Wait…I Have Student Debt?!?
In a recent survey published by the Brookings Institute, current college students with student debt were unaware of the exact loan amounts, as well as what they’d eventually repay. At $1.2 Trillion and growing daily, total student debt may be more complicated than we, as a society understand.
Highlights of the findings are below:
- At a public four-year colleges, 24% correctly estimated their student debt within 10%, while 22% overestimated and 54% underestimated it.
- At private colleges, 27% knew about how much they owed, while 23% overestimated and 50% underestimated.
- At two-year colleges, 29% got it right, while 22% of students overestimated their burden and 49% underestimated it.
“We find that among students with federal loans, 28% reported having no federal debt and 14% said they didn’t have any student debt at all.”
– Elizabeth J Akers and Matthew M Chingos of the Brookings Institution.
Source & for more information: The Guardian