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Colleges are Failing Students in Financial Preparedness

More grads are realizing the most important thing college didn’t teach them: how to deal with money.

It’s no surprise college students are unhappy with how much their alma mater prepared them for dealing with credit and debt. But a new national study conducted by Experian tries to quantify it, and one in five grads give their college an F.

Fifty-five percent of students said they feel like they are “going it alone” in dealing with money. Research also reveals that:

  • Many are stressed about loan repayments (37 percent)
  • less than half  know their credit score (47 percent)
  • Over half feel like “the odds are stacked against them” (53 percent)

And the prospects of effectively paying off these loans after college don’t seem very promising. Grads said that:

  • They believe they’ll be paying back their loans for a long time (59 percent)
  • They feel concerned about paying back their current debt (72 percent)
  • They don’t have a post-graduation job lined up (84 percent)

Meanwhile, most students (54 percent) believe they will probably defer their loans. Even with these discouraging numbers, respondents remain optimistic. Many (53 percent) believe being “debt free” is in reach.

So while you’re contemplating your next moves, don’t forget to check out the 10 highest paying entry-level jobs, and remember, it’s never too late to educate yourself on your loans and credit. Check out some of our student debt solutions.

Posted in: College, Credit & Debt, News
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