The report “Promoting a Coordinated Approach to Financial Literacy” is now available, and FLCCT is proud to have contributed to its creation. The Texas Higher Education Coordinating Board’s Office of Student Financial Aid Programs enlisted help from financial literacy groups around the country to serve on an advisory committee. The FLCCT’s board president Lorraine Bier joined to contribute her knowledge on how people learn about loans and student aid.
The state of Texas has stated the goal of having 60% of its residents obtain an advanced education credential by 2030- “60x30TX”. This goal raises the question of how to pay for the education. This report makes recommendations for getting the financial information needed to make good choices to the students and families getting the education.
The report’s executive summary reads: The Financial Literacy Advisory Committee (FLAC) was created in response to the state’s higher education strategic plan, 60x30TX. The plan includes a Student Debt Goal, which states, “by 2030, undergraduate student loan debt will not exceed 60 percent of first-year wages for graduates of Texas public institutions.” A suggested strategy within that goal was to “convene a statewide advisory group to determine ways to better advise students and parents on financial aid options and the impact of those options on students’ finances before, during, and after their college careers.” Specifically, the committee focused on promoting a better understanding of how and why to pay for training and education after high school.
When people plan wisely and don’t make mistakes with money, many things are accomplished. Their basic needs are met, and they are more likely to avoid financial problems such as unmanageable debt, bankruptcy, foreclosure, and the stress that comes with worrying about money. They are also able to participate more in community activities such as enjoying the arts, sporting events, and supporting businesses and charitable causes. Participation in civic life is critical to a democracy. A better understanding of how and why to pay for training and education after high school increases the likelihood of degree completion, career fulfillment, and manageable debt.
Find out more about 60x30x by visiting this website.