Are College Graduates Ready for the Financial Future?
After four (or five) long years of papers, midterms, and final exams… the time has come for college students to don their caps and gowns and get their diplomas. What they learned in class may help them land a job.. but it might not be enough to guide them through the tough financial decisions that lie ahead.
The numbers are staggering – seven out of ten students will have student loans to deal with and they are not small. The average student will have $30K to pay back with many students pushing into the $80,000 range. On top of that Congress controls the interest rate and it is currently set at over 7%. I consider this a crisis and know that many of our young adults will take a decade to recover.
But here are some helpful thoughts to make it a better experience.