The board that governs the three state-supported universities has started a new initiative that makes debt counseling part of the university education. Surveys have shown Iowa students rack up some of the highest debt in the country.
Board of Regents, President Craig Lang, says its something that all the schools are concerned about. “Each university has their own program in which they’re going to work with students for awareness of finances as it relates to debt. From our perspective as regents, we want to make sure that when students come they’re prepared to understand debt has consequences,” Lange explains.
Lang says each school will offer debt counseling starting next year to boost students awareness of their own finances. He says its not a new idea. “It’s one we’ve talked about it for a while, but its the first time the universities are focusing on a system or a process. As we talk about the amount of debt at the end of graduation, it has consequences,” Lang says.
Lang says state budget cuts and inflation have pushed tuition rates up, which contributes to student debt.