49.80% of college students believe that they will be helped by federal student loan forgiveness programs.
Hoboken, NJ (PRWEB) February 27, 2017
February is Financial Aid Awareness Month. In the spirit of Financial Aid Awareness Month, LendEDU conducted a survey to 500 current college students. The 16 question survey was created to test the knowledge of current college students in regards to the financial aid process. The results of the survey confirmed that current college students are struggling to understand the financial aid process.
“The results of our survey showed us that students do not understand the basics of applying for financial aid and the long term impact of student debt,” said Nate Matherson, Co-Founder & CEO of LendEDU. “We found that current college students are overestimating post-graduate repayment benefits. We were very surprised to find that 49.80% of college students believe that they will be helped by federal student loan forgiveness programs after graduation and that 64% of college students incorrectly believe that it is possible to refinance student loan debt with the federal government.”
In 2017, an estimated seven out of ten colleges students will graduate with student loan debt. On average, the average borrower is leaving campus with $28,400 in student debt. Student debt can have a lasting impact on the financial, personal, and emotional lives of graduates for a decade. Our survey indicates that current college students may be underestimating the difficulty of repaying student debt. Moreover, the results of our survey indicate that current college students do not understand the eligibility requirements for Public Service Loan Forgiveness and the refinancing process.
To view the full results of the 16 question survey please see the full-report on the LendEDU website.
LendEDU’s survey was conducted using Pollfish on February 14th, 2017. Our survey was conducted with a screener question to identify and survey only current college students.
Since 2014 LendEDU has delivered free financial aid resources to high school and college students. LendEDU is a marketplace for student loans and student loan refinancing. LendEDU helps graduates find the lowest student loan quotes with one application. The company is partnered with all of the leading student loan companies including SoFi, Citizens Bank, Sallie Mae, College Ave, Earnest, LendKey, among others.
LendEDU was founded by Nate Matherson and Matt Lenhard in August of 2014. LendEDU is a graduate of Y Combinator’s W16 class, the Iowa Startup Accelerator, and the Horn Program at the University of Delaware.
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