Student Loan Debt would be enough of a problem
even if it were not so difficult to figure out how
and where to make payments.
And, now there is data that many students
do not even know how much Student Loan Debt
they owe. ):
The Face Book meme photo talks about “educated students.”
Should graduates know how much Student Loan Debt they have?
Well, uh, yeah. I would think it would not take that many math classes to figure this out.
Heck, just do an internet search for a loan repayment calculator.
J. Maureen Henderson, writing for Forbes online, from a Citizens Bank survey:
• 45% of survey respondents didn’t know what percentage of their salary went to paying off their loans.
• 37% were unaware of the interest rate on their loan.
• A very oblivious 15% were even unaware of how much they owe.
. 44% claimed not to fully understand the difference between federal and private loans.
Ouch. You know what they say. Denial is not a river in Egypt.
If you do not know your situation, how can you handle it? How can you budget without knowing what your own student loan debt is?
But, the Department of Education is going to make repaying easier!
Again. They keep doing this, yet, keep needing to simplify things more.
Given the above stats on how many do not know how much Student Loan Debt they owe, the interest rate, even whether it is government student loan debt, or private, that they owe.
Private Student Loan Debt will not be affected by these changes reported by UPI:
The U.S. Department of Education, facing harsh criticism over shoddy student loan servicing, announced plans to revamp the way monthly payments are collected and collection companies are policed.
The department said the changes will provide borrowers with a single web portal to make payments instead of navigating a variety of loan servicers. The changes will also provide increased oversight over the 25 agencies that collect student debt.
The government has mucked up student loan debt repayment. Using 25 different agencies to collect?
Which then transfer the loan servicing back and forth among each other, further confusing grads, and, increasing the odds of an error like a mis-applied or lost payment.
Do you have student loan debt issues?