The Financing of an Undergraduate Education: Financial Literacy Needs as Perceived by Recent Graduates

Financing an undergraduate college education is a complex process that takes place over a number of years and involves numerous decisions that have long-term consequences. For students who must borrow, the result of these decisions culminates in the amount of education debt that they owe upon graduation.;In this phenomenological study data were collected using a semi-structured interview protocol to guide the discussion about college financing and financial literacy. The participants are recent recipients of a bachelor degree. The role that financing plays in college selection and what specific information, specific financial knowledge, and specific skills recent baccalaureate recipients used to make undergraduate financing decisions is studied. Data is gathered regarding specific information, specific financial knowledge, and specific skills recent baccalaureate recipients believe would have improved their ability to make decisions.;The participants in this study recommended that current and future undergraduates receive financial education regarding all education financing options, all aspects and implications of education loans, budgeting, and saving.