MAX by AccessLex: Financial Education Standards

Financial Education Standards

A strong and effective education program is built on a solid set of standards upon which curriculum, content, activities, assessments and outcomes are created and delivered. All MAX components are based on AccessLex Institute’s Financial Education Standards and are designed to be objective and outcome-based. Standards for the complete 1L/2L/3L track are as follows:


Financial Decision Making

  1. Understand the influence of emotions, values, external factors, demographics, lifestyle and life milestones on financial choices
  2. Create, prioritize and evaluate short, medium and long-term financial goals
  3. Apply a systematic approach to financial decision making

Educational Planning and Financing

  1. Assess the return on investment of educational options
  2. Explore all avenues of student financial assistance (including grants, scholarships, assistantships, employer sponsored programs, work study, student loans, etc.)
  3. Understand the implications of program-long tuition obligations, related education expenses, and potential student loan borrowing
  4. Utilize student loan repayment options (including different payment plans, deferment, forbearance, loan forgiveness, tax benefits and implications, employer sponsored programs, third party payment) to manage and repay student debt successfully

Money Management

  1. Develop a personal spending plan consistent with financial goals
  2. Utilize tools and techniques to stay on target
  3. Regularly assess and revise spending plans
  4. Identify needed financial accounts and services
  5. Analyze income opportunities (including compensation, benefits, self-employment, etc.)
  6. Understand options for periods of financial difficulty/instability

Credit and Debt Management

  1. Analyze the costs and benefits of different credit options
  2. Assess current credit-worthiness
  3. Apply credit building strategies (including repair of damaged credit)
  4. Leverage credit opportunities to enhance financial goals
  5. Apply debt reduction strategies

Risk Management and Insurance

  1. Understand the psychology of risk and personal risk profile
  2. Assess personal (and family) insurance needs (and non-needs)
  3. Utilize appropriate insurance vehicles to meet needs
  4. Create necessary legal and planning documents
  5. Reduce identity theft exposure

Financial Planning and Investing

  1. Evaluate investment options – products and institutions
  2. Understand investment risks and rewards
  3. Recognize the value of time
  4. Assess and plan for retirement needs
  5. Evaluate entrepreneurial opportunities
  6. Understand taxation – tax structure, tax filing and tax implications