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Test Program for Debt Implications for Students

Credit unions that want to test the prototype of Debt Dragon, a program to help students and their families get a real picture of what their debt might look like when school ends, for free need to sign up by Friday, March 24. 

Every Spring, high school seniors start finalizing decisions about where to go to college. Tuition costs and the resulting student loan debt load should be a major factor, but many high schoolers have a hard time grasping the long-term implications of their decisions.

According to Katie Brewer, CFP, "A lot of people in their 20s come in [saying] 'I wasn't really aware how much I was borrowing from student loans and I wasn't aware how much that would affect my life for the next 30 years'."

Debt Dragon could help help solidify the abstract idea of student debt. The program was created by Filene by and for those on the front lines of credit unions. Debt Dragon guides students through relatable, interactive scenarios that show real-time financial implications and alternatives about their investment options with clear action items, next steps, and checklists.

All you need to get started is to fill out a short interest form with some contact info, asset size, and your core processing system and Filene will "get you geared up to be the hero your members need". Participating in this pilot program is free for credit unions. 

Content for this article was drawn from the blog post Slaying the Debt Dragon and the Debt Dragon concept page