Higher Education Financial Education Resources Updates - 2023 I

Financial Literacy and Education Commission








Higher Education Financial 

Education Resources Updates 

 2023
Members of the Financial Literacy and Education Commission 

Department of the Treasury (Treasury), Chair

Consumer Financial Protection Bureau (CFPB), Vice Chair

Department of Agriculture (USDA)

Department of Education (ED)

Department of Defense (DOD)

Department of Health and Human Services (HHS)

Department of Housing and Urban Development (HUD) 

Department of Labor (DOL)

Department of Veterans Affairs (VA)

Board of Governors of the Federal Reserve System (FRB) 

Commodity Futures Trading Commission (CFTC)

Federal Deposit Insurance Corporation (FDIC)

Federal Emergency Management Agency (FEMA) 

Federal Housing Finance Agency (FHFA)

Federal Trade Commission (FTC) 

General Services Administration (GSA)

National Credit Union Administration (NCUA)

Office of the Comptroller of the Currency (OCC)

Office of Personnel Management (OPM)

Securities and Exchange Commission (SEC)

Small Business Administration (SBA)

Social Security Administration (SSA)

United States Department of the Interior (DOI)

White House Domestic Policy Council (DPC)
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Financial Literacy and Education Commission

Financial Literacy and Education Commission

Higher Education Financial Education Resources Updates - 2023

1 Financial Literacy and Education Commission, Opportunities to Improve the Financial Capabilities and Financial Wellbeing 

of Postsecondary Students (2015), https://home.treasury.gov/system/files/231/Opportunities-to-Improve-the-FinancialCapability-and-Financial-Wellbeing-of-Postsecondary-Students.pdf.

Financial Literacy and Education Commission, Best Practices for Financial Literacy and Education at Institutions of Higher 

Education (2019), https://home.treasury.gov/system/files/136/Best-Practices-for-Financial-Literacy-and-Education-atInstitutions-of-Higher-Education2019.pdf.

2 https://studentaid.gov/aid-estimator/

3 https://collegescorecard.ed.gov/

In addition to career training and preparation, institutions of higher education can foster opportunities for financial education and promote access to resources for financial decision-making. 

Educational experiences can play a role in preparing and informing students about their financial 

decisions and the impact of financial choices they face as students and later in life to set them on a 

path of long-term financial well-being. 

Members of the Financial Literacy and Education Commission (FLEC) Working Group on Higher 

Education, with input from other FLEC members, compiled resources to provide useful information to program leaders, educators, financial aid professionals, and students. The FLEC published 

higher education reports in 2015 and 2019, and this factsheet represents an update to those publications, highlighting newly-available resources.1

This resource is meant for students and their families as well as educational institutions that may 

be guiding students as they make some of these financial decisions. This document focuses on 1) 

resources to assist students when making decisions about pursuing higher education, such as the 

cost-benefit of college, strategies to reduce student loans, and decisions about financial returns of different career paths; and 2) resources for after graduation, including guidance for managing expenses 

and debt servicing, and more.

Resources for Students and Families 

Before Enrollment in Higher Education

Federal Student Aid Estimator 

In 2021, the U.S Department of Education’s Office of Federal Student Aid (FSA) released 

the Federal Student Aid Estimator.

2

 This free online tool helps students easily and quickly calculate an estimated eligibility for Federal Pell Grants, work-study funds, and federal student 

loans. In the new Federal Student Aid Estimator, students enter information in three short sections—student, household, and financial—and the tool instantly displays estimated results.  All 

visitors to StudentAid.gov can use the Federal Student Aid Estimator; users do not have to be 

logged in to receive an estimate of their aid eligibility. The tool also provides students with information about federal student aid, as well as links to the College Scorecard to help them find the 

college or career school that is the best fit for them.3
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The Consumer Financial Protection Bureau’s (CFPB) Learning how FAFSA works classroom activity is designed to teach students about how the Free Application for Federal Student Aid (FAFSA) 

works by completing a simulation activity using the Federal Student Aid Estimator tool.4

4 https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/teach/activities/

learning-how-fafsa-works/

5 https://studentaid.gov/help-center/answers/article/how-to-identify-student-loan-scam

6 https://www.bls.gov/ooh

7 https://www.bls.gov/ooh/field-of-degree/

8 Career Outlook can be found at: https://www.bls.gov/careeroutlook

Subjects defined in the Career Outlook tool can be found at: https://www.bls.gov/careeroutlook/subject/home.htm

9 https://finred.usalearning.gov/Benefits#Education-Benefits

10 https://studentaid.gov/sites/default/files/military-student-loan-benefits.pdf

Federal Student Aid (FSA) Ombudsman 

Scammers are coming up with new tactics every day, so when in doubt, call FSA at 1-800-433-3243.  

