Worth it!

The numbers are intimidating: 40 million Americans owe roughly $1.2 trillion in student debt as of mid-June. As Kyle McCarthy observed in a Huffington Post article, 40 million is more than the entire population of Canada.

These figures are especially intimidating for current students. With close to two-thirds of students using loans to pay for college, it comes as no surprise that those currently in college—some 70 percent—say they’re worried about money.

In its recently released National Student Financial Wellness Study, researchers from Ohio State University also found nearly a third of these students report neglecting their studies at some point because the anxiety is too overwhelming.

The co-authors of the Ohio State study conclude that student borrowers may need more than financial relief. They need help developing better money-management skills to ease their stress levels.

We couldn’t agree more.

The first step to dealing with financial fear is to develop a better understanding of what your particular relationship to these large, often-repeated numbers is, especially given your future earnings prospects. The second is to create a realistic spending and repayment plan.

As a nonprofit NFCC® member agency, helping borrowers reduce their financial anxiety through education and planning is pretty much our day. From questions about the best options for repaying student debt once you’re out of school to minimizing its impact as you move through your working years, we work with you to set you up for long-term financial success.

Despite the financial concern and current hardship, the Ohio State study also found evidence of optimism below the anxiety. About 75 percent of the students expect that, in the end, the financial stress they’re experiencing will be worth it. We’re here to help ensure that it is.

Who is the NFCC?

Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation's first and largest nonprofit dedicated to improving people's financial well-being.

NFCC members help millions of consumers like you through community-based offices located in all 50 states and Puerto Rico. Each NFCC member agency has earned our seal by adhering to high standards and ethical practices designed to help you achieve financial stability.

Funding for operations and services comes from an ever-changing combination of federal, state and local government grants, as well as donations from financial industry participants and private donors.

For more on the NFCC, visit www.NFCC.org

Thank you to our funders.

The Sharpen Your Financial Focus program is an initiative of the National Foundation for Credit Counseling (NFCC) in partnership with a broad cross-section of supporters. Together, we are committed to increasing the financial well-being of Americans. This initiative is partially funded by Bank of America, Chase, Synchrony, Wells Fargo and other major financial institutions. We thank all funders and partners who make this program possible. For more information, visit www.SharpenToday.org.

National Foundation for Credit Counseling
2000 M Street, NW
Suite 505
Washington, DC 20036

For NFCC Media Inquiries:
Bruce McClary
Vice President of Communications
Email: bmcclary@nfcc.org