Do You Know That
1. About four in ten adults under age 30 have student loan debt.
Among adults ages 18 to 29, 37% say they have outstanding student loans for their own education. (This includes those with loans currently in deferment or forbearance, but excludes credit card debt and home and other loans taken out for education.) Looking only at young adults with a bachelor’s degree or more education, the share with outstanding student debt rises to 53%.
2. According to USnews – 284,000 college graduates made at or below minimum wage in 2012.
3. The average debt for graduating public college seniors was $25,550 in 2012.
4. Many people often do not compare lenders to verify the interest rates. When applying for your personal bank loan, it important to note the 3 Cs that your bank will ascertain: Character, Capacity and Credit.
5. The Internet is the top source when you need to find a good personal bank loan. The number of people taking online loans have more than doubled over the last couple of years.
6. The average debt for graduating private non-profit college seniors was $32,300 in 2012.
7. The average debt for graduating private for-profit college seniors was $39,950 in 2012.
8. Compared with young adults who don’t have student debt, student loan holders are less upbeat about the value of their degree.
Only about half (51%) of those ages 25 to 39 with at least a bachelor’s degree and outstanding student loan debt say that the lifetime financial benefits of their degree outweigh the costs. By comparison, about seven-in-ten young college graduates without outstanding student loans (69%) say the lifetime benefits outweigh the costs.
9. The rate of interest is often pegged on the performance of the economy. With a weak economy, the amount of money that you will pay will be high when compared to a strong economy.
10. Many people often do not check the rates of interest before signing their loan documentation since it will determine the level of interest in the market.
11. Many people often sign bank documents when applying in a hurry. Most of them often do not read the instructions whenever they are looking for ways to improve the given performance of these banks.
12. Most people often do not understand the terms and conditions of loans before taking them. This has led to a majority of people misusing these personal bank loans after acquiring them.