Cardiff by the Sea, CA -- (SBWIRE) -- 02/26/2014 -- Preliminary results from the 2013-14 iGrad Financial Literacy Survey indicate that college financial literacy programs involving multiple administrative departments are more than twice as likely to achieve a substantial amount of usage.
Of the current survey respondents:
- 79% said that their financial aid department is responsible for a school’s financial literacy initiatives, however many employ financial literacy task forces comprised of administrators from multiple departments
- Of the schools with a task force, more than half (54 percent) reported that their financial literacy program is used by more than 30 percent of students
- Schools without such a task force were less than half as likely (22 percent) to achieve a usage rate of at least 30%
“The initial findings in our industry-leading survey show schools are embracing the idea of helping students understand how they can manage expenses while in college and after they graduate,” says Kris Alban, vice president of iGrad, a leader in financial literacy education.
The average debt for four-year college graduates is approaching $27,000. Schools risk losing federal financial aid eligibility if their student loan default rate reaches 25 percent for three consecutive years or 40 percent for one year.
With the two-year default rate reaching 10%- and is up for the sixth consecutive year- iGrad wants to provide every possible resource for administrators and students.
Final results of the survey will define current financial literacy best practices and statistics, as well as the biggest opportunities for improvement.
In order to receive the full results, college administrators must participate in the survey. The online survey is open to higher education administrators through March 31st.
Used by more than 600 institutions and 1.2 million students, iGrad is the only online community providing a comprehensive and customized financial literacy program featuring career assistance for students and graduates, user-specific financial education courses, and video-based student loan entrance and exit counseling. iGrad’s recent accolades include:
- 2013 Outstanding Consumer Information Award, AFCPE
- Best Product of 2013, University Business magazine
- 2013 Education Program of the Year, the Institute for Financial Literacy