National Foundation for Debt Management (NFDM) recommends university requirements for financial literacy.

NFDM Director of Public Policy, Vern Farnsworth, addresses the Florida Literacy Council. 


Fort Myers, FL – Addressing a meeting of the Florida Literary Council, National Foundation for Debt Management Director of Public Policy, Vern Farnsworth, called for state requirement for a seminar on financial literacy as an integral part of freshman orientation in the State University System.

"Upon graduation, the average student has amassed $4300.00 in credit card debt and $20,000.00 in student loans," Farnsworth observed. “Many students do not fully understand the implications of these debts and when they will have to begin payment.”

The Florida Literacy Council was created by legislation in 2006 and annually makes recommendations to the Legislature. Fransworth asked that the freshman financial literacy requirement be included in the council’s recommendation.

Farnsworth elaborated on some of the dangers of college debt: “Students are typically offered credit cards when they enter college, without understanding how interest will accrue as they make minimum patments. At that rate, it can take fifty five years to pay off a card.”

“Student debt will not go away,” Farnsworth added. It can be a blight on a credit report, and students should be made aware of the consequences of their actions.”

Vern Farnsworth is Director of Public Policy at the National Foundation for Debt Management in Clearwater, Florida, and is also a former member of the Massachusetts House of Representatives. Mr. Farnsworth may be reached for comment regarding NFDM and student financial literacy at 1-800-344-5153 ext., 247.

About NFDM
National Foundation for Debt Management is committed to providing education on money management, homeownership, and appropriate use of credit. Visit www.nfdm.org to learn more about NFDM’s efforts and success helping consumers understand, build, control and protect their personal finances.  

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