I came across an interesting figure on student debt from a mid-size state college in Ohio. The school has about 20,000 students and last year alone, students borrowed $129 million dollars. Some percentage of these students have credit card debt on top of that.
If that is accurate, it certainly shows that more college expense is being paid by debt, than by cash and financial aid.
Richard Cordray, Treasurer State of Ohio had this comment:
“If we don’t make good financial decisions, we’re in trouble all of our lives.”
I most certainly agree with that - it is the story of my life.
However, the point of the article is summed up in this statement - “The solution; mandatory personal finance classes in high school.”
This is of course just the age old fallacy that if the bumbling idiots were just better educated, they wouldn’t do such stupid things. Not so!
Neither a high school or a college class is going to instill financial responsibility into the materialistic life of a young person. Being raised from young child on up with the right financial attitudes and disciplines just might.
djbtol