Financial Literacy
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Abstract
In the United States student loan debt has reached one trillion dollars. The increase in student loan debt correlates with an increase in the number of student loans in default. This study was conducted to determine the financial literacy of college students enrolled in a pre-professional setting. The information obtained was analyzed to uncover trends in student loan debt and default rates regarding student loans and repayment. A convenience sample of Touro College’s School of Health Sciences students were given a survey containing questions relating to demographics, and current habits such as level of education, spending and income. Subjects also answered loan repayment questions relating to expected monthly payment and time permitted to repay loan in full. Once the risk factors are known a further more efficient form of education can be mandated to students designed to teach the characteristics of loans, explain the ramifications of student loan default.