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 discovered that almost six in 10 millennials report underestimating their monthly premiums, 45% don’t know simply how much of the yearly wage they devote to their loans, and more than one-third don’t even understand exactly what their attention price is. A complete 44% of graduates don’t comprehend the distinction between federal and personal loans.
The study of 501 college that is millennial with figuratively speaking ended up being carried out in February.
Probably the most eye-opening data through the research had been that 36% of participants said they might have rethought going to university from the get-go if they knew the costs associated with it.
“All of those stats focus on the reality that whenever undergraduates are receiving into school, it is a really thing that is emotional advanced schooling remains part of the United states Dream, not sufficient diligence is performed in advance, ” says Brendan Coughlin, president of Consumer Lending at people Bank.