The U.S. Department of the Treasury released a report that recommends college students take a mandatory financial literacy course.

The department released the 44-page report on behalf of the U.S. Financial Literacy and Education Commission.

The report says 43 million Americans owe more than $1.5 trillion in student loans. It comes out to about $33,000 per borrower on average. The concern is families are taking on debt without understanding the long-term impact.

Related: Florida bill requires money management class before high school graduation

The report provides the following recommendations to colleges and universities:

  • Provide clear, timely and customized information to inform student borrowing.
  • Engage students in financial literacy and education.
  • Target different student populations by use of national, institutional and individual data.
  • Communicate the importance of graduation and major on repayment of student loans.
  • Prepare students for financial obligations upon graduation.

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