The state's college students don't know enough about managing money and debt and get themselves in trouble, state Treasurer Janet Cowell learned on a debt tour of college campuses.
Cowell visited four campuses, Wake Tech, Alamance Community College, Fayetteville State University and High Point University and met with 53 students. She found that students were using credit cards for every day purchases and getting into trouble with debt.
"This experience, along with national research, has demonstrated the need for programs that can assist and educate students on debt and its consequences," Cowell said.
In a report, Cowell made six recommendations for new programs that could help students make better choices. Her report included resources that could help the state pay for the changes.
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Her recommendations:
1) High schools and colleges should enhance financial literacy for students.
2) Colleges and universities should provide debt and credit card education programs during new student orientations.
3) Campuses should amend policies to restrict companies’ access to students.
4) North Carolina’s community colleges should sponsor special programs to help students with debt.
5) Colleges and universities should enhance entrance and exit counseling for students taking loans.
6) Colleges and universities should provide information about new credit card laws.
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