March 4, 2008
EFC Applauds FTC For Emphasizing Financial Literacy During National Consumer Protection Week
WASHINGTON, D.C., (March 4, 2008) – The Federal Trade Commission (FTC) has announced the kickoff of its 10th annual National Consumer Protection Week (NCPW). “This year’s theme, ‘Financial Literacy: A Sound Investment,’ coincides nicely with the launch of the Education Financial Council’s (EFC) ‘Educated Financial Choices’ financial literacy homepage,” said Kathleen Smith, EFC President. “To have the FTC dedicate resources to this important issue is good for students and consumers overall and I congratulate them.” EFC’s Financial Literacy homepage www.efc.org/finlit is part of an ongoing effort by EFC members to provide valuable financial literacy information and college planning tools to students and parents.
“According to research by the National Center for Education Statistics, students who dropped out of higher education cited financial reasons as the primary reason for their leaving school. Research also shows that college graduates earn more over their lifetimes and engage in healthier lifestyles than those with only a high school diploma,” Smith said. “This demonstrates that the importance of a solid foundation in financial education is critical to students’ future successes in both school and life. As students make the transition from high school to college and beyond, I hope the tools provided at www.efc.org/finlit will be a resource they and their families can go to for information and support for years to come.”
Visitors to EFC’s Financial Literacy homepage (www.efc.org/finlit) will find many informative pages to review and learn from, including:
A step-by-step guide that takes students and their parents through the federal student loan application process. The section “What Is Student Financial Aid?” also provides a glossary of federal student aid terms and explains how a student’s financial aid package is calculated. There are also warnings against falling victim to misleading financial aid offers that come through the mail or over the internet.
A tool that shows students the importance of budgeting and the positive results of sticking with it. Additionally, “Budgeting 101” helps students map out a budget plan so they can keep out of debt and control spending.
Students should be aware of the importance of good credit and how it can impact their future. “EFC’s Guide to Credit” helps teach students that a good first step in developing positive credit is an on-time repayment record on student loans. As students need to be aware of the importance of their credit score when it comes to applying for any kind of credit, tips for improving a low credit score and protecting personal financial information from identity theft are also provided.
“EFC applauds the Federal Trade Commission for its ongoing efforts to protect consumers and for highlighting the importance of financial literacy during this year’s National Consumer Protection Week,” Smith said.
National Consumer Protection Week takes place from March 2nd to March 8th; the website can be found at http://www.consumer.gov/ncpw/.
________________________________________
EFC’s mission is making college more affordable. Together with its members, EFC works to expand access to higher education by ensuring the availability of student loan funds while striving to make paying for college easier and less expensive for all students and families. EFC represents nonprofit and state-based student loan providers that participate in the Federal Family Education Loan Program (FFELP) as well as affiliated entities including guaranty agencies, lenders, rating agencies, insurers and investment bankers.
# # #
Education Finance Council
1850 M Street, N.W., Suite 920, Washington, D.C. 20036
Phone (202) 955-5510 Fax (202) 955-5530
www.efc.org
EFC Applauds FTC For Emphasizing Financial Literacy During National Consumer Protection Week
WASHINGTON, D.C., (March 4, 2008) – The Federal Trade Commission (FTC) has announced the kickoff of its 10th annual National Consumer Protection Week (NCPW). “This year’s theme, ‘Financial Literacy: A Sound Investment,’ coincides nicely with the launch of the Education Financial Council’s (EFC) ‘Educated Financial Choices’ financial literacy homepage,” said Kathleen Smith, EFC President. “To have the FTC dedicate resources to this important issue is good for students and consumers overall and I congratulate them.” EFC’s Financial Literacy homepage www.efc.org/finlit is part of an ongoing effort by EFC members to provide valuable financial literacy information and college planning tools to students and parents.
“According to research by the National Center for Education Statistics, students who dropped out of higher education cited financial reasons as the primary reason for their leaving school. Research also shows that college graduates earn more over their lifetimes and engage in healthier lifestyles than those with only a high school diploma,” Smith said. “This demonstrates that the importance of a solid foundation in financial education is critical to students’ future successes in both school and life. As students make the transition from high school to college and beyond, I hope the tools provided at www.efc.org/finlit will be a resource they and their families can go to for information and support for years to come.”
Visitors to EFC’s Financial Literacy homepage (www.efc.org/finlit) will find many informative pages to review and learn from, including:
A step-by-step guide that takes students and their parents through the federal student loan application process. The section “What Is Student Financial Aid?” also provides a glossary of federal student aid terms and explains how a student’s financial aid package is calculated. There are also warnings against falling victim to misleading financial aid offers that come through the mail or over the internet.
A tool that shows students the importance of budgeting and the positive results of sticking with it. Additionally, “Budgeting 101” helps students map out a budget plan so they can keep out of debt and control spending.
Students should be aware of the importance of good credit and how it can impact their future. “EFC’s Guide to Credit” helps teach students that a good first step in developing positive credit is an on-time repayment record on student loans. As students need to be aware of the importance of their credit score when it comes to applying for any kind of credit, tips for improving a low credit score and protecting personal financial information from identity theft are also provided.
“EFC applauds the Federal Trade Commission for its ongoing efforts to protect consumers and for highlighting the importance of financial literacy during this year’s National Consumer Protection Week,” Smith said.
National Consumer Protection Week takes place from March 2nd to March 8th; the website can be found at http://www.consumer.gov/ncpw/.
________________________________________
EFC’s mission is making college more affordable. Together with its members, EFC works to expand access to higher education by ensuring the availability of student loan funds while striving to make paying for college easier and less expensive for all students and families. EFC represents nonprofit and state-based student loan providers that participate in the Federal Family Education Loan Program (FFELP) as well as affiliated entities including guaranty agencies, lenders, rating agencies, insurers and investment bankers.
# # #
Education Finance Council
1850 M Street, N.W., Suite 920, Washington, D.C. 20036
Phone (202) 955-5510 Fax (202) 955-5530
www.efc.org
