Personal finance

Additional Credit: South Carolina students will be required to pass a personal finance course to graduate

Caroline from the south wHigh school students will soon have to take a course in personal finance before they graduate.

Lawmakers placed the requirement in a provision of the 2022-23 state budget, directing the South Carolina Department of Education to develop regulations for a half-credit high school course in personal finance d by the end of September.

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“Whether it’s student loans, credit cards, car loans or home loans, the cost of poor decisions lasts a lifetime, burdening borrowers with crippling debt. Finally, all students will receive a course on personal finance to help them prepare for their future.” said state Sen. Luke Rankin (R-SC).

It’s unclear how the half-credit requirement will fit into the 24 credits needed to graduate from high school and which graduating class will be the first to pass the course. These details will be approved by the State Board of Education and then considered by the legislature in the next session.

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More than a dozen states already require similar financial literacy courses to graduate from high school, including Virginia, North Carolina and Tennessee. Similar courses in other states teach students skills such as check writing, budgeting, and investing.