A new camp at Texas Tech inviting the financially illiterate to learn a thing or two before they hit the real world.
"We've wanted to put this camp on to really boost the financial knowledge and know how of America's youth," Chris Browning a Tech personal financial planning professor said.
It targets high school sophomores, juniors and seniors before they venture out into the real world while trying to fill a knowledge gap.
"This isn't something that's in the high school grades, or this isn't something that's often times taught by parents," Browning said. "We want to make sure that as kids get their start on their own that they're prepared to make good decisions to, to develop habits that will really benefit for the rest of the lives."
Educators in the Financial Planning Academy for Teens expect to host 100 campers for a week on Texas Tech's campus to go over money management and more importantly the concept of school debt.
"You may get some parent support but a lot of it may be funded through a job you do part time or through student loans especially as it pertains to student debt, student loans to pay for your education. We want students to understand what the concept of that is and have a good feel of what the value of a dollar is," Browning said.
Pew Research Center reports that in 2 students borrowed $110 billion compared to $24 billion in 1. Individually students who graduated in 2 on average borrowed $26,885.
"If you're thinking about a business related degree in college then this is a great fit for you. If you've seen your family struggle this is a great fit for you. If you want to be a doctor someday then this is a great fit for you. If you want to make money some day then this is a great fit for you,"Browning said.
The camp costs $150 per student and the deadline to apply is May 2. For more information you can visit the Financial Planning Academy's website.
