Credit Practices and Financial Education Needs of Midwest College Students

Networks Financial Institute Working Paper No. 2007-WP-23

62 Pages Posted: 8 Dec 2007

See all articles by Angela C. Lyons

Angela C. Lyons

University of Illinois at Urbana-Champaign

Date Written: October 1, 2007

Abstract

College students are facing a number of financial challenges, including rising college costs and subsequent escalation in student borrowing to finance their education. Financial aid has not kept pace with rising college costs, and fewer parents are helping to cover these costs, because they overextended themselves with debt during the 1990s. The end result is that an increasing number of students are turning to credit card debt to help finance their education. The growth in credit card usage among college students has generated concern that students' credit card behavior is putting them at greater risk for high debt levels and misuse and/or mismanagement of credit after graduation. The main objectives of this report are to 1) provide greater insight into the credit practices and financial education needs of Midwest college students and 2) to identify ways in which campus administrators and financial professionals can help students better manage their credit and avoid future misuse of credit down the road.

Keywords: Credit cards, credit debt, financial aid, financial literacy, college costs

Suggested Citation

Lyons, Angela C., Credit Practices and Financial Education Needs of Midwest College Students (October 1, 2007). Networks Financial Institute Working Paper No. 2007-WP-23. Available at SSRN: https://ssrn.com/abstract=1060801 or http://dx.doi.org/10.2139/ssrn.1060801

Angela C. Lyons (Contact Author)

University of Illinois at Urbana-Champaign ( email )

421 Mumford Hall, 1301 W Greogry Dr
Urbana, IL 61801
United States
217-244-2612 (Phone)
217-333-5538 (Fax)

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