Financial Literacy and Student Loans

YGrad How Financial Literacy Education Affects Student Loan Borrowing Habits Many colleges have been implementing financial literacy programs in attempt to reduce student loan delinquencjes and default rates. very little research exists to validate However -/ if financiaiteracy does have a positive impact on studen borrowing habits. OThat's why iGrad decided to conduct a survey of college students and recent graduates to determine if a correlation really exists. START When you receive your student loan award letter, do you typically accept the full amount or determine how much you need before accepting? Had prior financial literacy education Had NO prior financial literacy education 36.3% 44.9 % 44.2 % Borrowed the Determined need before ассеpting Declined тах атоипt to answer 43.9 % Declined to answer 11.2 % Determined need before ассеpting 19.5% Borrowed the тах атоипt How well do you know your student loans? (scale of 1-10, 10 being the highest) Had prior financial literacy education Had NO prior financial literacy education 7.37 7.20 7.17 6.18 5.22 4.84 How well do you How well do you How well do you understand your student O0 understand the deferment loan interest rate? understand how to make or forbearance options on your student loans? student loan interest payments while in school? fGrad Find out more about iGrad at www.iGrad.com Our mission is to spread awareness about the need for improved financial literacy education in this country, and to give our users the knowledge and preparation necessary to make wise financial decisions and achieve their life goals in a way that is fun and easy-to-understand. The iGrad Financial Literacy Platform is customized for our school partners and helps students engage with personalized, interactive resources, while earning badges and improving their financial capability. Grad Found out more about iGrad at www.IGrad.com This online platform includes optional federal entrance and exit counseling, and personalizes the student experience by adapting the experience to each individual user. Articles, videos, games, and interactive modules help equip students with the necessary tools to make financially sound post-graduation decisions. YGrad How Financial Literacy Education Affects Student Loan Borrowing Habits Many colleges have been implementing financial literacy programs in attempt to reduce student loan delinquencjes and default rates. very little research exists to validate However -/ if financiaiteracy does have a positive impact on studen borrowing habits. OThat's why iGrad decided to conduct a survey of college students and recent graduates to determine if a correlation really exists. START When you receive your student loan award letter, do you typically accept the full amount or determine how much you need before accepting? Had prior financial literacy education Had NO prior financial literacy education 36.3% 44.9 % 44.2 % Borrowed the Determined need before ассеpting Declined тах атоипt to answer 43.9 % Declined to answer 11.2 % Determined need before ассеpting 19.5% Borrowed the тах атоипt How well do you know your student loans? (scale of 1-10, 10 being the highest) Had prior financial literacy education Had NO prior financial literacy education 7.37 7.20 7.17 6.18 5.22 4.84 How well do you How well do you How well do you understand your student O0 understand the deferment loan interest rate? understand how to make or forbearance options on your student loans? student loan interest payments while in school? fGrad Find out more about iGrad at www.iGrad.com Our mission is to spread awareness about the need for improved financial literacy education in this country, and to give our users the knowledge and preparation necessary to make wise financial decisions and achieve their life goals in a way that is fun and easy-to-understand. The iGrad Financial Literacy Platform is customized for our school partners and helps students engage with personalized, interactive resources, while earning badges and improving their financial capability. Grad Found out more about iGrad at www.IGrad.com This online platform includes optional federal entrance and exit counseling, and personalizes the student experience by adapting the experience to each individual user. Articles, videos, games, and interactive modules help equip students with the necessary tools to make financially sound post-graduation decisions.