State trying to tackle student loan debt problem

BOSTON (WWLP) - Student loan debt is nearing one trillion dollars nationwide, but there are ways young people can learn how to better manage their dollars and cents.

Patrick administration officials are kicking off Project Credit Smarts and a new website to teach students the basics of financial management.

Consumer Affairs official Barbara Anthony says student loan debt is ballooning to more than $900 billion across the country; surpassing credit card debt for the first time in June 2010.

Project Credit Smarts teaches college students how to responsibly manage their credit and debt. The program has been taught at 15 schools across Massachusetts, including Springfield Technical College, UMass Amherst and Westfield State University.

They also announced the launch of a new fake scholarship scam website that warns students and parents about misleading websites offering bogus loans.

Officials advised students to research federal loans before engaging with private lenders. For more information, visit the website of Project Credit Smarts.