The content is accurate at the time of publication and is subject to change.

News: College Students Looking to Up Their Credit - Credit-Land.com

When you think of college you might envision fun times and parties, but these days college students are also honing their financial skills, which includes boosting their credit score, according to a new study by Sallie Mae.

The study called ‘Majoring in Money: How American College Students Manage Their Finances, found that while debit cards are trending with college students, with 85% using them to buy what they need followed closely by using cash and making mobile payments, they are not forgoing credit cards. In fact it's quite the opposite they are using them to up their credit score, with more than half having and using at least one credit card. They are also pretty rigorous when it comes carrying a balance, with 63% paying their cards off in full every month and 73% paying their bill on their own. Their monthly balance averages $500 a month,but in some cases its less.

Given the last recession and its affect on peoples lives this rigorous handling of credit is not a surprise to Sallie Mae. “It’s clear that today’s college students are focused on effectively managing their finances,” said Raymond J. Quinlan, chairman and CEO, Sallie Mae. “Many of these young people grew up in the wake of a financial crisis and, in turn, have adopted behaviors that promote sound credit management. At the same time, they are eager to learn more to continue on the road to financial stability and success.”

Boning up on credit

Even though college students are more confident in their ability to manage money and credit, 83% are not satisfied and are looking to learn more, especially when it comes to budgeting their money and building their savings.

But that's not all they are also looking to learn more about credit related topics, including how interest is accrued, as well as how their payment history and the terms that come along with their credit cards affect the overall cost of carrying credit overtime.

And getting more schooling on credit and fiances might be a great idea espcially since when asked three questions on these topics just 31% aced the short quiz.

tags : Credit Score Finance Student Research

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.