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.
Many graduates expressed buyer's remorse regarding their education, according to the study. Fifty-seven percent said they regret taking out as many loans as they did, and 36 percent said they would not have gone to college if they fully understood the associated costs.