Also troubling is the affect the lack of financial literacy skills has on the current national student loan debt crisis, which not only affects the legitimacy of degrees and institutions, but the stability of the economy as well.
“Part of being financially literate is also understanding how student loans work: According to data, nearly a quarter of students surveyed believe that their student loan debt will be forgiven after they graduate; yet, 41 percent of all students default on their loans,” noted Schuyler. “There needs to be a triangulation between career choice, college choice and degree choice that doesn’t exist for students today. Financial literacy will help with these decisions.”
Indeed, knowing how to apply math and critical thinking skills to a college decision is critical for today’s students, including understanding how tuition directly correlates to student loan interest and base salaries in careers.
Not only could this help students from defaulting on their loans, but higher education (currently under intense public scrutiny), may better understand how to serve students and help provide pipelines to critical jobs in the business industry.
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