Public Opinion

The majority of college students are not financially literate on student loans, according to a study conducted by H.C. Whitsett with Nera Economic Consulting in 2012:

“About 65 percent [of college students] misunderstood or were surprised by aspects of their student loans or the student loan process.”

A significant amount of issues that students encounter with loans are due to ignorance of financial terminology and literacy. Educating students on making financial decisions for college loans is a part of the Smarter Borrowing Bill proposed by Thomas Harkin (D-IA) to the Senate in March 2013.