Student Loans

Increasing Financial Literacy to Address the Student Loan Debt Crisis

April 9 150x150 Increasing Financial Literacy to Address the Student Loan Debt Crisis

By: United States Senator Jack Reed (D-RI)

April is an exciting time for high school seniors. Graduation is just around the corner and college acceptance letters are rolling in, and with them an overwhelming sense of possibility and anticipation for students, along with a measure of joy and worry for parents.

Getting into college is an admirable achievement, but paying for college is a long-term commitment.

Indeed, according to the Project on Student Debt, 71% of college seniors who graduated last year had some form of student loans to pay back, with an average of $29,400 per borrower. Read more…

POSTED: April 9, 2014 | BY: Annamarie Cerreta | TAGS: , , , , , , , , , ,

Student Loan Debt: The Importance of Early Financial Education

ClearPoint logo1 Student Loan Debt: The Importance of Early Financial EducationBy Thomas Bright, Marketing and Web Content Writer, ClearPoint Credit Counseling Solutions.

Today, our nation’s students are faced with an increasing number of financial decisions and are given a decreasing margin for error. Without access to the right kind of information, these students may run into very serious financial problems. As the adults in the room, the parents and educators, we are left to find a solution. An education-based solution, one that teaches financial literacy as an experience and prepares students for all the firsts they will encounter, could be the answer we have been looking for. Read more…

POSTED: April 25, 2013 | BY: admin | TAGS: , , , , , , ,

Seven Things Every College Student Should Know About Personal Finance

Christian Ackmann 218x300 Seven Things Every College Student Should Know About Personal FinanceBy Christian Ackmann, Economics concentrator at Brown University; Winner of the 2012 National Personal Finance Challenge.

You would be surprised to know the number of college students who don’t know how build their credit history, view their account balances, or even write a check.  College is usually the first time that students acquire independence, yet some students remain dependent on their parents’ financial support and advice.  Proper financial education in high school is necessary to gain financial independence in college.  During my first year of college, I have seen many financial mistakes made by my fellow students.  Here are some of the things I believe every college student should know about personal finance to make intelligent financial decisions.

1.  Credit
When I asked my fellow classmates which financial topics they wished they knew more about, the unanimous answer was credit.  For many college students, credit cards are a thing of mystery.  They are magical pieces of plastic that somehow pay for pizza and gasoline using money from their parents.  The first step to establishing a solid credit history is understanding how credit works.  Once students understand the importance of credit, it can be very helpful to have a credit card in the student’s name (not the parent’s name) to encourage responsibility.  Paying the credit card bill in full each month is an easy way to build a good credit history, not to mention the perks that many cards offer, such as cash back or air miles (which are especially applicable to college students living away from home). Read more…

POSTED: April 20, 2013 | BY: admin | TAGS: , , , , , , , , , , , , ,

10 Ways to Save $100 During America Saves Week

By Meg Favreau, Senior Editor of personal finance blog Wise Bread.

Money is like a cake. When you get that delicious dessert, it can be tempting to eat it all at once. But if you do, you’ll end up with a stomachache, that sugarcoated feeling on your teeth, and perhaps most importantly – no cake for later.

Similarly, if you spend all of your money, you’ll probably end up regretting your splurges – and wishing you had some funds sitting in the bank.

Often, savings strategies are obvious – you set a big piece of cake aside, and it’s there waiting for you. But sometimes, it’s the little things that make that cake disappear. I’m reminded of the time my childhood friend Mike held a cake on his lap while we were driving home. He took fingerful after fingerful of frosting – and when we got home, Mike discovered that he had completely defrosted the cake without realizing it. Read more…

POSTED: February 26, 2013 | BY: admin | TAGS: , , , , ,

Financial literacy necessary to survive personal cliff

James B. O’Neill, director of the University of Delaware’s Center for Economic Education & Entrepreneurship, shared his views on the importance of financial literacy and how we can avoid the ‘personal cliff.’

In his piece for Delaware Online, O’Neill says that many adults “are faced with credit issues starting with simple goods and services and moving to the larger purchases of automobiles and homes.” Read more…

POSTED: February 4, 2013 | BY: admin | TAGS: , , , , , ,

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