Financial Literacy for the College Student
by Mary Johnson
Takeaways
The Facts
- The second biggest debt of Americans is student loans.
- College graduates have higher earnings potential than those without a degree.
- Undergraduates don’t understand the impact of student loans, how to make a monthly payment, or basic financial concepts.
Solutions
- Students and their families should make an effort to educate themselves on financial information.
- Federal and state governments should ensure that grand aid programs keep up with college costs.
- Colleges and universities should keep college costs down through innovation and increased efficiency.
- Financial institutions should provide low-cost banking options for college students.
Reflections
The mere idea of finance management terrifies me! But Flourishing deserves all the credit for encouraging me to learn more. This summer, I’m planning on working with my parents to get a better understanding of how we manage our money and how they operate the family business of health clinics. Frankly, I never would’ve come to the realization of how little I know about finance if it weren’t for Flourishing. It’s terrifying to know that young people are so unprepared for such a big component of our adult lives, but what’s great is that we’re now aware of it and have some tools to get started.
