You Owe student loan project by releasing a beta version of the Financial Aid Comparison Shopper, an interactive, online tool designed to help families plan for the costs of post-secondary education.
The Financial Aid Comparison Shopper is available here: www.consumerfinance.gov/payingforcollege
“Student loan debt has crossed the $1 trillion mark and tuition continues to climb,” said CFPB Director Richard Cordray. “Now more than ever, students and their families need to know before they owe. Our Financial Aid Comparison Shopper helps students make apples to apples comparisons of their offers and pick the one that works best for their financial future.”
CFPB Director Richard Cordray unveiled the tool at an event in South Dakota today with Sen. Tim Johnson, Chairman of the Senate Banking Committee.
April 16, 2012
April is Financial Literacy Month and Channel One News wants to help you give teens the knowledge to make educated, financial decisions now, and throughout their lives. From preparing for prom or buying a car, to saving for college or getting risky credit card offers in the mail when they turn 18, young people need to be ready to handle the spending, saving, and yes…even debt… coming their way as the school year comes to an end.
Tools for teachers. The Generation Money micro site, features discussion guides and straightforward, informative lesson plans for download, including:
1) Lesson Plan: The Emergency Fund
2) Lesson Plan: Debt Elimination
3) Lesson Plan: The True Cost of Owning a Car
4) Lesson Plan: Opportunity Costs
5) Lesson Plan: Before You Choose a Credit Card
6) Lesson Plan: Understanding Credit Scores
7) Lesson Plan: Introduction to Earning Interest
Learning adventures for teens. Consider having students take the “Test Your Financial Knowledge Quiz” to find out how much they know about financial matters. They’ll also find fun and interactive calculators to learn about compound interest and ways of saving for college. Plus, there’s plenty of reading material tailored for teens about how banks, stocks, bonds and other financial institutions and tools work.
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