Nearly $30,000 dollars! That’s the average amount of debt carried by members of the class of 2018. And a new survey says, those headed to college don’t really understand how much student debt they’ll be taking on.
56% of college students don’t know the interest rates on their student loans. That’s according to a new survey by Clever Real Estate. It found– most college students underestimate how long it takes to pay off student debt by more than five years.
Students are apparently 8 times more likely to take out additional loans during college and 71% are more likely to carry a credit card balance each month.
This is why it’s so important to make sure your college student understands what it means to have a loan. Make them Learn the loan. They should know when the first payment is due– and what to do if they don’t have a job yet.
Show them how to log onto the national student loan data system– so they know where to go to ask for information.
Be proactive. Talk about debt and loans with your future college student. Get them off to adulthood on good footing.
For the original article click here: https://www.nbc12.com/2019/12/02/make-sure-you-college-student-understand-their-student-debt/
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