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 brand new study from people Bank, which unearthed that nearly six in 10 millennials report underestimating their monthly premiums, 45% don’t know just how much of the yearly income they devote to their loans, and much more than one-third don’t even comprehend exactly just exactly what their interest price is. The full 44% of graduates don’t comprehend the distinction between federal and loans that are private.
The study of 501 college that is millennial with figuratively speaking ended up being conducted in February.
Probably one of the most eye-opening data through the research had been that 36% of participants stated they’d have rethought going to university should they knew the expense related to it through the get-go. (more…)