![]() ![]() ![]() Without a solid background in personal finance, oftentimes there is a lack of knowledge on student loan basics for instance, many students don’t know that private student loans often come with higher interest rates or that there are repayment options such as student loan refinancing. Many people associate college with new experiences and fun times, but it can also be characterized by cheap dinners, frugality, and even excessive student loan debt.Īccording to a few people, the student debt issue could even be attributed to a lack of financial literacy. We believe that high schools, colleges, and universities need to require a formalized personal finance education in the classroom. We asked each respondent to answer these questions honestly and believe that that vast majority of students were truthful in their replies. ![]() In total, each student answered 25 unique questions related to personal finance and managing money. Over the last month, our survey team was hard at work collecting responses from 455 undergraduate and graduate students. We hope that you find the results of our study eye opening and insightful. Today, only 17 states require high school students to take a course in personal finance. There is a lack of financial literacy in the United States – that is no secret. This study was designed to test current college students on basic personal finance knowledge and to gain insight into the ways in which current college students are managing money. We are excited to release the results of our 2016 College Students and Personal Finance Study. ![]()
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