Millions of Americans are saddled with student loan payments. And that’s just considering those who can actually repay their debt. Data released in March revealed that 46% of student loans are not currently being repaid.
But despite the squeeze student loan repayment puts on American budgets, few choose to refinance their debt at lower interest rates. A recent poll of American student debtors reported by Bloomberg reveals some interesting reasons why:
There’s no overarching reason why they don’t refinance, though 20.1% pointed to the federal loan option that ties payment amounts to what they’re earning, and they didn’t want to risk losing it. About a quarter of those who answered the poll…said they simply weren’t aware of how to refinance. And 8.4% said they planned to seek forgiveness for their loans. (A third didn’t specify why they weren’t interested in refinancing; only 2% had been rejected when they attempted to refinance.)’
This post was published at Schiffgold on JULY 14, 2016.
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