In a recent electronic announcement, Federal Student Aid announced that a new report on Financial Literacy Best Practices has been released. The report dubbed Best Practices for Financial Literacy and Education at Institutions of Higher Education is the result U.S. Financial Literacy and Education Commission. According to the Electronic Announcement, the report provides general best practices for financial education programs. Specifically, the report makes recommendations in the following areas:
- Providing clear, timely and customized information to inform student borrowing;
- Effectively engaging students in financial literacy and education;
- Targeting different student populations by use of national, institutional and individual data;
- Communicating the importance of graduation and major on repayment of student loans; and
- Preparing students to meet financial obligations upon graduation.
This is useful information for helping student access information to make college affordable.