Applying for financial aid is a daunting but necessary part of the college application process, yet many students nationwide are confused as to how it works.

In order to increase financial literacy in its students, Virginia has exposed more than 200,000 students to a web-based financial management program called My Money, My Future since its implementation in 2010.

"Union and Genworth Foundation have partnered with EverFi to bring My Money, My Future to local students at no cost to the schools or the taxpayer,” said Union Bank & Trust in a statement.

The program was developed to coincide with Virginia’s mandate to make personal literacy a graduation requirement starting in 2011, and program data has revealed it has been very effective ever since.

Students using the program reportedly increased their knowledge of financial topics by 53 percent; the number of students who felt prepared to apply for financial aid rose 81 percent, said one of the program’s creators, the statement said.

The program itself is eight hours long and the student receives a certification in financial literacy upon completion, "a valuable mark of distinction on college applications and resumes."

"In 2015, the Consumer Financial Protection Bureau (CFPB) highlighted EverFi's schools-based financial education programs in a new report on Advancing K-12 Financial Education: A Guide for Policymakers.”

Virginia teachers are also particularly receptive to the program. According to partner Genworth Financial, 92 percent of teachers surveyed after the initial implementation in 2010 thought the material enhanced their teaching while 96 percent said they would like to see the program offered to future students. 

Article by Nicole Gorman, Education World Contributor

11/06/2015