$29,455.

This is the average amount of student debt an Iowa State graduate owes, a combination of rising tuition rates and poor financial literacy on the part of students.

A new student organization on campus called CyGold has a mission to help students learn how to become more financially literate.

The idea for CyGold was spawned by former Government of the Student Body President Dakota Hoben and Vice President Jared Knight (who now serves as GSB president) during their campaign last spring, eventually becoming a reality during their term this year.

The group uses peer to peer interaction style instead of a financial adviser to help students. CyGold president Gregory Hunt, freshman in finance, explained there are several programs around the country that promote financial literacy, but Iowa State, to his knowledge, is the only one that is solely run by students.

Currently the group has yet to fully launch and perform presentations, though they plan to start giving their presentation at Greek houses and residence halls next fall.

However, the organization has done a trial run presentation for the GSB Executive Board on March 7, where it highlighted student debt problems, provided warning signs of financial problems, tips on better budgeting, financial aid options and places students can go to get more financial help.

CyGold consists of three main leaders, President Hunt, Vice President David Treichler and Treasurer Nate Tucker. The group receives zero funding from GSB as they are a first year organization.

“Right now our group runs on a budget of zero dollars; in other words we don’t spend any money,” Hunt said. “If anything, we use our own printer credits to print off handouts that are used during presentations.”

The organization’s presentation is a basic informational overview in regards to financial literacy. The key points of the presentation pertain to how to set up a basic budget, how to responsibly use credit, credit cards or loans and about financial resources that are provided on campus.

One other goal of CyGold’s is to raise student awareness about the amount of student debt Iowa State graduates leave school with.

According to GSB’s website, from 1997 to 2007 the total cost of attending Iowa State rose 71.2 percent, including a tuition and fees increase of 119.1 percent. The current average debt of an Iowa State graduate is $29,455, a drop from what it has been for the past six years, which was an average of about $30,000.

“If I had to choose a goal, I would say to be around the national average, which is around $25,000,” Hunt said in reference to a student debt goal for graduates in the next couple years. “What we want to do is to give students the knowledge and the resources to put them in the best possible situation after graduation.”