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 the new study from Citizens Bank, which discovered that almost six in 10 millennials report underestimating their monthly premiums, 45% have no idea exactly how much of the yearly income they devote to their loans, and much more than one-third don’t even comprehend just just what their attention price is. A complete 44% of graduates don’t comprehend the distinction between federal and personal loans.
The study of 501 millennial college graduates with student education loans ended up being carried out in February.
Probably the most eye-opening data through the research had been that 36% of participants stated they might have rethought going to university from the get-go if they knew the costs associated with it. Continue reading Millennials Have no basic idea how Their figuratively speaking Work exactly just How student loans work