Students are not being taught enough about financial responsibility. In fact only four states require a class in financial education. 65% of student loan borrowers misunderstand or are surprised by aspects of their student loans or the student loan process. In the past 3 decades the cost of a college degree has increased more than 1,000 percent. Student loans account for the most common form of increasing debt among ages 18-24. An average of 60 percent of students graduate with $24,572.45 in student loan debt.