Financial and economic literacy

Financial and economic literacy means knowledge about personal financial decision-making, which may include but is not limited to knowledge about -
(1) Personal and family budget planning;
(2) Understanding credit building principles to meet long-term and short-term goals (e.g., loan to debt ratio, credit scoring, negative impacts on credit scores);
(3) Cost planning for postsecondary or postbaccalaureate education (e.g., spending, saving, personal budgeting);
(4) College cost of attendance (e.g., public vs. private, tuition vs. fees, personal costs);
(5) Financial assistance (e.g., searches, application processes, and differences between private and government loans, assistanceships); and
(6) Assistance in completing the Free Application for Federal Student Aid (FAFSA).

Source

34 CFR § 645.6


Scoping language

General definitions. The following terms used in this part are defined in 2 CFR part 200, subpart A, or 34 CFR 77.1:

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