College students and credit management

sad student

Average student debt is $22,813

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