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Press Release

Tuesday, March 26, 2013

DOE Press Office

New Grant Will Help Students With Financial Literacy

Tallahassee, Fla., March 26, 2013 - Broward College is the recipient of a new grant that will put tools in the hands of colleges to help Florida College System students make good financial decisions. Over the next several months the college will work closely with other colleges and the Florida Department of Education to finalize a toolkit that will be distributed across the state.

"The Florida College System seeks to help students succeed inside and outside of the classroom," said Florida College System Chancellor Randy Hanna. "We have a responsibility to provide students with the necessary information and tools for managing finances and debt. Broward College's proposal builds on the success of their financial literacy efforts and allows all 28 colleges to adapt the toolkit to meet local needs."

"In today's economy many students require financial assistance to achieve their higher education goals," said Broward College President David Armstrong. "Since 2009, Broward College began to focus on its loan default rates by providing financial literacy and debt management workshops and information to students. We look forward to the opportunity to work with fellow state colleges on a greatly expanded version of our in-house approach to improve success for the Florida College System."

According to the Project on Student Debt, 80 percent of community college students with documented need still have unmet need after taking advantage of financial aid like grants and scholarships. Some students take out loans to help pay for college or to supplement existing financial aid.

The Florida College System Foundation in partnership with the Division of Florida Colleges issued the $60,000 financial literacy toolkit grant to help students make informed decisions. The goal of the grant is three-fold: 1) equip students and their families with the knowledge and skills to make sound financial decisions, particularly in relation to paying for college; 2) reduce the number of students who default on student loans; and 3) raise awareness regarding financial resources and literacy.

"A solid foundation in financial literacy is beneficial for success in college and beyond," said Chancellor Hanna. "This grant will give colleges the resources they need to encourage students and their families to make sound financial decisions."