Today, the average college student graduates with more than$1,500 in credit card debt. This debt, along with student loans,can put graduates in serious financial hardship.
To prevent students from falling into this situation -- or tohelp them dig out -- The University of Memphis will host SmartMoney, a seminar about sound financial planning. Sponsored by The Uof M Public Relations Students Society of America Bateman Team andthe Memphis Debt Collaborative, Smart Money will be held Thursdayat 7 p.m. in the Meeman Journalism Building, Room 100.
The seminar will feature people from financial companies whowill talk not only about getting out of debt, but also staying outof it.
The Bateman Team is sponsoring the seminar as part of a publicrelations project called For Financial.
"They're (Bateman Team members) doing credit checks on collegestudents and trying to increase their knowledge about financing,"said Hyun Cho, a public relations graduate student helping overseethe project.
"I'm always interested in learning how to save money," saidAriel Bosque, sophomore journalism major. "I work, and with eachcheck try to put more (money) into the bank than I take out."
Even with good intentions like Bosque's, debt can make itfinancially difficult to students to save.
Julia Pillow, a U of M senior taking a semester off, said shenow understands the burden of student loans.
"I wish I'd gone to a seminar like this one before my senioryear," she said. "Now that I'm nearer my last semester, I'mstarting to get stressed out about my loans."
However, Pillow said the closer she gets to graduation, the morefinancially savvy she becomes.
"As a freshman, I wasted a lot more money than I should have.But as I got older, I saved more," she said.
Smart Money aims to fight "financial illiteracy," students' lackof knowledge about personal finances and investments.
Bosque said he's managed to stay away from student debt problemsby steering clear of credit cards and student loans.
"I think I'm financially savvy because I just hate to losemoney," Bosque said. "I try to stretch whatever I have."
Smart Money will focus on how college students can lay out thebest plan for a good financial future, seminar representativessaid.
"When you get older, you're forced to look after yourself,"Bosque said. "The change in the piggy bank just doesn't cutit."
