Financial Literacy and Education Commission   

Higher Education Financial

Education Resources Updates
2023

Higher Education Financial Education Resources Updates - 2023 I

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)

 Financial Literacy and Education Commission

Financial Literacy and Education Commission

Higher Education Financial Education Resources Updates - 2023
In addition to career training and preparation, institutions of higher education can foster oppor-
tunities 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 informa-
tion 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 publi-
cations, 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 dif-
ferent 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 cal-
culate 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 sec-
tions—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 infor-
mation 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

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-Financial-
Capability-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-at-
Institutions-of-Higher-Education2019.pdf.
2 https://studentaid.gov/aid-estimator/
3 https://collegescorecard.ed.gov/

Higher Education Financial Education Resources Updates - 2023 1

 Financial Literacy and Education Commission

The Consumer Financial Protection Bureau’s (CFPB) Learning how FAFSA works classroom activ-
ity 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

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 scam-
mers. 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 char-
acteristics 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 con-
tains information about federal programs that help fund education and provide resources for reduc-
ing student loans.

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 h
 ttps://finred.usalearning.gov/Benefits#Education-Benefits
10 https://studentaid.gov/sites/default/files/military-student-loan-benefits.pdf

2 Higher Education Financial Education Resources Updates - 2023

 Financial Literacy and Education Commission

Resources to avoid Frauds, Scams, and Bad Business Practices

The Federal Trade Commission (FTC) publishes and distributes free resources to help students, fam-
ilies, 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 stu-
dent 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 informa-
tion on making a budget, buying a used car, renting an apartment, understanding their credit his-
tory, 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.

11 https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze
12 h
 ttps://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/teach/activities/
giving-advice-consumer-protection/
13 h
 ttps://www.consumerfinance.gov/paying-for-college/your-financial-path-to-graduation/

Higher Education Financial Education Resources Updates - 2023 3

 Financial Literacy and Education Commission

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

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: find-
ing 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 strat-
egies 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 suc-
cessfully managed their money and repaid student loan debt. The podcast allows the CFPB to pro-
vide 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 strug-
gling 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.

14 h
 ttps://www.consumerfinance.gov/consumer-tools/educator-tools/youth-financial-education/teach/activities/
planning-financial-path-college-graduation/
15 h
 ttps://studentaid.gov/loan-simulator/
16 h
 ttps://studentaid.gov/manage-loans/forgiveness-cancellation
17 h
 ttps://www.consumerfinance.gov/consumer-tools/educator-tools/students/financial-intuition/
18 h
 ttps://www.consumerfinance.gov/paying-for-college/repay-student-debt/

4 Higher Education Financial Education Resources Updates - 2023

 Financial Literacy and Education Commission

Resources for Institutions

How Money Smart Are You?
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 spe-
cial 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 communi-
ties 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 sav-
ing 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 postsecond-
ary education and training as well as experts in federal policy related to financing postsecond-
ary 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 edu-
cation 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.

• L
 ack of resources and support were identified as the biggest obstacles in offering postsecondary
financial education, as well as identifying quality curriculum.

19 h
 ttps://playmoneysmart.fdic.gov/games
20 View sessions here https://fedcommunities.org/student-loan-alternatives-postsecondary-financing-innovations/
21 h
 ttps://fedcommunities.org/student-loan-alternatives-postsecondary-financing-innovations/
22 h
 ttps://files.consumerfinance.gov/f/documents/cfpb_financial-education-at-institutions-of-higher-education_
record_2021-09.pdf

Higher Education Financial Education Resources Updates - 2023 5

  
Financial Literacy and Education Commission   

6 Higher Education Financial Education Resources Updates - 2023