The Florida Department of Education is trying to reduce the number of college students who default on their student loans. So, it’s awarding a grant to 10 community colleges across the state to help educate students how to make the best financial decisions.
Carrie Henderson, with the Division of Florida Colleges, says students in the Fla. college system graduate with nearly $5,000 in debt, on average. She says, the grant should help instructors integrate financial literacy lessons into their existing courses.
“We need to do as much as we can on the front end to see what we can do to improve it and help students see what they need to do to be able to pay back those loans once they graduate from our institutions," she says.
Henderson says the grant is specifically aimed at first-generation and low-income students, who are at the highest risk of defaulting on their loans. The colleges receiving the grant include Florida State College at Jacksonville, Miami-Dade College and Pensacola State College.
To learn about Navigating Your Financial Future, a free program the DOE offers already to help students learn about financial literacy, visit this site.