High school students in South Carolina may now have to pass a personal finance class in order to receive their diploma.
According to reports, Republican lawmakers Luke Rankin and Horry County Senator have filed a pre-bill that will require high school students to take a class that will aim to help students learn how to better budget their money.
“You can really put yourself in a really bad hole that you’re gonna be digging yourself out of the rest of your life,” financial planner Dr. Christopher St. John said.
The course will cover insurance, taxes, retirement planning, budgeting, banking, and how to avoid too much debt.
Finance website Make Lemonade reports there are more than 44 million borrowers who owe more than $1.5 trillion in student loan debt within the United States. Student loan debt has become the second highest debt among consumers followed by mortgage debt.
The class of 2016, reportedly has $37,172 in student loan debt.
If the bill is passed, it would go into effect for the 2020-2021 school year. The course would be required and student who take a test at the end of the year prior to graduation.