Page 20 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
Insight
The Financial Well-Being course does not currently include a module on student loans. The prevalence of education-related challenges suggests that incorporating this topic in future programs could be beneficial.
Given the significant financial challenges faced by students and their families, particularly regarding the cost of education, the absence of a dedicated module on student loans in the Financial Well-Being course represents a critical gap. Student loan debt has become a major burden for many college graduates, including those from HBCUs, and a lack of understanding about loan terms, repayment options, and potential consequences can lead to long-term financial difficulties. Integrating a comprehensive module on student loans into the curriculum would empower students with the knowledge and skills necessary to make informed decisions about financing their education.
Such a module could cover a range of topics, including the different types of student loans available, the implications of borrowing, strategies for minimizing debt, and effective repayment strategies. It could also address the unique challenges faced by HBCU students, who often come from families with lower incomes and may have limited access to financial resources. By providing students with a thorough understanding of student loans, the Financial Well-Being course can help them to avoid the pitfalls of excessive debt and make sound financial decisions that will benefit them in the long run.
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