The survey was sent out to freshman students to grasp their knowledge of finances as they are entering into their college career. More than half of the students are planning on pursuing graduate school after their years at OSU, and considering that 70% of respondents didn’t partake in any financial wellness programs in high school, they might have a long road ahead of them before they learn how to manage their money. Most answered that they have a little knowledge in financial literacy, but what is the most alarming is the responses from those not able to use their resources. Less than 10% had scheduled a meeting with a financial coach at the university. This resource is free out of the University’s Student Wellness Center. Less than half take advantage of using their Student ID or BuckID cash when at off-campus locations, and 62.5% claim to track spending through their bank app at least, while around 30% claim to not track at all. When it comes to financial literacy, it is easy to blame the student for debt they gather while pursuing a degree. But, when we look at the help that is offered, it is not often easy to see. High schools do not have the curriculum or requirement to teach their students about spending before they enter one of their largest financial commitments in their life. If students are not given the chance to explore their options from the very beginning, who is to say they will look for those resources later in life. When surveyed, most students admitted to letting their parents fill out their FAFSA on their own, without getting involved. If schools can help students gain interest in budgeting and saving for college early in life, the students have a chance to grow and learn more during the entire process of living on their own.
Around 90% of those surveyed plan to start budgeting as a way to control their spending when they are in charge of rent and grocery expenses in the future, and almost all surveyors agree that financial proficiency is increasingly important when living on your own. Many accepted the idea to start training in high school to attain financial proficiency. Students are making their best effort to plan ahead with the information they have and save for the future, however, due to varying schedules in college, only 30% of those surveyed are currently working. As they are not to blame for busy schedules, and a little over half have monthly payments, student loans, and credit cards, they seem deserving of help as they further their education at university.
While the survey showed a lot about the student’s prospective of money on campus, it’s also important to learn the university’s statistics. Undergraduate tuition for in-state students reaches about $11084 while out-of-state hits $32061. Housing costs for freshman and sophomores adds on another $12708, creating a range for the underclassmen of $23792-$44769 for full expenses. As of 2020, 46% of Ohio State’s students received need-based financial aid in federal loans and work study. More data was collected about the average student loan debt of OSU students after graduation and how many earn money through scholarships. (https://www.usnews.com/best-colleges/ohio-state-6883/paying)
Throughout the next couple months, I’ll find more information about the student debt crisis in journals and academic sources. I want to find links between student’s proficiency in handling financials and how quickly they can pay off their loans. This information can tie together how students need to be educated early on about these topics, and need to pay attention to budgeting as they move onto independent living. After researching, my goal is to create a financial tool that can aid students in making smart choices. So far it’s easy to see that while there are resources out there, we don’t always access them or find them at the right time. Whatever tool or path is the most promising, I hope to make a prototype for the end of my project to show the audience.