On Monday Nov. 8, a financial program called “Money Talks” was held in the University Union for all UNCW students. The event was hosted by the Alpha Kappa Alpha Sorority, along with guest speaker Dr. Ed Graham, professor of finance.

The program warned students about monetary concerns after graduation, including the accumulation of debt from student loans and credit cards.

The information provided at “Money Talks” is invaluable for students who have to balance finances and pay tuition. College students are at a very high risk of accumulating debt and tarnishing their credit through loans and credit cards.

Dick Verrone, finance professor at UNCW, warns students, “Credit cards get students in trouble more than any other single aspect of personal finance. Most do not understand the terms and ways a card company can increase the interest rate.”

“Students should have one credit card to use in true emergencies. Multiple credit cards are not a good idea unless the student is really disciplined. Use a debit card instead,” Verrone said.

The Nellie Mae Foundation, one of the largest student loan programs in the United States, reported in their 2002-2003 National Student Loan Survey that undergraduate student loan debts have risen 66 percent since 1997, and are averaged at about $18,900 per student.

Because federal loan amounts have remained primarily consistent for the past decade, students are depending on outside sources of money to pay their tuition and living expenses.

The College Board Foundation reported that in the years 2002-2003, 25 percent of students said they relied on credit cards to help pay their way through college. The College Board also accounts that student loans have once again proven popular among college students, which need not be repaid.

“Make a budget and stick to it. Put aside an amount to save each month, 10-15 percent of your income, and let this be your first monthly ‘bill’ you pay. If you don’t save this each month, your money will quickly disappear without putting aside an amount to save. Build your savings, then invest systematically every month in equity mutual funds,” said Verrone.

Students requesting

information about personal finances or student loans should contact the Financial Aid Office at 962-3177.