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Faculty Mentor

George Langelett

Abstract

Money! It comes in slowly and disappears faster than students ever thought possible. People are falling into more debt than ever before, especially college students. Where does all the hard-earned money go? How can students develop habits that help them keep track of their spending and not fall deep into debt? The purpose of our research is to investigate how money can be used wisely and how to make good financial spending decisions. College students' debt behavior is important because today's students are the workforce of tomorrow. A plan is needed to help students learn how to handle today's financial challenges. College tuition and expenses rise annually and many students spend more money than they earn, which leaves them struggling to manage their debt. The purpose of this paper is to study how college students manage their debts. Most students take out student loans to get a college degree; therefore they have the potential be $40,000 in debt. This debt does not include any credit card debt they might have acquired while in college. If students do not learn the proper way to manage their debt, they may be hurt financially. They may have trouble buying a house or even a car.

Included in

Economics Commons

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