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Learning While Earning: The New Normal | CEW Georgetown

Learning While Earning: The New Normal | CEW Georgetown | Fin Lit | Scoop.it
Learning While Earning: The New Normal finds that over the last 25 years, more than 70 percent of college students have been working while enrolled.
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study finds 12-15 hours/week is optimal

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Impact of College Debt Survey

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20% of respondents indicated they cannot get a loan for other items, are unable to purchase a home, and it negatively impacts their credit.

18% of individuals indicated they are living paycheck to paycheck, “drowning” in debt, and have a large debt load.

13% indicated they have a lower quality of life and unable to afford the extra things.

12% indicated they are unable to save, unable to save for their retirement or their children’s education and feel less secure

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College Costs Soar, But Can You Afford Not To Go?

College Costs Soar, But Can You Afford Not To Go? | Fin Lit | Scoop.it
The moment she stepped onto its leafy Nashville campus, 17-year-old Tyra Searcy fell in love with Vanderbilt University. The students' drive to succeed, the ...
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An extra year costs $22,826 in tuition and fees, room and board, books and supplies, transportation and other expenses. In addition, students give up $45,327 in lost wages by graduating late. The total cost: $68,153,

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College students are hopeless at estimating their student loans

College students are hopeless at estimating their student loans | Fin Lit | Scoop.it
About 28% of students with federal student loans said that they had no student debt. To recover its money, the US government garnishes wages, federal tax refunds and social security benefits of those who default
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About 28% of students with federal loans said that they had no student debtSix in 10 don’t really know how much they borrowed to pay for first year
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Americans' Money Worries Unchanged From 2014

Americans' Money Worries Unchanged From 2014 | Fin Lit | Scoop.it
Gallup's Financial Worry metric, which tracks the percentage of Americans who are worried about multiple money issues, is steady compared with 2014. This year's reading of 50% is down from the recession years, but not as low as before then.
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2015 stats 

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Addressing the Student Debt Crisis: We Can Do More to Encourage Responsible Borrowing

Addressing the Student Debt Crisis: We Can Do More to Encourage Responsible Borrowing | Fin Lit | Scoop.it
Colleges and universities need to take the lead on this, and while there are some government restrictions on what we can do, there are some relatively simple things we can do that can make a real difference. The Responsible Borrowing Initiative at WG...
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Case study from WGU, recommended borrower amounts discourages maximum borrowing. 

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Federal Reserve Takes Center Stage in Financial Literacy Outcomes | FinancialCorps

Federal Reserve Takes Center Stage in Financial Literacy Outcomes | FinancialCorps | Fin Lit | Scoop.it
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Different services offered by the FED for fin lit training and programs

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More college students finding Personal Finance a must-have class

More college students finding Personal Finance a must-have class | Fin Lit | Scoop.it
Portland State University has joined other U.S. colleges in expanding their efforts to improve student financial literacy.
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7 Tips for Understanding and Negotiating Your Medical Bills

Many people have trouble paying their medical bills. We review 7 different ways in which you can help contain your health care costs.
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financial advocacy

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Financial Literacy Makes Dollars and Sense for Student Loan Borrowers and Lenders : New England Board of Higher Education

Financial Literacy Makes Dollars and Sense for Student Loan Borrowers and Lenders : New England Board of Higher Education | Fin Lit | Scoop.it
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Research on the SALT program

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6 Little-Known Facts About Student Loan Grace Periods - US News

6 Little-Known Facts About Student Loan Grace Periods - US News | Fin Lit | Scoop.it
Federal loans come with a grace period, but the length and terms vary depending on loan type.
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New Grads Won’t Be Able to Retire Until 75, Study Finds

New Grads Won’t Be Able to Retire Until 75, Study Finds | Fin Lit | Scoop.it
A NerdWallet analysis finds student loan debt and rising rents mean the Class of 2015 could have to work till 75. But there is hope, and steps to take now.
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Sixty-eight percent of Americans are unhappy with the way they financed college

Sixty-eight percent of Americans are unhappy with the way they financed college | Fin Lit | Scoop.it
More than one-third of Millennials wish they had delayed going to school in order to save more money first.
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2015 Administrative Burden Survey - National Association of Student Financial Aid Administrators

A national, nonprofit membership organization with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators
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Page 9:

 

Respondents were asked to characterize the financial literacy of the typical student at their institution (Table 2). Overall, 75 percent of respondents described the typical student’s skills as limited and 16 percent considered the typical student’s understanding of financial literacy to be very limited. When these responses were broken out by form of control, respondents at public institutions were the most likely to suggest their students financial literacy skills were very limited (28%), while individuals at private nonprofit institutions were the most likely to suggest students were somewhat sophisticated (23 percent). When comparing responses across institution level, 90 percent of respondents at 2-year institutions characterized their students’ financial literacy skills as somewhat or very limited. Respondents from 4-year institutions were most likely to categorize students as sophisticated (23.35%). 

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Lack of loan understanding among borrowers

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About 65 percent misunderstood or were surprised by aspects of their student loans or the
student loan process.
• About two-thirds of private loan borrowers, including those who took out both private and
federal loans, said that they did not understand the major differences between their private
and federal options.
• When talking about specific aspects that they misunderstood or found surprising, about
20 percent of respondents mentioned their repayment terms, 20 percent mentioned the
amount of their monthly payments, and 15 percent mentioned their loans’ interest rates.
• A full 80 percent obtained at least some of their student loan information from their college’s
counselors or website.

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Financial Literacy: Resource Roundup

Financial Literacy: Resource Roundup | Fin Lit | Scoop.it
Edutopia has compiled resources for educators seeking to help students learn financial concepts, practice money management, and build strong financial decision-making and economic-reasoning skills.
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Money missteps on campus

Money missteps on campus | Fin Lit | Scoop.it
From managing loans to controlling spending, many college students find themselves dealing with a host of financial responsibilities for the very first time. And it’s not uncommon for them to trip up.
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Tips for introducing fin lit plans on campus

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5 financial lessons from a parent’s last days

5 financial lessons from a parent’s last days | Fin Lit | Scoop.it
There are a multitude of expenses associated with death and dying. But many of them can be managed effectively and even negotiated down, so that life’s final chapter loses some of its sting.
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Financial Advocacy

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People Say Being Good With Money Is More Important Than Looks In A Spouse

People Say Being Good With Money Is More Important Than Looks In A Spouse | Fin Lit | Scoop.it
A new survey by credit bureau Experian outlines exactly how credit and money affects a marriage.
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