...The financial decisions the students make in universities can significantly affect their financial situation during and after university. These decisions can also affect other aspects of their lives, including their academic performance, health status and future employment Chen and Volpe (1998, 2002). Unlike the previous generations, the youths today are growing up in a culture of debt facilitated by expensive lifestyles and easy credit (Dugas, 2001). The youths being a major consumer market, emerging trends and fashions are some of the reasons the youths have fallen prey of financial mismanagement. A good number of the 21st generation is under influence of expensive purchase as an indicator of conformity to a particular social group or class....
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...“College is part of the American dream it shouldn’t be part of a financial nightmare for families.” Barbra Mikuski’s quote holds true to many American families in our society today. In recent discussions of student loan debt, a controversial issue has been whether or not colleges should give more opportunities for students to leave college debt free. On the one hand some argue that students should work to pay for their education themselves. College students personal agenda’s entail getting a job, working hard, and getting scholarships to support themselves throughout their college experience. Students should not assume that government or college aid will cover all of their financial costs, students should anticipate and accept the responsibility...
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...College Costs and Financial Debt Not planning for college on time can leave you with student’s loans debt in the end. I the past few years, college have skyrocket, and the once affordable college education is now a tower of debt for the new recent graduate students. Most of us in order to complete or to continue college our education, will need some federal financial aid or federal student loans to close a small gap in the end. The average public college is around $20K per year, and a private university is double that amount. The average student get his gift aid (need-based aid plus merit aid), this combined with the self-help aid (work-study plus federal loans), total his financial aid packet. These federal loans are a portion of the self-help aid that most students need to close the small financial gap in the end. A few years back the average student loan was around $17,000 (for a regular four-year education), now that amount have climbed to $27,000, this is due to the rising cost of education. Sen. Elizabeth Warren (D-Mass.), have suggested providing federal financial support to states that fund public colleges. This proposal will eliminate government profits from student loans, and punishing colleges with graduates who aren't able to manage their debt. A good example for this college debt is my story. In the spring of 1994, after three years of college, I was forced to delay my education, this was due to the high cost of college tuition. To help cover the cost of my...
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...Allison is a freshman at Angelina College but has been out of high school for a few years. She mentioned that the reason why she had to hold off for a few years was due to the fact that her father had been laid off at the time and their home was struggling financially and was not stable enough to support her through college. Allison expressed how she wished she was more into sports that way she could receive financial aid with an athletic scholarship. She explained how she was not aware that financial aid other than scholarships was a service provided at Angelina College. Financial aid is monetary help from the government and other programs for students enrolled in college. Students must apply and qualify in order to receive the financial help. Many students depend on financial aid to cover all or most of their college expenses. At Angelina College the Financial aid office is located on the second floor of the student center. In the office...
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...to pursue a college education they have to deal with a lot of problems related to how to pay their college tuition. Undocumented immigrants should be able to receive financial aid, even though some people do not support them. There are many reasons why undocumented immigrants should be given financial aid. For example, the rate of undocumented immigrants that want to pursue higher education is higher than the national rate, but the economic opportunities for them to go to college are...
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...April 2013 Mandatory Financial Counseling Should be Provided to All College Students A growing number of college students today are facing unnecessary hardships upon graduation from college because they lack preparation, and the necessary skills needed to manage their financial circumstances. Lack of knowledge combined with distracting, busy study schedules have led many college students to make poor decisions, leading to costly consequences upon graduation. According to the Project on Student Debt at The Institute for College Access & Success (TICAS) in the college graduate class of 2011, two-thirds had an average of $26,600 in student loan debt upon graduation; at the same time the unemployment rate among new graduates was at 8.8 percent ("Average Student Debt Climbs to $26,600 for Class of 2011"). As a result, thousands of new graduates are forced to face huge amounts of debt on student loans that they cannot pay, immediately after graduating. There has been talk on Capitol Hill about federal loans to help graduates with their debt. Government involvement to fix the problem seems very retroactive considering that universities could and should have taken a more proactive approach. Universities must better prepare their students for the foreseeable financial hardships they could face upon graduation by providing mandatory financial planning counseling to all students. Without proper counseling and direction, it is very easy for students to make big mistakes when...
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...Report Why Did They Enroll? The Factors Influencing College Choice An analysis of traditional-aged students What matters to students when deciding where to enroll? There are a variety of factors that influence a student’s decision to enroll. Factors such as cost and the availability of financial aid are universally important at all types of institutions. However, other factors can vary widely by institution type, demographics, class level, and whether the student enrolled at his or her top choice. Every year, hundreds of campuses administer the Noel-Levitz Student Satisfaction Inventory™ (SSI) to their students. In addition to more than 70 items rated for importance and satisfaction on the general student experience, the SSI includes nine items that address factors in a student’s decision to enroll. During the fall of 2011, more than 55,000 students from more than 100 public and private fouryear and two-year institutions completed the SSI. These students rated the factors to enroll items on a scale of one (meaning not important at all) to seven (very important). This report details the responses from the nationwide pool of data. In particular, this report has a special emphasis on the nearly 22,000 first-year students who responded in order to see which items scored higher with ratings of important or very important (a ranking of six or seven on the answer scale). Comparisons with upperclass students and between students at their first-choice institution versus those attending...
