NC Treasurer Discusses Financial Aid with Wake Tech Students
Janet Cowell Visits Main Campus
RALEIGH, N.C. (November 29, 2011) - State Treasurer Janet Cowell visited Wake Tech Community College today to discuss financial literacy with students. Steve Brooks, Executive Director of the State Education Assistance Authority, joined the discussion and introduced students to Advanced Money Management, a new online tool that can help students manage their finances and minimize debt. The tool was launched in August in partnership with the State Education Assistance Authority and the College Foundation of North Carolina.
"Some students have no choice but to borrow if they want a higher education," said Treasurer Cowell. "This is especially true today with cuts to state and federal grant programs, rising tuition rates, and increased enrollment at community colleges. We need to help students manage their education expenses so they are not saddled with debt for years down the road."
More than 50 people attended the Advanced Money Management Discussion. The event included an open forum where students shared issues of concern, including qualifying for financial aid, applying for scholarships, and paying back loans. After the discussion, Treasurer Cowell toured cosmetology and electrical classes.
As student debt continues to escalate, there is growing concern about the lack of financial literacy among student borrowers. Over the past five years, the number of Wake Tech students receiving federal loans has jumped from 1,851 to 6,615, an increase of 257%. In that same period, federal loan totals have risen from about $4.9 million to $22.7 million, an increase of 365%.