College & Post-Secondary Financial Literacy
Students | Parents | Educators
College/Post-Secondary –If you are a college student, parent or educator looking for information regarding college students and money issues, you've come to the right place.
Facts about College/Post-Secondary money habits
- 76% of undergraduates in 2004 began the school year with credit cards.
- The average outstanding balance on undergraduate credit cards was $2,169 in 2004.
- 56% of undergraduates report obtaining their first credit card at the age of 18.
- As students progress through school, credit card usage increases. 91% of final year students have a credit card compared to 42% of freshman. Final year students carry an average balance of $2,864 while freshmen carry an average balance of $1,585.
- 21% of undergraduates with credit cards reported that they pay off all cards each month; 44% say they make more than the minimum payment but generally carry forward a balance; 11% say they make less than the minimum required payment each month.
- 1 in 3 students believe that their financial situation is “likely” or “somewhat likely” to affect their ability to complete their college degree. 16% of students report that, because of their financial situation, they had to reduce their number of credit hours and 5.6% had to drop out for a semester. 1 in 3 students are having difficulty concentrating on their studies more than 1 in 4 have experienced physical or mental discomfort because of their financial situation. About 50% of financially at-risk students report that their financial situation has affected their health.
Source: “Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends” by Nellie Mae; May 2005
- Smart Money Connections – KMSQ (videos) – Program series geared toward Generation X/Y (ages 18 to 35) to get them thinking about their financial future and introduce them to investing skills and concepts; features real-life video clips and live audience.
- RentWise – University of Minnesota Extension (Web site) Tenant education certificate program using an active-learning approach.
- Dealing with College Debt – Minnesota Attorney General (PDF) Students can acquire excessive credit card debt and mounting student loans.
- Know Your Score – Consumer Federation (PDF) A number that helps lenders and others know likelihood you will repay debts.
- Identity Theft on Campus – Minnesota Attorney General (PDF) Thieves steal personal information: ID card, billing statements, or social security number.
- America Saves on Car Purchases – America Saves (PDF) Reduce motor vehicle expenses by making wise purchase decisions.
- 66 ways to save money – Consumer Federation (PDF) On transportation, insurance, banking, housing, and more.
- 12 Money Management Tips for College Students – Bankrate, Inc. (document) Practical advice and useful links for college students.
- RentWise – University of Minnesota Extension (Web site) Tenant education certificate program using an active-learning approach.
- Dealing with College Debt – Minnesota Attorney General (PDF) Students can acquire excessive credit card debt and mounting student loans.
- Identity Theft on Campus – Minnesota Attorney General (PDF) Thieves steal personal information: ID card, billing statements, or social security number.
- Making Ends Meet: Strategies for Young Families – University of Minnesota Extension – A lesson to introduce strategies to help make ends meet, including budgeting basics, cutting spending, saving, maintaining a good credit, and staying out of debt.
- Smart Money Connections – KMSQ (videos) – Program series geared toward Generation X/Y (ages 18 to 35) to get them thinking about their financial future and introduce them to investing skills and concepts; features real-life video clips and live audience.
- Money Quotes: Energizer or Get-Acquainted Activity - University of Minnesota Extension (PDF) Money quote puzzles can be used to introduce financial management topic.
- Youth & Money – University of Minnesota Extension (Web site) Training and resources in money management for educators
- Cash Course – National Endowment for Financial Education (Web site) Universities provide students resources to cultivate lifelong positive money management habits.
- High School Financial Planning – National Endowment for Financial Education® (Web site) Award-winning, non-commercial financial education program for high school students
- Jump$tart – Jump$tart Coalition for Personal Financial Literacy (Web site) Curriculum enrichment for basic personal financial management skills in K-12 education.
- National Council on Economic Education (Web site) Nationwide network promoting economic literacy with students and their teachers.
- Free Student Application for Federal Student Aid (FAFSA) – U.S. Department of Education (Web site) Ensures eligible individuals benefit from federal financial assistance for education beyond high school.
Research Links
