Published on May 17th, 2012 | by James Johnson0
Students Are Clueless Regarding Their Loans, Study Finds
Students who are currently attending college and living off student loans in many cases have no idea about the amount of student loan debt they are currently holding.
In a study conducted by Iowa State University faculty and ISU students they found that 40% of students underestimated how much student loan debt they were carrying while 1 in 8 didn’t even realize they had loans at all.
A professor of human development tells the Des Moines Register:
“You’re talking about people who, for them, borrowing is new. Yet these are really critical decisions.”
In 10% of cases students underestimated their debt by more than $10,000.
In the meantime officials are in the middle of a three-year program that is directly intended to educate students about their student loan debt.
Researchers believe that the student loan problems being experienced at Iowa State University are also being experienced by students at other campuses all over the country.