At a time when college students are taking on billions of dollars in debt, many don’t know how to deal with finances and doubt they’ll ever be able to pay back what they borrowed, according to a new survey.
While 62% of the students polled said they felt prepared to stay on top of their college assignments, only 53% were similarly confident when it came to handling their money, according to a survey conducted by financial education technology provider EVERFI and sponsored by AIG Retirement Services, a retirement plan provider.
And with Americans juggling $1.57 trillion in student loan debt, that uncertainty may be making many students feel they’ll never be able to get rid of that burden. While 60% of college students plan to borrow to pay for their education, only 65% of them intend to pay off that debt on time and in full. That’s compared to 88% who said they planned to do the same seven years ago.Continue Reading