SPRINGFIELD, Mo.– The growing student loan debt burden has prompted the U.S. Financial Literacy and Education Commission to encourage colleges to be more clear with students about costs and repayment obligations.
The commission released a report this year highlighting an institution’s responsibility to thoroughly educate students on financial literacy.
Drury University has taken initiative to better prepare its students through its new Your Drury Fusion academic program launching this fall. Students will be assigned a mentoring squad — a team of people that will help them figure out not just their academic path, but also career planning, tutoring if needed and even life coaching on topics such as financial literacy.
Director of Financial Aid for Drury University, Becky Ahrens, said parents and caregivers should begin having “money talks” with their students as children. Ahrens encourages parents not to wait until their child is a college freshman to start talking about the importance of managing money. Ahrens said doing practical things like having your child save money in his or her “piggy bank” can teach them how to save early on.
Ozarks First Reporters are still diving into this story. Check back later this evening for updates.