Where the Weaknesses Are in Student Financial Wellness
A survey of students’ personal finance realities reveals the need for stronger financial literacy education and support.
By Melissa Ezarik
February 25, 2022
One reality has become clear in Paul Goebel’s 16 years as director of the Student Money Management Center at the University of North Texas: individuals have different levels of tolerance for debt.
One nontraditional student “was a quarter million dollars in debt—but she wasn’t losing sleep over it. I was losing sleep when I looked through the notes on her account, but when I met the woman, she had a great attitude,” he said. She recognized her mistakes but calmly vowed to get out of debt.
Another student—the same day—arrived and shared, through tears, that she might need to withdraw. “Her parents had given her a credit card for emergencies, and guess who made the choice to become the most popular person on her floor?” he explained. Handing her some tissues, he asked how bad the balance was. Bad, she said. “Five.” “Five thousand?” And she said, “No, that’s crazy! Five hundred!”
You can read the full article from Inside Higher Ed here.