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 NCHER Daily Briefing

EverFi, Higher One Report Details How Early Attitudes and Knowledge Impact Financial Decisions of College Students

April 8, 2014

NCHER was in attendance today for the release of EverFi and Higher One’s second annual "Money Matters on Campus” report that surveyed 65,000 first-year college students on financial education topics such as banking, savings, credit cards and student loans, offering a snapshot of their early financial attitudes, knowledge and preparation. The analysis reveals significant differences in the financial capabilities of students based on age, race, gender and institution type. It also includes data that supports mandatory financial literacy education in high school, highlighting the strong connection between knowledge, attitudes and behaviors in this area.

When comparing data collected in 2013—2014 to the previous year’s cohort, the report revealed nearly identical patterns of responses in relation to credit card and banking behavior and general financial attitudes. Like last year, the 2014 study found that as credit card debt and/or school loan debt increased, students were more likely to demonstrate unhealthy attitudes and behaviors towards spending, saving, and debt. According to the report, other findings include:

  • Students were significantly more responsible in their financial behavior if they had prior financial education training;
  • Male students were less healthy in almost every aspect of financial behavior than female students, despite having higher levels of financial knowledge.

Read More Here.

 

 USA Today 2

Financial literacy education has lasting impact
Financial literacy courses help shape students into better money managers, study finds

By Hadley Malcolm
April 8, 2014


The effects of financial literacy education in high school continue to influence attitudes and behaviors toward money management for students well after graduation, according to newly released study.

The study of 65,000 college students was given exclusively to USA TODAY by EverFi and Higher One, organizations that help implement financial literacy programs.

First-year college students required to take a financial literacy course in high school are significantly more likely than their peers who didn't take class to be financially responsible, the study found. Just 17 states require a course.

Students who took a class did better on the survey's financial knowledge questions, were found to be more averse to debt, more likely to pay credit card bills on time, and less likely to go over their credit limit.

Read More Here.

 

 SchoolsDotCom

Let's make a deal: How to compare student loans

By Chris Couch
April 3, 2014

If you're heading off to school, odds are you're doing it with financial assistance. The federal government offers at least $27,000 in loans to all dependent undergrads pursuing a four-year degree, and at least $45,000 to independent undergrads. The problem is that federal loans have strict limits. Many dependent freshmen, for example, can only borrow $5,500 to cover their first year, a drop in the bucket compared to the $31,701 price tag that accompanies one year at the average four-year public college. Private or "alternative" loans are designed to fill the monetary gaps, but unlike federal loans, which are standardized, interest rates and repayment terms vary significantly between lenders. Here's how to start finding the best deal you can on student loans.

Ask Uncle Sam

An overwhelming number of students take out private loans every year, but many don't have to. According to the Project on Student Debt, one in four private loan borrowers went straight to a private lender without tapping federal loans first. That's a costly mistake, says Mary Johnson, director of financial literacy and student aid policy for Higher One, a company that provides financial services for college campuses.nt loans.

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 Reminder news

Young adults to get advice on how to manage debt wisely

April 03, 2014

The millennial generation came of age at a time of soaring college costs and during a recession from which the economy is still struggling to recover. Today, their student loan debt has surpassed the $1 trillion mark, while the post-recession labor market has made it difficult for even highly-qualified young adults to find well-paying jobs.

In response to this double money challenge, “Beer, Burgers & Managing Your Bucks,” a monthly networking/financial education gathering for 20- and 30-somethings at MCC on Main, is devoting its April 9 event to the topic of “Smart Debt Management.”

Mary K. Johnson, Director of Financial Literacy and Student Aid Policy at Higher One, a New Haven-based company that provides financial services and data analytics to more than 1,600 colleges, will be on hand with advice for young people on everything from raising their credit scores to evaluating their post-college student loan repayment options.

Read More Here.

 


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Testimonials

Before Higher One, our students only had one way to get their refunds, and that was by paper check. With Higher One processing refunds for us, it has allowed us to provide more options for our students without having to enter and store student banking information. We also no longer have to handle sorting, stuffing and mailing thousands of checks.Suzanne ClaggettUniversity of West Florida
Higher One’s experience with college students and their focus on serving colleges distinguishes Higher One from all other financial service providers. We really liked the fact that the community college customer base is expanding for Higher One.Carla Chance St. Louis Community College

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