Yahoo Finance reports-
Although the US Department of Education has determined the national average for student loan debt for college grads at $29,400, Citizens Bank survey found that average student debt for millennials is much higher — roughly $41,286.
Sadly, 15 percent of the grads surveyed said they didn’t know their total student loan balance and more than a third of grads (37 percent) reported being clueless as to their loans’ interest rate.
Despite sometimes burdensome loan payments, a large number of millennials are unwilling to prioritize student loan repayment over spending on luxury and quality-of-life items. When students were asked what they’d be willing to give up in exchange for lower student loan payments, this is what the survey revealed:
- Less than half (45 percent) were willing to cut what they spend on eating out.
- Just 46 percent said they’d cut their entertainment and social event expenses.
- A mere 40 percent were willing to limit their housing expenses (rent or mortgage).
- Only half of millennials were willing to slash their spending on clothes, shoes and accessories.
The other point of course is that for many, most of the training/ education they have received isn’t much help to them either.