Are Financial Literacy Courses About to Become Mandatory in Colorado?
Financial literacy is something I wish I would have learned when I was a student. Many Colorado residents probably feel the same.
I graduated high school in 2014. I went to college without understanding the basic concepts of finances and it caused a whole world of trouble for me. I took out student loans without having an understanding of interest rates.
I was irresponsible with credit cards. I laugh at the mistakes I made in the past now, but it was a wake-up call that was not kind. I know that many other college-bound students will make the mistakes I made.
However, a major change might be coming to Colorado that could help students when they become legal adults.
Financial Literacy and Colorado
The average student loan debt in Colorado is $37,000. The average Colorado resident has $8,000 in credit card debt.
What we are trying to say is Coloradans are having a tough time financially.
However, a bill has been proposed for Colorado high school students to take a financial literacy course. This course would be mandatory in the state of Colorado.
The bill, HB25-1192 has been proposed to Colorado lawmakers.
About the New Colorado Bill
The bill says that it would provide financial skills to Colorado high school students and educate them about how to submit for FAFSA, the student loan provider. The course would also give students a deeper understanding of how FAFSA works and basic skills like knowing what APR means.
This would have been a game-changer for me when I was in high school. I figured of FAFSA on my own and I wanted to rip my hair out during the process.
The bill aims to teach students how to go through the process and actually have them submit their paperwork for higher education.
You can learn more about the bill here.
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