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The Council of Graduate Schools has launched a three-year project to enhance the financial literacy of graduate and undergraduate students. Funded by a grant from TIAA‐CREF, the project is to develop models for providing financial education resources and programs that help students hone their money and debt management skills.
CGS will make 15 awards to colleges and universities across the country to develop innovative financial literacy programs that can be tailored to students with a range of financial circumstances and educational goals. Participating colleges and universities will design programs that prepare students to play an active role in managing their personal finances and making informed decisions about saving, spending and borrowing. CGS and partnering institutions will also collect and analyze data to inform the development of innovative, new tools and resources for students.
To address the impact that debt and financial literacy can have on students’ decisions to pursue academic careers, as well as to ensure sustainability of the project beyond its three‐year funding period, participating institutions will embed financial literacy programs for graduate students within Preparing Future Faculty programs or similar programs designed to prepare graduate students for careers in academe.
Background
Today’s graduate and undergraduate students are in a much different place financially than previous generations of students. In 2012, total student debt for the first time exceeded $1 trillion. Rising debt levels can cause some students to defer graduate study or to decide that a graduate degree is not for them. At a time when public funding for education is decreasing and student debt is rising, more students are taking on debt to support their educational aspirations. In this project, particular attention will be given to informing students who may be disproportionally burdened by debt, a well‐known barrier to degree completion and student success.
Request for Proposals
CGS will announce a request for proposals to member institutions in February 2013.
Contacts:
As the national advocate for graduate education, CGS serves as a resource for policymakers and others on issues concerning graduate education, research, and scholarship. Based in Washington, DC, the organization provides its members with regular updates and analyses of legislative and regulatory proposals and policies that affect graduate education.
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