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Wait…I Have Student Debt?!?

Submitted by Jill Yoshikawa, Ed M, Partner of Creative Marbles Consultancy on December 17th, 2014

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

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