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Latest News: Consumers

KSU Professors: College Students Need Help Understanding Student Loan Burden

Friday, August 29, 2014   (0 Comments)
Posted by: Susan Dyer
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(as reported by Kansas First News)

A new paper stresses the importance of students understanding the implications of student loans and learning basic money management skills.

Two Kansas State University professors helped write the white paper, called “Financial Literacy in Higher Education: The Most Successful Models and Methods for Gaining Traction.”

The report outlines different ways to educate students, ranging from classroom-based programs to individual counseling. The paper also identified a need for financial education at universities, noting that many universities do not have a program.

Associate professor Sonya Britt says financial issues are one of the top reasons that students drop out of college. She also stressed that most incoming college students haven’t benefited from financial literacy courses in high school and lack basic money management skills.

Student loan debt has doubled since 2007, and now reaches $1 trillion dollars. We wrote a post earlier this year over on the Money Possible blog (The Freshman $30,000) addressing how college students can better manage their money.