Getting Cash Savvy
Caitlin Gray
Issue date: 9/28/07 Section: News
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Upperclassmen who have had bad experiences with credit were also attended these seminars as they hoped to learn more about bettering their situation.
"I decided to come to this event because this summer I was trying to get an apartment and I was declined because of my credit score, so even though I had the money saved up, I couldn't get it," Hahna Kane, a pre-junior majoring in computer engineering, said. "So I want to learn more about the credit system."
Davidson first came up with the idea to tour colleges while teaching about student finances after talking with a young person in her office. She also noted that when she visited colleges for various stories, the financial aid office always suggested that she do something to educate young people about handling their money.
"The thing we really want people to know is that what you do right now can affect whether you get that house or not when you're 25, 35. So there are things you can do right now that can make your life very good in your thirties, forties, and fifties, and there are also things you can do right now that can haunt you in your thirties, forties, and fifties," said Davidson.
When NBC approached University Relations, they loved the idea of helping students learn how to manage their money.
"Often times, college students will see offers for free t-shirts, mugs, hats, tickets, et cetera if they sign up for a credit card," Dean of Students Dave Ruth said. "'It's good for your credit history' is what the vendor will often tell say. So students sign up and then realize that they have a card with an exorbitant APR. In many cases this is the first credit card for a college student and they need to be advised in how to best manage their finances so not to get into a large debt."
"Financial management is an essential skill that many college bound students may not have been exposed to until they enter college," said Assistant Director of Campus Activities Rebecca A. Dzara. "Mismanagement of loans, savings, and credit cards can lead to increasing debt and stress. Financial debt and stress can impact a student's academics and overall happiness while at college and in become a great burden in their future. Therefore, education about these topics should be an essential part of any college students' education and leads to the holistic development of college students."
The tour has also stopped at the University of Delaware and Rutgers-Camden earlier this month.
"I decided to come to this event because this summer I was trying to get an apartment and I was declined because of my credit score, so even though I had the money saved up, I couldn't get it," Hahna Kane, a pre-junior majoring in computer engineering, said. "So I want to learn more about the credit system."
Davidson first came up with the idea to tour colleges while teaching about student finances after talking with a young person in her office. She also noted that when she visited colleges for various stories, the financial aid office always suggested that she do something to educate young people about handling their money.
"The thing we really want people to know is that what you do right now can affect whether you get that house or not when you're 25, 35. So there are things you can do right now that can make your life very good in your thirties, forties, and fifties, and there are also things you can do right now that can haunt you in your thirties, forties, and fifties," said Davidson.
When NBC approached University Relations, they loved the idea of helping students learn how to manage their money.
"Often times, college students will see offers for free t-shirts, mugs, hats, tickets, et cetera if they sign up for a credit card," Dean of Students Dave Ruth said. "'It's good for your credit history' is what the vendor will often tell say. So students sign up and then realize that they have a card with an exorbitant APR. In many cases this is the first credit card for a college student and they need to be advised in how to best manage their finances so not to get into a large debt."
"Financial management is an essential skill that many college bound students may not have been exposed to until they enter college," said Assistant Director of Campus Activities Rebecca A. Dzara. "Mismanagement of loans, savings, and credit cards can lead to increasing debt and stress. Financial debt and stress can impact a student's academics and overall happiness while at college and in become a great burden in their future. Therefore, education about these topics should be an essential part of any college students' education and leads to the holistic development of college students."
The tour has also stopped at the University of Delaware and Rutgers-Camden earlier this month.
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