College Debt Doubles, New Research Shows

By Lindsey Elliott (KSU) , Sean Everson |

Published 08/27 2014 01:24PM

Updated 08/27 2014 09:52PM

(MANHATTAN, KS.) Student loan debt has doubled since 2007 and colleges aren't doing enough to educate students on their finances. That's according to new research from Kansas State University.

"Financial issues are one of the top reasons, if not the number one reason, that students drop out of college. Thirty percent of students who have student loans drop out of college, which is a pretty alarming percentage," said Kansas State researcher, Sonya Britt.

Experts say student loan debt is higher than credit card debt and all other consumer debt.
The new report from K-State found that despite the increasing student loan debt, most universities don't have financial education programs.

"Most of the students who enter college don't get a financial literacy course when they're in high school so a lot of times they're just not familiar with basic money management skills, making payments, the awareness of how fast credit card debt accumulates, so there's a lot of need, but not a lot of resources for college students currently," added Britt.

Britt says colleges should start small,offer one time events or monthly financial education sessions.
At Missouri Western State University, Junior Marcy Canham received help with her student loan education.

"Well we went through a class when we first started going here and it was like a debt seminar type of class. So they informed us on like what to expect and what we need to be doing," said Canham.

Missouri Western offers various loan education seminars, from debt management to exit loan counseling.
Aside from help on campus, Canham gets advice from home as well.

"My mom is helping me out a little bit with just like knowledge and telling me to make a good game plan and to just stick with it," added Canham.

Britt also recommends that students estimate their future salary to determine how much student loan debt they can manage.

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