Featured Research

from universities, journals, and other organizations

Student debt growing, number of university financial education programs still deficient

Date:
August 27, 2014
Source:
Kansas State University
Summary:
A financial planner finds most universities are lacking a financial education program, and outlines in a new article the different types of successful programs and how to get started.

As student debt load grows -- its doubled since 2007 -- most universities aren't offering sufficient financial education programs to help students understand this financial burden, according to a new report whose authors include two Kansas State University professors.

"Financial issues are one of the top reasons, if not the No. 1 reason, that students drop out of college," said Sonya Britt, associate professor of family studies and human services and program director of personal financial planning at the university's College of Human Ecology. "Thirty percent of students who have student loans drop out of college, which is a pretty alarming percentage."

Britt and Dottie Durband, the new director of Kansas State University's School of Family Studies and Human Services, are among the co-authors of the white paper "Financial Literacy in Higher Education: The Most Successful Models and Methods for Gaining Traction." The purpose of the paper was to identify some of the programs universities might be able to use to integrate financial education into their campuses. The paper also identified a need for financial education at universities, noting that many universities do not have a program.

"Most of the students who enter college don't get financial literacy courses when they're in high school, so many students aren't familiar with basic money management skills such as making payments and the awareness of how fast credit card debt accumulates," Britt said. "There's a lot of need but not a lot of resources for college students currently."

At Kansas State University, Powercat Financial Counseling provides free information and education to students, as well as access to the financial literacy website Salt. The university's also offers a personal financial planning program focuses on research and education in the areas of financial counseling and financial therapy.

The report outlines a variety of models of successful programs in higher education including, interactive online programs, classroom-based programs, game-based education, event-based programs and individual counseling.

Different programs work for different institutions, but no matter which you choose, Britt says to start small.

"Universities could offer one-time events or monthly events where they bring in professionals that could give pro bono advice to students," Britt said. "The university also could promote a number of free resources already available to students."

The Consumer Financial Protection Bureau estimates student loan debt is about $1 trillion, surpassing credit card debt and comprising the second largest form of consumer debt behind mortgages. For students entering college, Britt suggests doing your homework before borrowing.

"Use the U.S. Bureau of Labor Statistics website to determine the salary of your desired job after college," Britt said. "Then use the online calculator to estimate what your monthly payments will be based on the amount of student loans borrowed. This will give you a better idea of how much those students loans will cost you in the long run."

The full paper can be found online at: http://www.coheao.com/wp-content/uploads/2014/03/2014-COHEAO-Financial-Literacy-Whitepaper.pdf


Story Source:

The above story is based on materials provided by Kansas State University. Note: Materials may be edited for content and length.


Cite This Page:

Kansas State University. "Student debt growing, number of university financial education programs still deficient." ScienceDaily. ScienceDaily, 27 August 2014. <www.sciencedaily.com/releases/2014/08/140827111817.htm>.
Kansas State University. (2014, August 27). Student debt growing, number of university financial education programs still deficient. ScienceDaily. Retrieved October 22, 2014 from www.sciencedaily.com/releases/2014/08/140827111817.htm
Kansas State University. "Student debt growing, number of university financial education programs still deficient." ScienceDaily. www.sciencedaily.com/releases/2014/08/140827111817.htm (accessed October 22, 2014).

Share This



More Science & Society News

Wednesday, October 22, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

CDC Revamps Ebola Guidelines After Criticism

CDC Revamps Ebola Guidelines After Criticism

Newsy (Oct. 21, 2014) The Centers for Disease Control and Prevention have issued new protocols for healthcare workers interacting with Ebola patients. Video provided by Newsy
Powered by NewsLook.com
Robots to Fly Planes Where Humans Can't

Robots to Fly Planes Where Humans Can't

Reuters - Innovations Video Online (Oct. 21, 2014) Researchers in South Korea are developing a robotic pilot that could potentially replace humans in the cockpit. Unlike drones and autopilot programs which are configured for specific aircraft, the robots' humanoid design will allow it to fly any type of plane with no additional sensors. Ben Gruber reports. Video provided by Reuters
Powered by NewsLook.com
WHO: Ebola Vaccine Trials to Start a in January

WHO: Ebola Vaccine Trials to Start a in January

AP (Oct. 21, 2014) Tens of thousands of doses of experimental Ebola vaccines could be available for "real-world" testing in West Africa as soon as January as long as they are deemed safe in soon to start trials, the World Health Organization said Tuesday. (Oct. 21) Video provided by AP
Powered by NewsLook.com
Urgent-Care Clinics Ill-Equipped to Treat Ebola

Urgent-Care Clinics Ill-Equipped to Treat Ebola

AP (Oct. 21, 2014) Urgent-care clinics popping up across the US are not equipped to treat a serious illness like Ebola and have been told to immediately call a hospital and public health officials if they suspect a patient may be infected. (Oct. 21) Video provided by AP
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:

Strange & Offbeat Stories


Science & Society

Business & Industry

Education & Learning

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins