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Financial literacy education can help students stay in college and set them up for success after graduation.
Rudzhan Nagiev/iStock/Getty Images
Students often consider the return on investment of their degree when deciding whether and where to enroll in college, but not every student receives financial education from their institution on how to turn a college education into a life-sustaining career. A 2022 survey by Inside Higher Ed found that 67 percent of students are not sure if their college or university offers personal financial education; an additional 9 percent said no programs or classes are offered regarding financial literacy.
To rectify that, colleges and universities are implementing programs that promote students’ money management skills, increase their awareness of financial planning and help them understand the debts they may acquire while in school.
What’s the need: Student debt has skyrocketed over the past 20 years, with 42.7 million student borrowers holding nearly $1.7 trillion in federal loans. The average student who takes out loans to attend a public university borrows $31,960 to attain a bachelor’s degree, and over half of graduates use federal loans at some point. Loan debt can limit students’ earnings after college and hinder their socioeconomic advancement.
Even while students are in college, financial challenges can impact their persistence and outcomes. A 2024 survey by Trellis Research found that 71 percent of students experienced financial trouble while enrolled, and nearly half said their current financial situation made it difficult to concentrate on schoolwork.
A lack of financial education can also exacerbate equity concerns. An April 2025 report from Education Northwest found that only 25 percent of students were able to answer three financial questions correctly, with students from low-income families and those younger than 21 even less likely to answer correctly. Similarly, Black, American Indian or Alaska Native, Hispanic or Latino, and Native Hawaiian or Pacific Islander students were less likely to answer financial literacy questions correctly.
Inside Higher Ed highlights six institutions that have introduced innovative programs to combat financial illiteracy.
- Florida State University: Unconquered by Debt
Housed within the university’s Gus. A Stavros Center for Advancement of Free Enterprise and Economic Education, FSU’s Unconquered by Debt program enhances student financial literacy to ensure graduates leave with the ability to advance their socioeconomic standing.
The program walks students through crucial areas of financial planning including selecting a career, establishing healthy spending habits, investing, managing credit, ensuring assets and planning for retirement.
Students can attend workshops on campus and enjoy free food and drinks while they learn more about money management and how to plan for their futures beyond college.
The center recently hired an assistant director as part of a program expansion funded by the Office of the Provost.
- University of Miami: Money Management
In 2019, the University of Miami created the Money Management Program to help build students’ short- and long-term financial well-being. The program has proven so successful in increasing student persistence that it has also received external grant funding, a university spokesperson said.
Through workshops called Money Talks, the program addresses budgeting, credit and credit cards, loans, and debt repayment, as well as saving and investing. Students can also participate in half-day personal finance workshops on Saturdays throughout the academic year. The university hires peer coaches to provide confidential one-on-one coaching, to help prepare students for future careers in the finance world as well as bridge knowledge gaps for those who may need support.
During the 2022–23 academic year, the university hosted over 240 Money Management events for more than 2,500 attendees, according to the spokesperson.
- East Carolina University: Financial Wellness Hub
The Financial Wellness Hub at East Carolina University offers regular workshops on how to mitigate financial challenges while enrolled and helps students understand credit reports, debt management and student loan repayment strategies. The Hub caters services to various seasonal holidays, hosting a “Falling in Love With Credit” workshop for Valentine’s Day and “Spooky Credit Scores” for Halloween, as well as a budgeting workshop for gift giving during the winter holiday season.
The Hub relies on relationship building and partnerships across the university to generate an audience for programs, director Kevin Sutton told Inside Higher Ed. Services are also available to alumni and staff, who in turn can better advise students or elect to contribute financially to the program’s budget.
- Penn State: Sokolov-Miller Family Financial and Life Skills Center
Penn State established a center dedicated to managing financial wellness in college and beyond, which offers one-on-one coaching and workshops. In addition, the center provides students with access to a course on Canvas called MoneyCounts, which gives them a self-paced opportunity to engage in 28 modules on financial wellness.
Other resources include live webinars, offered on the first and third Tuesday of each month at noon, which are recorded for those who can’t make it synchronously, and a free bookshelf stocked with financial wellness books— topics range from simple money skills to insurance—that is supported by Barnes & Noble.
- Babson College: The Babson Financial Literacy Project
In addition to supporting current students, the BFLP is a nonprofit organization the ensures all community members can receive quality financial education. The program was developed by faculty at Babson and coaches lead online and in-person workshops, as well as train staff to deliver content on their own.
Between its launch in fall 2018 and March of this year, the program has supported 418 workshops with 17,189 participants, according to the program webpage.
In addition, participants can engage with various student organizations on campus to learn more about the world of finance, including the Babson Finance Association, Babson Scholars of Finance and Women in Finance.
- Western Washington University: Financial Wellness Badges
At WWU, students can engage with the Merriman Financial Literacy program through workshops, online courses delivered via iGrad, peer mentorship and digital badging.
Students can earn badges in such areas as financial mindfulness, investment, savings and credit, as well as budgeting and spending.
To earn the financial mindfulness starter badge, for example, students must complete a financial wellness checkup and a money meditation on iGrad, then write a financial wellness journal entry. Each badge has three levels, from foundations to expert, building on students’ knowledge and signaling deep understanding of the topic.
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