Principals In The Oranges Ahead Of Curve On 'Financial Literacy'

WEST ORANGE, NJ — A pair of principals in West and East Orange were already helping students learn about financial literacy years before New Jersey’s recent law passed, a local nonprofit says.

Lionel Hush of West Orange Roosevelt Middle School and Ronnie Estrict of East Orange High School were recently honored with the Circle of Rainbow Sisters Seeking Spiritual and Wellness Connection’s (CORESWCC) 2019 Financial Literacy Advocacy Award for Teens.

Through their program, the CORESWCC aims to reduce college debts for local teens by educating them about how to wisely spend – and save – their money.

According to West Orange school administrators, Hush began introducing financial literacy programs at RMS in 2017, well before the signing of A-1414 in January. The law – which gathered support from Democratic and Republican party members – will require school districts to incorporate "financial literacy instruction" for middle school students in grades 6 to 8. It went into effect starting with the new school year in September.

• See related article: NJ Schools Must Teach 'Financial Literacy,' New Law Says

At Roosevelt Middle School, Hush's advocacy helped to create the Financial Discipline Award, a pilot program that awards teens cash towards opening or adding to a 529 college savings plan.

Estrict has also been a big supporter of financial literacy at East Orange High School, helping to introduce a CORESSWC program to the school for high school juniors and seniors who have a GPA of “B+” or better in financial literacy and “B” or better in math and language arts.

Both principals will be recognized at the fourth annual CORESWCC Recognition and Appreciation Award Ceremony at the Venetian in Garfield on Dec. 7.

The need to teach teens about finances – especially student loans – is more important than ever, recent studies show.

U.S. student loan debt hit a staggering all-time high of $1.36 trillion in the third quarter of 2018, more than doubling in the past 10 years, according to a report from Experian. In New Jersey, students carry a debt load of $42.5 billion.

Nationwide, student loan debt has increased 129 percent since 2008 and represents the second-largest credit debt for Americans, trailing only mortgage loans.

• See related article: Student Loan Debt Up In NJ (Here's How Much)
• See related article: These NJ Towns Are Getting Rocked By Student Debt, Delinquency

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