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 $30,000 in loan debt after they graduate (http://projectonstudentdebt.org/), and the average salary for a new liberal arts graduate is $41,700 (www.chron.com). That equates to an average monthly loan payment of $333 and gross paycheck of $3475. 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
- If you have a student loan visit the National Student Loan Data System
- Will you have student loan debt when you graduate? Learn about repayment plans.
Will you be graduating soon?
- Purchase a few books on money basics
- Research retirement savings plans (401k or 403b) What is the advantage to saving when you begin working full-time.
- Thinking about your first home, research how to plan and save after graduation.
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?