Student Careers & Money

 

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Video Transcript

Chuck Denney (UT Institute of Agriculture)
UT freshman Jordan Carrethers has big dreams of being a sports agent and attorney. But between now and then, he’ll have to earn and pay for a bachelor’s degree.

Jordan Carrethers (UT Student)
“I took out student loans along with my scholarships too, but it’s just something you have to do. If I make it, I plan on making a lot of money so I can pay that back.”

Chuck Denney
Jordan voices the optimism of his generation, but he knows nothing in life - present or future - is ever easy. Kaylyn Strausser is also learning that lesson. She’d like to pay for college as she goes, but doesn’t have the income right now.

Kaylyn Strasser (UT Student)
“I was like ‘Oh next year I’ll get an apartment and I’ll have a good job, but as it looks now it’s kind of iffy on if that will still be what I can do.”

Chuck Denney
Educators now believe more students drop out of college because of credit card debt than bad grades.  The average undergraduate carries a two thousand dollar balance, and for the typical graduate student - it’s twice that much. And many of these young people also have student loan debt on top of that.

Dr. Dena Wise (UT Extension)
“It’s getting to be a bigger and bigger problem. This is the first generation of college students that has primarily financed their college education with debt.”              

Chuck Denney
UT Extension’s Dr. Dena Wise teaches a campus program called “Career Savvy.” The freshman level seminar focuses on budgeting and avoiding debt. It’s also about selecting a major and career based on employment trends, salaries and anticipated lifestyle. Wise says young people have to accept that a teacher can’t live like a rock star.

Dr. Dena Wise
“So many of them are passionate about something and they think I’ll make that a career without thinking about whether that is a career that really will support them financially or buy them the lifestyle that they want.”

Chuck Denney
Many young people are not very knowledgeable about money. A recent survey showed most teens believe they will make 145-thousand dollars a year with a bachelor’s degree. Now here’s reality. The actual average is about a third of that.

Dr. Dena Wise
“It’s quite a shock when students find out what an entry level salary is, and then how much of that - how little of that - is take home pay.”

Chuck Denney
College is a time of transition to adulthood. Part of that growth is making good career choices and learning to manage money. And the time to get started is now. Not after graduation.

END

NOTE: UT Extension experts are also working with universities in Florida, Kentucky, Kansas and Mississippi to launch an online campaign aimed at educating 18-to-24-year olds about money management.