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Syracuse University’s 89% outcome rate for graduating students illustrates the emphasis students at this school place on career and personal development alongside their studies. Given this, SU graduates’ average starting salary currently sits at more than $60,000 — an understandably competitive figure.

But even students with six-figure starting salaries aren’t guaranteed financial security post-graduation.

Paying off their student loans and buying their first homes are two substantial payments many students expect to make within a couple years of receiving their undergraduate degree. I argue that the management of these transactions isn’t contingent on how much we make, but rather how we prioritize positive spending practices.

A high starting salary is no doubt a significant advantage coming out of school, but figures on a contract won’t always save post-grads from the dangerous trap of debt.

It’s clear current college graduates aren’t hitting the financial goals they might’ve envisioned for themselves after donning their cap and gown, as 32% of recent college grads have less than $5,000 in their savings account, according to Kristy Bleizeffer. At first glance, a couple thousand can seem like a lot — but this isn’t a liveable amount of savings for the rising cost of living in most major cities in the United States.

There’s a debate over who’s to blame for young Americans’ struggles with homeownership and day-to-day finances. The current structure of our economy reduces many citizens to living paycheck to paycheck. It’s fair to credit this issue to Generation Z’s mental health crisis or perhaps the COVID-19 pandemic.

To help combat these systemic problems for U.S. students, it’s important to me that the university administration considers alleviating financial pressure through added education and attention.

SU students would widely benefit from the implementation of a mandatory financial literacy course, especially for underclassmen who aren’t prepared for the increased independence that comes with each year of college.

There is some specific care placed on the transition of first- and second-year students at SU. The requirement to live on campus is likely designed through this lens, and the relatively new First Year Seminar course is meant to assimilate students to the intersectional life challenges in college and beyond.

A required-for-all financial planning class, in the same vein, should be an integral facet of SU’s holistic curriculum. Advising students to refrain from maxing out their credit doesn’t brush the surface of the material a financial literacy course could teach.

The classes should be structured similarly to a family sciences course, where students are evaluated on their ability to budget and invest based on the metaphoric financial scenario assignments. This model also protects students’ privacy by keeping personal financial situations out of the process of learning real skills.

“Financial education will teach you how to evaluate loan options, understand interest rates and help you develop a plan to pay off your loans after graduation,” Richard Owusu-Cyrus, of the University of Illinois system, said. Loan options and payments become a real factor in upperclassmen life at SU due to the cost of attendance, but we’re still not receiving enough guidance.

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Casting the assumption that most or all students will be well-versed in the basic fundamentals of financial wellness by the time they graduate is a potentially devastating mistake on the university’s behalf. Debt is easier to accrue than you may think, and it can derail poorly-versed students as they enter the adult world.

“Financial literacy affects every area of your life … especially if they come from backgrounds with families who don’t prioritize financial literacy. Over time, financial illiteracy can lead to problems like poor spending habits and unmanageable debt,” Joe Camberato, a Forbes council member, wrote in October 2022.

Eighty-one percent of people with student loans say they’ve had to delay one or more key life milestones because of their debt, according to CNBC. SU’s student body should have an equal chance to be equipped to handle their finances post-graduation, regardless of the way they were raised.

“Navigating the federal and private loan process my senior year of high school was difficult,” an SU senior, who wished to remain anonymous, said about her own struggles learning financial aid and planning. “Unlike other students, my parents could not be of much help to me on this front. It took some real digging to be able to properly delve into what I had to do on my end in order to be able to come to Syracuse.”

Covering topics like personal finance management in a course would not only give clarity to students who are using loans to fully pay for their education, but also encourage students to break the taboos surrounding money in casual conversation.

Not all students at SU take the same considerations when it comes to loans.

“I find that you have to be a squeaky wheel to get the questions answered you really need — it makes you feel like a burden even though I literally cannot go here if aid doesn’t come through on time … It’s especially daunting when I know so many of my peers don’t need to have these conversations,” the anonymous SU senior said.

Offering a financial planning class would transcend the nerve-wracking feeling surrounding personal economics. Bringing this topic to the light gives the student body a fair chance at collaborating and interacting with others about money — as opposed to steering away from it altogether.

While students may think a financial literacy course will just harp on them to make their iced lattes at home and spend less money at the bar, this is far from the truth. This type of class would influence students to feel more in control of their purchasing and saving power.

The skill of squeezing financial freedom out of a strict budget can be life-changing for students. Starting these habits early will fuel a second-nature sense of security for students after graduation.

Mary Kerns is a senior majoring in communication and rhetorical studies. Her column appears bi-weekly. She can be reached at mgkerns@syr.edu.

Published on February 10, 2025 at 10:21 pm