When 500 students were asked by the pollsters if they believe that they will be eligible for federal student loan forgiveness programs following graduation, 49.80 percent believed that they would be. Asked if it is possible to refinance federal student loan debt, 64 percent of college students also incorrectly agreed that they believed that it was.
“It is concerning that current college students are underestimating the cost of student debt today and tomorrow,” LendEDU noted.
Additionally, 33 percent of college students could not identify the differences between subsidized and unsubsidized loans, and 79 percent of college students could not identify the current repayment term of a federal student loan.
Other reasons one can acquire loan forgiveness are permanent disability or death.
“It is concerning that current college students are underestimating the cost of student debt today and tomorrow,” LendEDU concluded of the responses.
Currently, 44.2 million Americans owe roughly $1.3 trillion in unpaid student-loan debt. The average graduate in 2016 will have $37,172 in student loan debt, up 6 percent from the 2015 average.