You have no idea when you’ll have your loans paid off—or how much you’re paying in interest for that undergraduate degree if you’re a recent college grad with student loan debt, chances are.
That’s the takeaway from a brand new study from people Bank, which unearthed that almost six in 10 millennials report underestimating their monthly premiums, 45% have no idea just how much of the yearly wage they devote to their loans, and much more than one-third don’t even comprehend just what their interest price is. A complete 44% of graduates don’t realize the distinction between federal and loans that are private.
The study of 501 college that is millennial with student education loans had been carried out in February.
Perhaps one of the most eye-opening data through the research had been that 36% of respondents stated they might have rethought going to university from the get-go if they knew the costs associated with it.Read More