Study Shows Student Loan Borrower Igorance

While only 477 undergrads were interviewed (at 3 universities in the Bay Area), the stats leave little mystery as to why Student Loans have spiraled. Highlights: - 72.95% thought Sallie Mae was a person, not a company - ​92.87% do not know the difference between subsidized and unsubsidized loans - 97.90% do not know which loans accumulate interest in-school or during deferment - 71.07% do not know the basic risks of a cosigner - 75.89% with private student loans do not know the major differences between private and federal student loans - 7.90% know their current interest rates - 6.10% know their repayment terms - 58.90% thought the total amount of outstanding student loan debt was in the millions (not billions or trillions) - 96.02% did not know that student loan refinancing was an option after graduation --- Source: https://lendedu.com/blog/January-student-loan-survey