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...Introduction Credit Card debt and college student debt are problems that must be addressed now. We are seeing to many people suffer from both since they are misinformed and not educated about either. I got my first credit card when I was 18 years old. My parents taught me to be careful with my card and if I wasn’t they would cut me off immediately. Unfortunately people are now getting credit cards earlier and parents are not teaching kids how to use credit cards correctly. According to a study, “50.9% of students had debt before college” (Jones 2005). This means over half of the people entering college already are in some type of debt. Students must be educated before college so we can alleviate the amount of students in debt. Graduating students are “leaving college with $20,402 in education and credit debt” (Robb and Sharpe 2009). This results in people trying to dig themselves out of debt for their whole life. The average student also has “4.25 cards in their name” (Davidson, 2004). This is part of the reason why students are accumulating so much debt since they don’t know how to properly manage credit cards. This is because students have a low degree of financial literacy. This means that students don’t know the true value of money and as a result spend more than they have. We can see this by the amount students are using their credit cards. Not only are students getting in debt, but it is also having social impacts. The social impacts are students ruining their relationships with...
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...Claim/thesis: The cost of higher education affects young american students because the rising increase in tuition causes many students to experience high amounts of debt. BODY PARAGRAPH 1: The controversy over the affordability in higher level education has increased over the years. As more and more students are deciding to pursue a college career, these institutions are becoming forced to charge certain amounts of tuition for attendance. As a result, this has caused some colleges to drastically increase their overall tuition prices. However, the increase in tuition causes many students to be affected financially; which can lead to a result in the decrease of educational...
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...The Impact of Financial Education in High School and College On Financial Literacy and Subsequent Financial Decision Making by Lewis Mandell Kermit O. Hanson Visiting Professor of Finance and Business Economics Foster School of Business, University of Washington Senior Fellow, Initiative on Financial Security, Aspen Institute Presented at the American Economic Association Meetings San Francisco, CA January 4, 2009 The Impact of Financial Education in High School and College On Financial Literacy and Subsequent Financial Decision Making Abstract: Many consumers appear to lack the financial literacy needed to make financial decisions in their self-interest. A growing number of analysts and politicians are blaming the intersection of low levels of financial literacy with complex, financially-engineered products for the current economic meltdown and have proposed a number of solutions to this problem. These solutions range from mandatory education in personal finance to required simplification of financial products and greatly increased regulation. This paper examines evidence on the effectiveness of personal finance education on both financial literacy and financial behavior. If the problem can be solved through education, it is likely to reduce the perceived need to limit choice in the marketplace for retail financial products. If education is shown to be ineffective, the future of financial product innovation and financial engineering may be greatly limited. Supporting...
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...2016 Does financial aid lead to a more successful student? Does financial aid lead to a more successful student? There is a lot of debates and talk about the fact that financial aid does lead to a more successful student. There’s many that think financial aid does lead a college student to a better success and there’s some people that think different. Based on my research and my own personal experience, I have found that there’s a lot of positive points to a more successful college student, but I do understand the negative points to an unsuccessful college student also. For overall student population, the receipt of grants or a combination of grants with loans had a positive impact attending first choice institutes. While the study is not yet complete, MDRC recently published findings from two community colleges in its report “Can Scholarships Alone Help Students Succeed? Leasing from two New York City community colleges.” (Student Loan Ranger) Web. The study defines performance-based scholarships as these granted to students based on financial need. According to MDRC, making additional financial aid contingent upon certain behaviors can lead to “an increased effort toward studies, or reduced level of financial stress, and an increased confidence on the part of students in their ability to succeed. (MDRC WEB) When the MDRC evaluated all participating students at two schools they found that the overall program encouraged more full-time enrollment while students were eligible...
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...First-generation college students go through great challenges as they navigate their way through secondary education. Although almost every college student encounters hardships during their social, cultural and academic transitions, first-generation college students confront even more challenges due to the several factors such as lack of quality high school preparation for college and little support for attending college. In addition to that, most first-generation college student come from low-income working class backgrounds (Capriccioso 2006). Their graduation and persistence rates are very low in comparison to those whose parents completed a bachelor’s degree. According to the United States Department of Education, approximately 28% of...
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...sex, age, program and the financial literacy of STA in terms of savings, budgeting and spending. Financial literacy is mainly used in connection with personal finance matters. The majority of college students do not budget their money. Researchers, educators, and policy makers would generally agree that lack of financial knowledge and skills have contributed to the latest economic and financial crisis (Klapper & Panos, 2011). Hogarth (2002) described the consistencies in behavioral terms, stating that individuals who are financially literate are: 1) knowledgeable,...
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...Article 1: Financing Your Education Paying for College 101 There's no way around it. A college education is expensive, especially if you or your child goes to a private school. How much it will cost depends on the school you choose. Once you've narrowed your choice of schools, contact them to find out how much the total cost will be and what scholarships and financial aid are available. High schools often hold free seminars on choosing and paying for college. Another source of information on financial assistance from both private and government sources is finaid.org. This site also offers calculators that can help you figure out how much school will cost, how much you need to save, and how much aid you will need. Many state governments have created programs to make it easier for families to save money for their children's education. Visit collegesavings.org for links to information on various state programs such as 529 plans. Other helpful college planning tips: * Pay close attention to state and federal financial aid deadlines. You'll want to file well before the deadline though, so you can receive aid before funds run out. * Check the Department of Education's student budget calculator. You can plug in tuition costs, room and board and other expenses along with how much money you have in student loans or grants to get an idea of where you stand financially. * Make sure your college bound child gets involved in the process. Point them to College.gov where they...
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...College Struggle for the Poor Throughout society, it is typical for graduated students from high school to move on to college to continue education. Poverty stricken students don’t always have the chance to move on to college. In Eleanor J. Bader’s essay “Homeless on Campus,” describes the effects of poverty on the less fortunate, and how they are trying to acquire an education. Eleanor J. Bader’s essay is reinforced by two contemporary articles, and how poverty effects people getting the proper education needed for them to help them to reach their personal requirements for financial and social needs. There is many reasons poverty stricken students are not able to attend college. In Eleanor J. Bader’s essay, she explains that people are not...
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