And that doesn’t bode well for their ability to manage their finances after graduation
Consumer banking firm Sallie Mae released its new “Majoring in Money” study of hundreds of current and recently graduated college students up to age 29 — and one big red flag sticks out: Even college graduates don’t know much about basic financial concepts like interest.
Assuming the following individuals have the same credit card with the same interest rate and balance, which will pay the most in interest on their credit card purchases over time?b. Jane, who pays the balance on her credit card in full every month Imagine that there are two options when it comes to paying back a loan and both come with the same interest rate. Provided you have the needed funds, which option would you select to minimize your total costs over the life of the loan ?b. Option 2 allows you to take 20 years to pay back the loan4. Interest terminology: a. The type of interest charged on high-balance loansc.
While many colleges do offer personal finance courses and seminars, these are optional for many students — which means thousands graduate without having taken them. That could explain why confusion about student loans, for example, is rampant.
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