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Washington D.C. (Jan. 18, 2011) — The Imagine America Foundation, a career education scholarship provider and research organization, seeks to decrease the student loan default rate by educating students about responsible borrowing. The Foundation has released, in beta, a new interactive tool, "Financial Planning Made Simple," for career college students.
The easy-to-use interactive tool will allow students to choose between either a male or female avatar that will walk them through a variety of important educational financial decisions. The 18-minute tutorial will discuss aspects such as budgeting, borrowing and repayment.
The avatars are shown calculating their budgets by displaying the amount and location of their spending. The avatars also are shown meeting with a financial aid advisor. Students can follow along and learn about different terms by clicking on words linking them to further information regarding consolidation, forbearance, deferment and default.
IAF President Robert L. Martin said, “We knew in order to get students interested in financial literacy, we needed to create something that would grab their attention and keep it.”
Included is a downloadable Student Financial Planning Tool, which gives students the opportunity to calculate their own budgets. It allows users to visually see exactly where their money is being spent in hopes of helping students to decrease overspending and increase their savings.
"By watching the simulation and using the Student Financial Planning Tool, students can make more informed financial decisions,” said Martin.
Those who participate in the Imagine America scholarship and award programs have a head start. Beginning in March, colleges participating in the Imagine America scholarship and award programs will be required to use it as an online training tool.
For more information, click here for a short FPMS presentation or contact Bob Martin at 202.336.6758 or bobm@imagine-america.org.
About the Imagine America Foundation
The Imagine America Foundation (IAF), established in 1982, is a not-for-profit organization dedicated to providing scholarships for education, research and training support for the career college sector. Since its inception, the Foundation has provided over $40 million in scholarship and award support for graduating high school seniors, adult learners and U.S. military personnel attending career colleges nationwide through its award-winning Imagine America® programs. The Foundation also publishes vital research publications for the higher education sector, honors achievement in career education and offers faculty development training. For more information about the Imagine America Foundation’s programs, please visit www.imagine-america.org.
Contact: Robert L. Martin, President, Imagine America Foundation
Phone: (202) 336-6758
E-mail: bobm@imagine-america.org
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