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    Students at ISU unaware of cost of learning

    Nearly 40 percent of Iowa State University students underestimated the amount of student loans they owe, while one in eight didnít realize they had debt, according to research by ISU faculty and staff released Wednesday.
    The financial literacy study, which surveyed 801 undergraduate Iowans in fall 2010, also found 10 percent of students underestimated their debt by more than $10,000. Only 22 percent had not taken out loans.
    The results show a need for additional financial counseling to help students understand their borrowing and how it will impact their lives after graduation, researchers said.
    ISU, for the first time this summer, will send emails to all students showing how much they owe, their estimated monthly repayment upon graduation and a list of lenders, said Roberta Johnson, ISU director of student financial aid. Loan histories had previously been available, but not enough students were using the resource, she said.
    Students at ISU unaware of cost of learning | The Des Moines Register | DesMoinesRegister.com



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    Re: Students at ISU unaware of cost of learning

    There needs to be a lot more education in high schools about this issue. Colleges should start requiring at least two years of financial literacy classes.



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    Re: Students at ISU unaware of cost of learning

    On top of knowing what their debt is, i think a lot more need to be aware of the average salary ranges that can be expected for a major. Its fine if you want to major in something that doesnt make much, but it doesnt make much sense to be racking up 100k in debt for a degree that wont allow you to ever pay it off. (and i'd really rather not see you in an article where you're puzzled why you went to college and now can't pay back your loans, when its entirely predictable that wouldve been the result)



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    Re: Students at ISU unaware of cost of learning

    Quote Originally Posted by Clone5 View Post
    There needs to be a lot more education in high schools about this issue. Colleges should start requiring at least two years of financial literacy classes.
    As a high school business teacher, I absolutely agree with both of these points. To add to it, I think a lot of parents need to have the converstaion with their kids about paying for college and where that money is going to come from. I cant even begin to tell you about the discussions we have in class about who is paying for college. We do a lot of budgets and researching college prices, loans, interest rates, so that hopefully the kids that walk out of my class at least have some sort of idea of not only how much money they will be spending, but also where that money is going to come from.



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    Re: Students at ISU unaware of cost of learning

    Quote Originally Posted by Cybyassociation View Post
    As a high school business teacher, I absolutely agree with both of these points. To add to it, I think a lot of parents need to have the converstaion with their kids about paying for college and where that money is going to come from. I cant even begin to tell you about the discussions we have in class about who is paying for college. We do a lot of budgets and researching college prices, loans, interest rates, so that hopefully the kids that walk out of my class at least have some sort of idea of not only how much money they will be spending, but also where that money is going to come from.
    I'm sure most business teachers do as much as they can but until schools realize what is actually important to students' futures and change high school and college requirements it won't be enough. Personal health and financial literacy are two things we are severely lacking in in this country and it stems from the fact we do not stress either of those things in our education system the right way.



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    Re: Students at ISU unaware of cost of learning

    It always irks me when there is an atricle like this that says something like "John recently graduated with 10 zillion dollars in debt. As a major in finance he'll have to work 200 years to pay it all off. If a finance major can't figure that out they shouldn't get a diploma.

    I actually dropped a finacial advisor once for something like this. I was setting up a 529 fund for one of my kids. He started going off about college dept and how much he was paying for one of his daughters to go to some out of state big name school to major in liberal arts and how she would never make enough to pay it back. Next time in I asked for a change. Why would I want someone that can't manage their own money better than that giving me financial advice.



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    Re: Students at ISU unaware of cost of learning

    Quote Originally Posted by Cybyassociation View Post
    As a high school business teacher, I absolutely agree with both of these points. To add to it, I think a lot of parents need to have the converstaion with their kids about paying for college and where that money is going to come from. I cant even begin to tell you about the discussions we have in class about who is paying for college. We do a lot of budgets and researching college prices, loans, interest rates, so that hopefully the kids that walk out of my class at least have some sort of idea of not only how much money they will be spending, but also where that money is going to come from.
    You can't tell me how to raise my kids!!

    But seriously, good for you for trying to introduce these concepts to kids.



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    Re: Students at ISU unaware of cost of learning

    I'm stuck somewhere between "how can they NOT know" and "somehow I'm not surprised"



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    Re: Students at ISU unaware of cost of learning

    Wait, college students are blissfully ignorant of things that really matter? Color me shocked.


    Quote Originally Posted by John F. Kennedy
    not because they are easy, but because they are hard ... because that challenge is one that we are willing to accept, one we are unwilling to postpone, and one which we intend to win....

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    Re: Students at ISU unaware of cost of learning

    yeah count me in on the 40%


    in the laaaaab

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    Re: Students at ISU unaware of cost of learning

    The part that gets me is one out of every eight ISU students didn't realize they had debt. How is that even possible?



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    Re: Students at ISU unaware of cost of learning

    Quote Originally Posted by Clone5 View Post
    Colleges should start requiring at least two years of financial literacy classes.

    Nobody would go to college if they knew how overpriced it was. The last things colleges want is higher financial literacy among young people.



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    Re: Students at ISU unaware of cost of learning

    Quote Originally Posted by CyFan61 View Post
    The part that gets me is one out of every eight ISU students didn't realize they had debt. How is that even possible?
    Just to play devil's advocate, accepting the financial aid award can be done in a single click to accept all available aid. If you qualify for loans due to your FAFSA, those loans are also accepted at their full amount in addition to any awards or scholarships. Making students accept loans separately from gift aid could make their incurring of debt more readily visible to them.

    I also agree with the above posts regarding the need for improved heath and fiscal education in the US. At my HS we had one quarter of "consumer economics" where we barely got past how to properly write a check, let alone the importance of budgeting or debt.


    Quote Originally Posted by im4cyclones View Post
    [Anything] is easy if you are content to suck at it.

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    Re: Students at ISU unaware of cost of learning

    Quote Originally Posted by Senolcyc View Post
    Nobody would go to college if they knew how overpriced it was. The last things colleges want is higher financial literacy among young people.
    Your thoughts are echoed in the documentary I linked.
    [ame=http://www.youtube.com/watch?v=SaNlow-vmyA]College Conspiracy (Full Length) - YouTube[/ame]



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    Re: Students at ISU unaware of cost of learning

    Quote Originally Posted by CyFan61 View Post
    The part that gets me is one out of every eight ISU students didn't realize they had debt. How is that even possible?
    Very few students get into college with any information about how college financing works. As we know, 18 year olds aren't the greatest at seeking out information so they never really learn what they are doing by accepting loans.



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