Financial Literacy in the News
How to Head Off a Potential Student Loan Crisis
Even as those who spoke were careful to tiptoe around embracing it, the word “crisis” loomed over the cavernous Senate Banking Committee chamber on Tuesday. It may have become an apt or commonly accepted word to describe the deflating bubble in the housing market, the panic spreading into other areas of the financial system and the havoc being wrought on individual banks, but none of the panelists assembled there to discuss the student loan market were ready to declare a crisis in their corner of the economy — at least not yet.
Inside Higher Ed
April 16, 2008
http://www.insidehighered.com/news/2008/04/16/loans
Borrow Smart for College
Some lenders have stopped making student loans, but don't worry, there is plenty of money available. Here's a simple guide to understanding your options.
kiplinger.com
Janet Bodnar
April 16, 2008
http://www.kiplinger.com/columns/drt/archive/2008/dt080416.html
Chase Confirms That It Will Stop Making Loans to Students at Some Institutions
Chase Education Finance, the seventh-largest originator of federal student loans, confirmed today that it would no longer make federal loans to students who attend certain high-risk institutions.
The Chronicle of Higher Education
April 15, 2008
http://chronicle.com/news/article/4315/chase-confirms-that-it-will-stop-making-loans-to-students-at-some-institutions?utm_source=at&utm_medium=en
Majoring in Plastic, With Easy Access to Credit Cards, Students Pick Up the Debt Habit Early
Experts say it is behavior that begins at an early age. Decades ago, it wasn't until one had a career, a spouse, even a child that credit cards typically entered the picture. Now, once people turn 18, they are bombarded with credit card offers. College campuses have become breeding grounds for new consumers of credit, with companies using free T-shirts, sandwiches, even iPods to entice potential customers.
The Washington Post
Nancy Trejos
April 13, 2008
http://www.washingtonpost.com/wp-dyn/content/article/2008/04/12/AR2008041200208.html
Swipe It: Students See Gain, Loss with Credit Cards
In recent years, credit cards with slogans such as "Life takes Visa" and "There are some things money can't buy, for everything else there's MasterCard," have been causing stress and putting individuals in a financial burden.
The Hilltop Online
Olivia Everson
April 11, 2008
http://media.www.thehilltoponline.com/media/storage/paper590/news/2008/04/11/LifeStyle/Swipe.It.Students.See.Gain.Loss.With.Credit.Cards-3319949.shtml
High School Seniors Get "F" in Finance
Young people's financial know-how has gone from bad to worse.
High school seniors, on average, answered correctly only 48.3 percent of questions about personal finance and economics, according to a nationwide survey released Wednesday by the Federal Reserve. That was even lower than the 52.4 percent in the previous survey in 2006 and marked the worst score out of the six surveys conducted so far.
Students Need Financial Skills
Many College Students Graduate Bankrupt - It's all about students not learning simple financial skills early, notes Stephen A. Epstein, founder of DollarCamp.
CNBC
April 8, 2008
http://www.cnbc.com/id/24009473/
Getting it right on the money
A global crusade is under way to teach personal finance to the masses.
“EVERYBODY wants it. Nobody understands it. Money is the great taboo. People just won't talk about it. And that is what leads you to subprime. Take the greed and the financial misrepresentation out of it, and the root of this crisis is massive levels of financial illiteracy.”
The Economist
April 3, 2008
http://www.economist.com/displaystory.cfm?story_id=10958702
Quiz Sample: Are You Smarter Than a 12th Grader?
Every two years, the Jump$tart Coalition for Personal Financial Literacy tests 12th graders' practical money knowledge. The average score usually hovers around 52 percent. You can test yourself on these sample questions from the 2006 survey.
U.S. News
Kimberly Palmer
April 2, 2008
http://www.usnews.com/articles/business/your-money/2008/04/02/quiz-are-you-smarter-than-a-12th-grader.html