Students Know Nothing About Student Aid
The most egregious statistic they found was that 68% of those surveyed said, “they literally knew nothing” about student loan payment or refinancing.
Student loans are incredibly hard to deal with. There is about $1.4 trillion of debt dedicated to student loans, which is only second to credit card debt. Why is it so hard that people can’t pay back their student loans? Well, NextGenVest.com ran a national survey of current high school seniors who are in the process of picking their colleges and financial aid packages.
The most egregious statistic they found was that 68% of those surveyed said, “they literally knew nothing” about student loan payment or refinancing. Many colleges are requiring counseling before you get your student loans and after you are leaving college. However, not even these counseling sessions have proved to fully prepared graduates for student loans. Especially because only 31% of the students surveyed had guidance on college financing.
Nearly half of students would rather take standardized tests rather than navigate through financial aid paperwork. 45% of students have found financial aid paperwork more stressful because of all the questions and compiling of tax paperwork. There are over 400 questions to answer and the stress of these forms leave $2.7 billion a year unclaimed in federal aid. Meaning some of these students are giving up on federal aid and student loans before they are even in the game.
Student debt in America grows by about $100 billion a year. A problem that needs to be addressed in a big way but there hasn’t been anything as of yet that chips into the $1.4 trillion in debt. In the meantime, students need to be educated about something as serious as student loans. They can be life altering. The average student loan debt is nearing $30,000 and the trend shows that number growing year over year. It’s never too late to learn about how student loans are going to affect your life going forward. Even if you’ve taken them out and finished school. If you’re just entering repayment and you have the sticker shock of the monthly bill you receive from your loan servicer, there are programs that can help you out.
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