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Millennials' Views on Student Loans

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Student loan debt is a common headache amongst many, however according to recent data, the millennial generation is undergoing the worst circumstances. Many try to overcome the debt while others are discouraged and fall behind on payments. Research has found that millennials share common views on the student loan situation and it may be fueling the problem.

A survey was created in order to share the millennials' perspectives on the student loan issues. The survey was given to student loan borrowers aged 18 through 35. It was discovered that $41,286.60 was the average debt among student borrowers. However, this was only acquired by those that actually new their balance. Many borrowers were not even aware of the exact amount of their balances.

Paying off one's debt is harder when a borrower isn't fully aware of how much they owe. Without a goal in sight, many borrowers are likely to fall further behind, rather than getting ahead. There's other misconceptions such as not understanding the difference between private and federal student loans. Without proper education on the differences, many are defaulting or taking out loans that are causing them more harm than good.

Unfortunately, more than a third of students are unaware of debt refinancing. Students need to be knowledgeable on their options in order to successfully overcome their debt. Finding solutions to student loan debt has been tricky, but with many people brainstorming ways to get out of debt, a solution could be closer than we think.


We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: NASFAA | Student Loans

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