What does financial literacy mean to the average college student?
Does it mean budgeting, saving, or does it mean credit?
It actually means making wise choices about all three. Most college students have about $23,200 in loan debt after they graduate (http://projectonstudentdebt.org/), and the average salary for a new liberal arts graduate is $36,175 (www.universitylanguage.com). That equates to an average monthly loan payment of $278 and an average net bi-weekly paycheck of $1066. With that kind of loan payment, financial literacy becomes critical.
Financial literacy is important because of the challenges in today’s economy and the increasing debt students and families accumulate. This webpage offers resources to help educate Goucher students and their families about how to make informed decisions about the use and management of their money.
Read about financial literacy using links below.
Useful Financial Literacy Resources
- Financial Literacy Guidance from Department of Education
- Cash course on managing your money
- Sample monthly budget worksheet
Do you know what the Federal Trade Commission can do for consumers?
Do you know what a credit report is and how to obtain your credit score?
Do you understand your FICO credit score?