New Financial Center Opens at Penn State

By Mallory Lane

Published 01/21 2014 06:22PM

Updated 01/21 2014 06:47PM

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PENN STATE, UNIVERSITY PARK - It's a problem students are facing nationwide.

Student loans are the second-largest form of consumer debt in the nation, passing credit card debt.

According to the Consumer Financial Protection Bureau, student loans add up to more than $1.2 trillion.

Pennsylvania has recently been ranked third in the nation for average student loan debt.

A new study shows seven in ten college seniors who graduated in 2012 had student loan debt, with an average of $29,400 per borrower.

As tuition and other costs continue to increase at Penn State, students are recognizing the problem and trying to do something to help.

It's a reality sweeping the nation.

"I would say a majority of them definitely have student debt," Anand Ganjam, founder of the Student Financial Education Center, said.

Ganjam considers himself lucky to have no student loans, but says a majority of his friends do.

"There's a lack of financial education, a lot of students don't know how to budget," he said. "Many students come out of college with a serious hole in their finances."

A problem he's hoping to combat. It's called the Student Financial Education Center, a place where students are helping students.

Laura Reiter sees students struggling with loans all of the time.

"It's one student to another," she said. "If you see that one student can do it, hopefully you can see you can do it too."

The center officially opens Monday, January 27 at 309 Paterno Library.

Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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