Many millennials don’t know what they owe on their student loans, what interest rate they are paying or whether college was worth it, according to a survey released Thursday by Citizens Bank.
A startling 6 in 10 millennials said they have no idea when their loans will be paid off and more than a third don’t even know the interest rate they are paying. On average, graduates owed about $41,000 in student loans, the report said.
“It is very uncommon for consumers to have such a large amount of debt and yet not know their interest rate or how long their payments are going to last,” said Brendan Coughlin, president of consumer lending at Providence, Rhode-Island-based Citizens Bank, which surveyed over 500 college graduates ages 18 to 35 with student loans.