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Treasury Department recommends ‘mandatory’ financial-literacy courses 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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