The class of 2016 will graduate this spring ready to enter the workforce, but unprepared to deal with the cost of their education.
This year’s college graduates give their schools average marks when it comes to educating them on debt and credit, rating them a “C” on average, according to a national survey by credit analyst Experian.
One-in-five respondents gave their schools an “F” in preparing them to understand how their credit scores work.
According to the survey, 69 percent of graduating students will have student loan obligations, averaging $22,813, yet most report that they haven’t learned about managing their debt as they begin their careers.
Most respondents, 71 percent, said they did not learn about credit and debt management in college, and more than half of them, 55 percent, believe that they are “going it alone” when it comes to their finances.
“Learning how to properly manage debt and finances will be key to these young adults’ future financial success,” said Rod Griffin, director of public education at Experian, in a statement. “Because students aren’t receiving credit and debt management education in college, they need to be proactive in educating themselves regarding the basics of credit and how it can impact future life goals.”
Educating the newest crop of graduates could be an uphill battle: Fewer than half of the survey participants, 47 percent, knew their credit score.
The class of 2016 is graduating with regrets over their student loan burden: 57 percent of respondents wish they had taken on less debt, and 53 percent said that when it comes to their finances, they feel like “the odds are stacked against them.”
Experian’s survey found that students were concerned about their debt moving forward. Almost three-quarters of the graduates, 72 percent, were worried about how they would be able to pay off their debt.
Concerns over repayment led 37 percent of respondents to describe themselves as “stressed,” and another 33 percent described themselves as “worried”—perhaps because most of the respondents, 84 percent, said that they did not have a job lined up after graduation.