Today’s fantastic family finance article is:
These Student Loan Borrowers Know Nothing About Their Student Loans
Here’s a video you definitely don’t want your college kids starring in. A few highlights:
- What is an interest rate? “Something that you do in finance.”
- What type of student loans do you have? Subsidized? Unsubsidized? “Ummm...not sure...no clue.”
- Do you know what FAFSA stands for? “Federal...And...State...ahhh no.”
- Who is Sallie Mae? “Sounds familiar. Is she hot?”
- What is a co-signer? “I have no idea.”
- What is the total amount of student loan debt in the US? “$2 million.” (Just a few zeros short. Try $1.2 trillion.)
Funny? Frightening? Yep. These kids might want to brush up on their answers here: studentaid.ed.gov
Make sure your college age kids understand their student loans, or they’ll be in for a very painful financial “education” down the road.
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