According to a national survey by Experian, college students may be receiving their degrees, but their financial management knowledge still needs some schooling.
The survey reveals some troubling data about recent graduates:
- Average student loan debt is $22,813
- 31% have maxed out a credit card
- 39% have accepted credit card terms and conditions without reading them
Students are giving their educators a failing grade, according to Experian:
One in five gives their college an F grade on preparing them to understand how credit works.
- 40 percent of those surveyed rate their current financial security as poor or fair, and only 16 percent of soon-to-be graduates already have a post-graduate job lined up
- 68 percent have needed the support of a recent cosigner, but 53 percent feel that being debt-free is an attainable goal in today’s economy
Read the full Experian study: Here