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Business and Economy

University of Maine System Expanding Financial Literacy Program

The University of Maine System is investing $1.3 million to expand a financial literacy program successfully piloted at the University of Maine in Farmington in 2013.

The Peer-to-Peer Financial Literacy Program trains students to help other students with financial decisions. University of Maine System spokesman Dan Demeritt says the program helps make students more aware of the long-term consequences of the choices they make now.

“The decisions they make in terms of, you know, class schedules, applying for scholarships, saving more money toward the cost of their education,” he says. “We’ll train students at all the campuses to work with all their peers, to increase financial literacy and awareness so students have a better understanding of the decisions they make in terms financing college, and as consumers as well.”

Demeritt says over the five-year expansion, trained peer financial educators will help other students systemwide with issues like financial aid and smarter borrowing, managing consumer debt and saving money.

Eventually, the program will offer outreach to middle and high school students as well.