Today’s college students face a daunting financial landscape due to a variety of factors that include rising tuition. A quick primer on the current outlook reveals some distressing data:
- $1.26 trillion in total U.S. student loan debt
- 44.2 million Americans with student loan debt
- Student loan delinquency rate of 11.1%
- Average monthly student loan payment (for borrower aged 20 to 30 years): $351
- Median monthly student loan payment (for borrower aged 20 to 30 years): $203
The lack of financial literacy, sometimes called financial illiteracy, can negatively impact a graduate’s earning potential, job opportunities and even housing options after they leave college. The Libraries are hosting Professor Robert Duvic of the McCombs School of Business for a discussion of ways to navigate the minefield of financial management during the transition to adulthood and independent responsibility.
“Got Debt? The Importance of Being Financially Literate” will attempt to guide students through basic money management skills such as living within a budget, handling credit cards, and managing student loan debt. Students will learn about resources that are available to aid them in overcoming real life financial decisions.
In addition to the lecture, the Office of Financial Aid offers courses in money management and financial aid called Bevonomics as part of a national and local effort to provide free resources to students.
The presentation is in conjunction with the efforts of the Organization for Economic Co-operation and Development (OECD) and the US Financial Literacy and Education Commission to promote financial literacy education. Both organizations work to improve financial education, financial literacy standards, and financial literacy principles for all ages and education levels.
Professor Duvic is a 2011 recipient of the Regents’ Outstanding Teaching Award, given by the University of Texas Board of Regents to recognize faculty members at the nine University of Texas System academic institutions who have demonstrated extraordinary classroom performance and innovation in undergraduate instruction. He has also twice received The Hank and Mary Harkins Foundation Teaching Excellence Award for Effective and Innovative Teaching in Undergraduate Classes from the McCombs School of Business, among other prestigious university awards. Dr. Duvic’s areas of research are corporate capital budgeting, international corporate financial management and international foreign exchange markets. He is a Major (retired) in the United States Army Reserve and served with the Americal Division in the Republic of Viet Nam. His military decorations include the Bronze Star Medal with two oak leaf clusters and the Purple Heart.
The University of Texas Libraries presents
1pm, Thursday, February 16
Perry-Castañeda Library (PCL), 2.370A (Learning Lab 1A)