Treasury Department says student-debt crisis is so bad that financial education should be mandatory for college students

Mandatory financial literacy courses and financial aid letters that itemize attendance costs are some of the lessons colleges should be teaching their students, according to a new report from a federal government commission.

The Financial Literacy and Education Commission — a group including the Treasury Department and the Department of Education — said its recommended best practices are especially important, now that Americans have become bogged down in $1.5 trillion in student loan debts.

“Helping students and their families avoid the pitfalls associated with financing higher education, and empowering them to make optimal financial choices, should be a priority of all institutions of higher education,” said the report released Friday.

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