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Study shows students might be clueless regarding loan debt

People in Tampa come from all walks of life. Although everyone is different, there are some things that almost everyone has in common. One of those things is debt. Whether it’s credit card debt, medical debt, or student loan debt, just about everyone owes money to a creditor. Debt can be very debilitating, but it can be especially difficult if you don’t even realize how much you have.

According to a new study, a large portion of freshman college students are not really aware of how much debt they are getting into when they take out student loans. In fact, according to a recent survey of almost 600 students at one university showed that 60 percent of college freshman don’t know how much they owe in debt for their first year in school.

Only 38 percent of these same respondents were able to identify the amount of money they had borrowed to pay for their first year in college. According to another study, those results are very indicative of the situation at most colleges and universities. Reportedly, one big problem is federal loans, as many students who receive these types of loans believe they have no debt. However, 92 percent of all student debt comes from federal loans.

It’s clear that student loan debt is a problem amongst many current and former college students, no matter what part of the country they live in. If you are having a difficult time getting out from underneath your student loan debt and have wondered about filing Chapter 13 or Chapter 7, then you might want to speak with a bankruptcy attorney for help.

Source: The Guardian, “US college freshman have no idea how much student debt they owe,” Jana Kasperkevic, Dec. 15, 2014.

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