New student subjects: ID theft security, loan education

 

From Illinois Business Journal news services

SPRINGFIELD – Adult-life subjects are now educational topics for students under a new state law.

How do I stay out of debt? What is the best way to pay back mounting student loans? How do I prevent the guy in the apartment next door from stealing my identity?

A new law, pushed through the General Assembly by Senate Assistant Majority Leader Kimberly Lightford, D–Maywood, requires those questions to be answered in Illinois public high schools. The law adds identity-theft security, consumer debt and higher education loans to the list of mandatory subjects to be covered in high school financial literacy courses.

“Once out of high school, the ‘real world’ presents some daunting, if not scary, challenges,” said Lightford. “It is extremely important to prepare our students for adult life in all its aspects so that they can avoid some of the most common and severe real world difficulties as they graduate from school, begin a career and start their own families.”

According to a leading producer of identity theft statistics, on average, close to 100 million Americans have their personal identifying information placed at risk of theft each year.

And thanks to climbing tuition and inadequate college savings, 40 million Americans now have at least one outstanding student loan, according to new analyses from credit bureau Experian.

The new law, Senate Bill 672, went in effect on July 1, 2015.

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