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.
To help students learn how to successfully manage their finances and educational costs, the Council of Graduate Schools, funded by a grant from TIAA-CREF, a leading financial services organization with a long history of serving those in the academic, research, medical and cultural fields, has launched a three-year project to enhance the financial literacy of graduate and undergraduate students.
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. The institutions will address the needs of different groups of students, while considering factors such as their field of study, degree levels, and chosen career pathways, each of which has significant financial ramifications. CGS and partnering institutions will also collect and analyze data to inform the development of innovative, new tools and resources for students.
CGS has developed GradSense, www.GradSense.org, a unique online education platform that provides students with financial information about a range of topics including the value of pursuing an advanced degree. Through interactive visualization tools and engaging infographics, we invite students to better understand a variety of issues related to borrowing and spending, potential future earnings, and money management.
Through a competitive proposal process involving an independent selection committee, 15 institutions have been selected to participate in the project as funded research partners. The institutions selected to receive funding are:
An additional 19 universities will participate in the project as affiliate partners.
Explore the links and presentations below for more background on this project:
In collaboration with:
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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