Diverse Issues in Higher Education:
Today’s college students are feeling unprepared to manage their finances and have already accumulated high amounts of debt, according to a recent survey by EVERFI.
The report, titled “Money Matters on Campus” which was sponsored by AIG Retirement Services, focused on students’ financial experience and knowledge. It included 30,000 college student participants from 440 institutions in 45 states.
The survey found that six in 10 students have taken or intend to take loans out to cover their tuition bills. However, only 65 percent actually plan to pay off those loans on time and in full.
Ray Martinez, co-founder and president of EVERFI’s Financial Education and Conduct and Culture divisions, believes that many families remain unaware of the full cost of attending college. This results in students needing to take out loans because they were unprepared financially.
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