Like the OLD Kanye said, “Education puts Americans into debt before they even get a chance to get started.” As for this new Kanye… We don’t speak of him.
Many Americans are suffering from “student loan regret” and struggling to keep up with sky-high payments, a new study suggests.
A study into the finances of 2,000 graduates specifically examined the impact of student loan repayments and the repercussions of managing debt.
Results showed over half (52 percent) of college graduates who took out student loans struggle to pay them back after the grace period has lapsed.
And it’s no surprise that nearly half of college graduates who took out loans (47 percent) have had to defer their payment plans at least once, since it takes the average recent college graduate six months to find a job on average.
The survey was conducted by OnePoll in conjunction with EDvestinU®, the national nonprofit student loan program of the New Hampshire Higher Education Loan Corporation (NHHELCO).
With three in 10 college graduates who took out loans having missed at least one payment, 66 percent continue to experience stress over paying off their student loans.
A quarter of respondents admit that they would have attended a less expensive school if they knew what they know now about the debt they’d incur.