Student loan borrowing is on the rise. Thirty-nine percent of student borrowers now graduate with “unmanageable” levels of debt, meaning their monthly payments total more than eight percent their monthly incomes, according to a 2002 report by the State PIRG’s Higher Education Project (www.pirg.org)
The number of undergraduate college students with credit cards continues to increase. A 2001 study conducted by Nellie Mae indicated that from the time undergraduates arrive on campus until graduation, they double their average credit card debt while tripling the number of credit cards in their possession.
The Nellie Mae study also revealed that a main reason why students amass high debt levels is a lack of knowledge in managing their finances correctly.
The following links are provided to assist CFCC students improve their financial literacy. Learning how to manage your finances is a crucial part of “growing up”. From budgeting to saving, make your money work for you. Learn how to use credit wisely and gain control of your financial future!
Financial Literacy: Responsible Borrowing (online calculators)
Money Management Articles
10 Money Management Tips For College Grads Featured Article in The San Francisco Chronicle, May 2008
How much can you responsibly borrow? Featured Article in Financial Aid News,
Five Things your College Student Should Know about Managing Debt. Written by Marketwatch.com columnist Amy Hoak, September 2006