Financial Aid and Financial Literacy
It's always a good time to become more financially literate, but as April in Financial Literacy Month now is a particularly relevant time. Whether you're a student looking to obtain some financial aid or someone older and hopefully wiser, financial literacy is never out of reach. It just takes a decision and a little time and effort to get educated.
For younger Americans, there are many avenues that can be explored when it comes to financial aid. It is a good idea to get as much information as possible regarding access to federal, state, and institutional student aid. Nowadays students could be eligible to receive financial aid from state agencies, individual schools, and a variety of organizations in their communities like churches or other groups. Usually, the Free Application for Federal Student Aid or FAFSA is the only form you need to apply for state financial aid. Checking and seeing what options you have available to you is the best way to guarantee good results.
Financial literacy is not a given when it comes to the citizens of the United States. According to research, only 34% of students took a financial literacy class in high school. Additionally, when the students were asked questions about their financial knowledge, the results were poor indeed. The average student answered most of the questions incorrectly, and only 2.3 of 6 questions had right answers.
It is not just the students that are in need of a helping hand. It is estimated that nearly two-thirds of all Americans couldn’t pass a basic financial literacy test. Providing help to young people by assisting them with getting some aid with their finances and building a brighter future is admirable, but Americans need to start getting financially literate early on and making smarter decisions all round when it comes to their money.
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