Financial Considerations to Understand as a Student

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Recent media attention has focused on the high cost of higher education and in particular, student loan debt and the general lack of financial preparedness of student borrowers to establish a budget, manage credit, or invest for retirement. Students may give little thought to strategies they will need to enter the job market, pay rent and manage other day-to-day expenses, while simultaneously paying down student loans. Seven in ten seniors graduating from college today have student loan debt over $30,000. Typical graduate students accumulate $100,000 in debt, and one in ten borrows more than $150,000.

Unfortunately, financial management isn’t something taught in most high schools, and even more rarely in colleges. America’s educational funding system for secondary education is also extremely confusing. Students don’t really understand what they’re doing when applying for loans, grants and scholarships. Inevitably, young people (and parents) are put between the proverbial rock and hard place. Either they continue to borrow or choose not to graduate. There is an urgent need to ensure that young people receive basic financial knowledge. Learning to balance a checkbook, check a credit report, or establish a budget should not be something learned after graduate school.