A Financial Story
Danielle, Class of 2006
I took out student loans from my credit union for educational purposes so just for tuition and books but that is it and any other educational costs that came up, never for personal use. the thought that I always had to pay it back was always in my head so I never bit off more than I could chew and it has worked out very well for me.
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Managing your financial wellness at any time in your life is a significant responsibility. For college students who are just starting down the path to financial wellness, it can be even more difficult to start out on the right foot. Consider the following facts:
- 80% of college students have at least one credit card by the end of their freshman year.
- 52% of recent graduates report owing $10,000 to $40,000 in student loan debt.
- In 2003 about 100,000 people under the age of 25 declared bankruptcy.
- $184.00 is the average monthly payment of a four year grad carrying a student loan balance of $23, 485.
- The average senior graduates with approx $3000.00 in credit card debt.
- Bachelor degree students earn 80% more than high school graduates.
Source: NASFFA and Indiana Dept Of Financial Institutions
College Students and Credit Cards
- Average number of cards per college student is 4.09
- 43% have four or more cards
- 43% obtained first card as a freshman
- 72% of sophomores had credit cards
- 16% owe between $3,000 and $7,000
- 7% owe more than $7,000
Source: 2005 Nellie Mae Study of Undergraduate Students and Credit Cards
There is no better time than now to start managing your money
and practicing sound fiscal responsibility.