Study: Many lack plan to pay back college debt

PROVIDENCE – While 94 percent of parents and 94 percent of college students are concerned about the cost of higher education, about one-third of the students and half the parents are without a plan to pay back the debt, according to a new study by Citizens Financial Group released on Aug. 21.
“As the cost of college continues to rise, consumers are increasingly concerned about their ability to manage this cost,” said Brendan Coughlin, president of education finance for Providence-based Citizens Financial Group. “The findings of this study underscore how critical it is for students and their parents to work proactively to develop a plan to manage the cost of college and not allow it to detract from the incredible value of their education.”
One of the biggest concerns among college students is the impact of college debt on their future, including their overall financial stability and their ability to buy a home.
More than half the parents of college students who participated in the survey expressed concern that the college debt might impact their retirement plans.

No posts to display