(Washington, DC)—As Financial Literacy Month begins, a new report from the National Association of College and University Business Officers (NACUBO) shows many higher education institutions have voluntarily increased training programs on finances and debt management for their students.
The federal government requires colleges and universities to offer entrance and exit loan counseling to federal student loan borrowers—but many schools don’t stop there. In 2016, 58 percent of 410 colleges and universities surveyed reported offering programs "above and beyond" that requirement, according to the 2016 NACUBO Student Financial Services Policies and Procedures report.
Those schools reported providing financial literacy training throughout the school year and in a variety of settings. More than 75 percent of the institutions integrate financial literacy education into special events, and more than half provide it during freshman orientation programs. In addition, students most frequently have access to trainings online (at 58 percent of the institutions) or through individual counseling (at 56 percent), the schools reported.
"It is encouraging to see many colleges and universities choosing to expand their offerings–not just in April during Financial Literacy Month, but year-round," said Anne Gross, vice president of regulatory affairs at NACUBO. "Students’ financial literacy needs differ, but one thing is universal: Financial acumen is a critical component to success in and after college."
Many higher education institutions surveyed are helping their students in other ways, too. More than 96 percent of the colleges and universities surveyed offer tuition payment plans, for example, and 91 percent accept payments online. More than half of the schools have students sign a financial responsibility agreement—often every semester they’re enrolled—to help to ensure they understand their bills and obligations.
To learn more about the report findings and the ways colleges and universities are evolving their student financial services offerings, please contact Katy McCreary at 202.861.2503 or email@example.com. The full report is free to NACUBO members and available to purchase for others on the NACUBO website.
NACUBO, founded in 1962, is a nonprofit professional organization representing chief administrative and financial officers at more than 2,100 colleges and universities across the country. NACUBO's mission is to advance the economic viability, business practices, and support for higher education institutions in pursuit of their missions. For more information, visit www.nacubo.org.
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