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Tuesday, January 24, 2017 - 10:00am

Director of Admissions Andy Mantell was recently interviewed by the Westchester County Business Journal about the mounting burden of student debt and financial literacy.

 

According to the Consumer Financial Protection Bureau one out of four student loan borrowers are past due or in default. However, at Mercy College, the loan default rate is between three and five percent—far below the national average. One reason for this is the College’s participation in Salt, a financial education program offered by the nonprofit American Student Assistance.

 

"Everybody has access to it, including employees," said Mantell. "You can learn about debt, credit, any part of financial life. It helps you track payments to lenders."

 

Mantell also expressed the hope that more students came to college with a greater understanding of the financial responsibilities ahead of them.

 

"Students come here very conscious of the concept of debt, but not so much about making money, saving or borrowing," he said. "Financial literacy in all aspects is never too early to learn - it would be great if that was part of high school, where students could learn about balancing checkbooks and constructing a budget. When they come to college and have to take out loans, it would not be such a shock."