The FSA Ombudsman accepts complaints about student loan debt relief scams. These complaints are 

shared with state and federal law enforcement offices to promote coordinated action to stop scammers. You can learn more about the complaint process at StudentAid.gov/feedback-center/. You can 

also use this checklist to spot a scam.5

Occupational Outlook Handbook

Every year, the Department of Labor’s Bureau of Labor Statistics (BLS) releases new data to help 

students, counselors, and jobseekers make informed decisions about the job market. The Occupational 

Outlook Handbook (OOH), the federal government’s premier career reference, highlights key characteristics for over 300 occupations: wages, job outlook, job duties, work environment, education and 

training requirements, and more.6 Field of Degree pages provide a glimpse of workers with degrees 

in three dozen broad academic fields.7 And Career Outlook has articles, interviews with workers, 

and charts on a variety of topics.

8

Resources for Service Members and Their Families

The Department of Defense publishes and distributes free resources to help service members and 

their families maximize their education benefits, including Zero Percent Student Loan Interest 

Relief for members while serving in an area that qualifies for payment of hostile fire or imminent 

danger pay.9 

The Department of Education publishes and distributes its guide “For Members of the U.S. Armed 

Forces: What You Need to Know About Your Federal Student Loan Benefits.”10 This guide contains information about federal programs that help fund education and provide resources for reducing student loans.
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Financial Literacy and Education Commission

Resources to avoid Frauds, Scams, and Bad Business Practices

11 https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze

12 https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/teach/activities/

giving-advice-consumer-protection/

13 https://www.consumerfinance.gov/paying-for-college/your-financial-path-to-graduation/

The Federal Trade Commission (FTC) publishes and distributes free resources to help students, families, and educators avoid frauds, scams, and bad business practices. This includes ftc.gov/education, 

a resource for students and families with advice on choosing a college or vocational school, paying 

for school, avoiding fake degrees, and student loan debt relief scams. At ftc.gov/MoneyMatters, the 

FTC provides links to education and training articles, plus videos with advice on what students can 

do if they are having problems making student loan payments and information on how to avoid student loan debt relief scams. Students, families, and educators can also learn about the latest scams 

and how to spot, avoid, and recover from them at ftc.gov/scams. They are also encouraged to report 

any scams, frauds, or bad business practices at ReportFraud.ftc.gov. 

In recent years, FTC data suggests that people ages 20-49 were more than three times as likely as 

older age groups to have reported losing cryptocurrency to a scammer.11 At ftc.gov/cryptocurrency, 

the FTC has information on how cryptocurrency works, how to spot cryptocurrency scams, and 

how to detect cryptocurrency accounts that may be compromised. 

Money Management Toolbox

The FTC’s Adulting 101 resources at consumer.gov and consumidor.gov are often used by educators 

to help students make the transition from high school to college. There, students will find information on making a budget, buying a used car, renting an apartment, understanding their credit history, and more.  

Additionally, the CFPB’s Giving advice about consumer protection classroom activity was designed 

to put students’ understanding of fraud and identity theft to use as they play the role of a consumer 

affairs advice columnist responding to letters from readers.12

Your Financial Path to Graduation (Grad Path) 

The CFPB launched the revamped Paying for College tool, Your financial path to graduation (Grad 

Path).

13 The tool walks students and families through the process of deciding whether they can afford 

a particular college. Once students enter information from their financial aid offer, Grad Path helps 

them to better understand their offer, create a plan to cover remaining costs, estimate how much 

student debt they will take on and if they can afford it, and compare different schools. As students 

enter this information, a unique link is generated, allowing them to share their plan with family and 

advisers, and quickly update it if they receive more aid. Colleges can also generate unique URLs to 

send students individualized, pre-populated views of the tool.
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The CFPB Planning your financial path to college graduation classroom activity was designed to 

assist students learn to use CFPB’s college planning tool to explore college costs and options for 

covering those costs.14

14 https://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/teach/activities/

planning-financial-path-college-graduation/

15 https://studentaid.gov/loan-simulator/

16 https://studentaid.gov/manage-loans/forgiveness-cancellation

17 https://www.consumerfinance.gov/consumer-tools/educator-tools/students/financial-intuition/

