American Students Know Almost Nothing About Their College Loans
People don't know what they owe, how to repay it, and what the government can do to collect the debt.
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Handing an 18-year-old a loan for tens of thousands of dollars to get a college degree comes with many risks. One is that the borrower may not understand anything about the contract being signed.
A new study suggests that young people with education debt don't know the most basic facts about their loans. The survey, conducted in January by Lendedu, a company that provides information about loan refinancing options, adds to a growing body of research into the widespread ignorance among young people about debt that could follow them to their graves.