North Carolina students who were freshmen during the 2020-2021 school year will have Economics and Personal Finance as a required class to graduate. This new class requirement, created by the state legislature a couple of years ago, will be offered during the 2023-2024 year when current sophomores finally become seniors.

According to Erika Bowen, high school administrator, the class will be a full credit core course that students will have every day, all year long. It will not have a state-required end-of-year test. Previously, throughout high school, students had to take World History, Civics, and two American History classes. Now it will be World History, Civics, one American History, and Economics and Personal Finance to have full credit to graduate.

Students will reap many real-life benefits while taking this course. Students will have a deeper understanding on how to use money and how to manage it in the future, what the economy is and what it does, skills to hold on to going into college, and more. It is much better and less stressful to learn about economics early on than to learn about it when you are in debt and financially unstable.

Naturally, some are questioning why this course has become mandatory.

“The state really wanted the students to have a good sense of finance literacy,” Bowen explained.  “…and to know how to deal with loans, interest rates, credit card payments, and managing bills when they become college students.” 

Statistics reveal college student debt has dramatically increased across the country. According to Forbes, “The latest student loan debt statistics for 2021 show that there are 45 million borrowers who collectively owe nearly $1.7 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category — second only to mortgage debt and higher than debt for both credit cards and auto loans.” If this doesn’t change, college students may continue to suffer financially, thus negatively affecting their future.

When this course becomes available, students will be exposed to these startling statistics. Learning all the key aspects of personal financing before high school graduation will better prepare students for financially navigating early adulthood.