18 https://www.consumerfinance.gov/paying-for-college/repay-student-debt/

Planning for Graduation

Federal Student Aid (FSA) Loan Simulator 

The Loan Simulator is an online tool launched by FSA.15 For borrowers who would like to research 

repayment strategies, the Loan Simulator can provide a recommended loan repayment plan through 

user guided questions about their repayment goals. Loan Simulator is divided into three topics: finding the best repayment strategy, having trouble making payments, and thinking about borrowing 

more. Individuals can simulate their repayment goals by earliest payoff or lowest monthly payment 

and compare repayment plans. Students who have federal loans can check the Federal Student Aid 

website to find eligibility requirements for income driven repayment options and loan forgiveness.16

Financial InTuition Podcast 

In 2020, the CFPB launched the Financial inTuition podcast.

17 The podcast provides tips and strategies on how to make more informed financial decisions around managing money, saving, paying 

for higher education, and repaying student loan debt. On the podcast, the CFPB team interviews 

financial practitioners, students, recent graduates, family members, and young adults that have successfully managed their money and repaid student loan debt. The podcast allows the CFPB to provide quick response direct to consumer outreach on topics that are relevant for students, families, 

and practitioners. 

Repay Student Debt 

In 2022, the CFPB published an update of the Repay Student Debt webtool, now titled Find advice 

for your student loans.18 The new, more streamlined version asks users only two questions: Where are 

you with your student loans, and what type of loans do you have? For example, you might be struggling to afford your payments and have both federal and private loans. Based on the answer to those 

two questions, users are taken to a concise guidance suggesting immediate next steps and possible 

follow-up actions. There is also advice for co-signers and servicemembers. 
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Financial Literacy and Education Commission

Resources for Institutions 

How Money Smart Are You? 

19 https://playmoneysmart.fdic.gov/games

20 View sessions here https://fedcommunities.org/student-loan-alternatives-postsecondary-financing-innovations/

21 https://fedcommunities.org/student-loan-alternatives-postsecondary-financing-innovations/

22 https://files.consumerfinance.gov/f/documents/cfpb_financial-education-at-institutions-of-higher-education_

record_2021-09.pdf

In 2021, the Federal Deposit Insurance Corporation (FDIC) launched How Money Smart Are 

You? 19 This online suite of 14 self-paced games and related resources is the newest addition to 

FDIC’s Money Smart product family. The Spanish version at the same URL launched in March 

2022. Individuals can play the games with or without an account. Organizations can request special accounts to use as part of their financial education initiatives at no charge. Resources include key 

takeaways, interactive tools, FAQs, helpful links, and a financial glossary. Many banks, credit unions, 

middle and high schools, universities, housing counseling agencies, credit counseling agencies, and 

other community organizations have already created organization accounts to help their communities learn about everyday financial topics. Access to trusted, accurate, and unbiased information about 

asset-building, banking, borrowing money, budgeting, disaster planning and recovery, earning and saving money, housing, managing debt, and more on a phone, tablet or computer helps provide a path 

to financial inclusion. For more information, visit the site at playmoneysmart.fdic.gov and find the 

full Money Smart suite of products at fdic.gov/moneysmart.   

Financing Postsecondary Education and Training

In 2021, the Federal Reserve Board held a conference series titled Innovations and Developments 

in Financing Postsecondary Education & Training.

20 The series gathered experts and practitioners 

involved in important programs that seek to reduce the financial burden of accessing postsecondary education and training as well as experts in federal policy related to financing postsecondary education. To review the recorded events and read information on main topics, please see the 

FedCommunities.org page.21

Financial Education at Institutions of Higher Education (IHE) Study

In 2021, the CFPB published the results of the Financial Education at Institutions of Higher 

Education (IHE) Study, conducted with Abt Associates.22 The study interviewed 29 stakeholders, 

including IHE administrators, direct providers of postsecondary financial education, financial education experts, and students. The study found: 

• Budgeting and credit cards were the most important topic for students. 

• Peer-to-peer education provided the best results in mastering financial education skills.

• Live offering of curriculum was more appreciated by students than online offerings.

• Lack of resources and support were identified as the biggest obstacles in offering postsecondary 

financial education, as well as identifying quality curriculum.
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