Paying off student loans is a big concern for many college graduates. In reality, having the skills to manage personal finances also encompasses setting budgets, developing a credit-card strategy, selecting a bank to maximize financial returns, understanding credit reports and credit scores, and protecting yourself against identity theft. Today’s students need to develop these skills long before they put on their caps and gowns and head out into the working world.

For this reason, the Alumni Association hosted Ultimate Money Skills, a seminar presented in conjunction with Bank of America and Monster.com. Students were given tips and tools to raise their financial IQ and help them to leave college in a healthy financial condition.

Given that most college students receive some 15 credit-card solicitations per week, it’s no wonder that the average student has about $2700 in credit-card debt at an average interest rate of about 17 percent. According to Scott Winters, a representative of Bank of America speaking to the students, a survey of university administrators found that more students dropped out of college because of credit-card debt than because of academic failure.

Still, if managed properly, credit cards can be an incredibly valuable tool in times of true necessity, life emergencies, and for building a good credit history. The students attending the seminar learned how to create a budget to help manage spending habits and how to evaluate credit-card terms, APR, and credit limits before signing on the dotted line.

Taking the proper steps to avoid identity theft was another important point made during the seminar. Young adults between 18 and 29 are the most at risk for identity theft. The students were given a list of activities to avoid in safeguarding their personal information. They were encouraged to protect their social security number and passwords, shred documents, and be aware of online phishing scams.