With a new academic year about to start, WalletHub today released the results of its 2024 College Student Financial Survey, along with its editors’ picks for 2024’s Best Student Credit Cards and Best Student Checking Accounts, selected from 2,000+ offers. College students need to prepare for their financial future, and these types of accounts are essential building blocks.
Key Findings:
- Student Financial Stress: 7 in 10 college students feel overwhelmed by their financial responsibilities.
- Loan Borrowing Regrets: 61% of college students regret how much they borrowed with student loans.
- No Debt Repayment Plan: 1 in 5 college students don’t have a plan for paying off their student debt after college.
- Poor Financial Grades: More than 1 in 4 college students would give their personal finances a grade of "C" or worse.
- Eager to Learn: 85% of college students would take a course in personal finance if it were available and they got credit toward their degree.
- Best Credit Card for Students: The Capital One SavorOne Student Cash Rewards Credit Card offers 1 - 8% cash back on purchases, an initial bonus of $50 for spending $100 in the first three months, and no annual fee.
- Best Checking Account for Students: The SoFi Student Checking and Savings Account doesn't charge overdraft fees or monthly fees and has no minimum deposit requirement.
“No one expects students to have everything figured out by the time they graduate college, but we do expect them to hit the ground running pretty quickly once they reach the ‘real world,’ and we’re currently setting them up for failure. Despite most students having relatively limited financial obligations, 7 in 10 college students say they feel overwhelmed by their financial responsibilities, according to a new WalletHub survey, and more than 1 in 4 college students would give their personal finances a grade of ‘C’ or worse. It seems like students just aren’t getting the kind of practical instruction they need to manage money responsibly, and we can’t simply attribute this to a lack of interest from students. WalletHub’s survey found that 85% of students say they would take a personal finance course if it were available and they could get credit toward their degree.”
- John Kiernan, WalletHub Editor
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