At the end of every school year, hundreds of thousands of graduates head off to colleges and universities, paying for their education with loan's that they may have difficulty repaying. In no time, many of these students will be calling home, wondering why they have no more money from their loan, asking their parents for more cash. A reason for their financial hardship? Most students have little idea how to keep a budget and have control their finances. The most effective way to prevent a student from going into debt, is to make it mandatory for high school seniors to take a finance course.
Most students move on to college or a university soon after graduation. The student is young, most likely inexperienced in life beyond their home and high school; yet they're expected to know how to juggle the confusing world of fiance. On average, students pay $6,100 a year in tuition. This total doesn't include books, living space, or transportation. Furthering an education can cost a student upwards of $50K to over $60K a year. With costs so high students can't think of any other ways to pay them, except collecting more loan's from other sources. The worst part of having student loan's is that bankruptcy is not an option because if it was then students can accumulate thousands of dollars in debt and then just file for bankruptcy after graduation to discharge the amount. Taking a course on finance will help to teach students how to manage there money better, learn how to save money and teach them the consequences of taking loan's. .
Financial education would also help the many students that decide to not go to university or college right out of high school also. Even though they are still making money the financial courses will help them in learning to manage that money. The reason is that these students go from making very little to no money then start acquiring close to $30,000 a year. For these kids a couple consequences are that they might gather boat loads of debt from buying useless things on credit without thinking about how their going to pay for it.