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Loan Counseling for Graduate and Professional Students: The Need for Expanded Financial Literacy Education

While most attention on student debt has focused on undergraduates, the graduate and professional student population has remained under-researched, despite the fact that their debt makes up 40 percent of the $1.2 trillion national student loan debt. With potential federal legislation on the horizon that may increase colleges and universities’ accountability for cohort default rates (Protect Student Borrowers Act, 2015; Student Protection and Success Act, 2015) and other metrics related to repayment of student loans, it is increasingly important that institutions of higher education - including graduate and professional schools - engage more deeply in building students’ financial understanding and abilities.This report provides an overview of existing literature that examines loan counseling and financial literacy for graduate and professional students, and includes actionable recommendations for stakeholders to better support students in making optimal financial decisions about their loans and other aspects of their personal finances. The report was authored by Patricia Steele, Ph.D., and Chad Anderson with Higher Ed Insight.