HESC Supports Mission of National Financial Literacy Month

ALBANY, NY (04/20/2010)(readMedia)-- What's your credit score? Do you know the difference between secured and unsecured credit? How do you protect yourself from identity theft?

Students and families may want to consider improving their financial literacy if they don't know the answer to important financial questions like these.

President Obama proclaimed April as National Financial Literacy Month. New York State Higher Education Services Corporation (HESC), the state's student financial aid agency, is supporting the Month by highlighting financial education tools and services available to New York students, parents, and schools on HESC.org.

"Helping students understand financial concepts such as budgeting, credit cards and managing debt helps them to be smart borrowers," said Elsa Magee, Executive Vice President and Acting President of HESC. "Students and families should have a solid understanding of financial matters when deciding how to fund a college education. Promoting financial literacy is a strong component of our broad mission to help people pay for college."

"One-third of recent college graduates have as many as four credit cards, and more than half have $5,000 or more in high-interest credit card debt. New York's students need to know financial basics in order to make informed decisions and use credit wisely," said HESC's Senior Vice President for Communications, Kathy Crowder.

HESC's financial literacy initiatives include its Financial Awareness and Consumer Training for Students (FACTS) curriculum recently updated with current information and a student-friendly look, for high school and college-age students.

FACTS helps increase student awareness of the dangers of accumulating too much debt and of the benefits of saving more of the money they do have. The series of four modules is rich in content, yet easy to understand, covering practical personal financial management topics. The FACTS presentations, complete with detailed speaker notes, are available at HESC.org for schools or individuals to use freely. HESC representatives are also available to conduct FACTS presentations at high schools, colleges and civic organizations.

HESC's library of podcasts, also available on HESC.org, addresses a variety of financial aid and money management issues important to students including understanding credit reports, preventing identity theft, and how to be a smart borrower.

Financial literacy is an important component of the new state-sponsored loan program administered by HESC, the New York Higher Education Loan Program (NYHELPs); it is the first private loan in the nation to require financial literacy education before loan funds are disbursed, empowering borrowers with knowledge to make smart borrowing decisions.

More information about these initiatives and other assistance for students and parents on financial issues is available on HESC.org.

About HESC: HESC is the State's student financial aid agency, helping people pay for college by providing more grant and scholarship awards than any other state in the nation. By administering 19 student financial aid programs, including the Tuition Assistance Program (TAP), the New York Higher Education Loan Program (NYHELPs), a highly successful College Savings program, and offering guidance to students, families and counselors, HESC puts college within the reach of hundreds of thousands of New Yorkers each year. In 2008-09, HESC helped nearly 600,000 students achieve their dream of attending college by providing $4.6 billion in grants, scholarships and loan guarantees, including $813 million awarded through the Tuition Assistance Program (TAP) to more than 375,000 students.

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