The other reason student loan debt is so high - Oct. 22, 2012
"[W]hen I found out someone would give me $18,000 without a
co-signer, I was really excited -- until later down the line, when I
found out how much I was going to owe," Aiello says. "That was probably
the biggest mistake I ever made."
Many students are making mistakes like this. America's student debt
crisis is not only being fueled by skyrocketing tuition and a weak job
market, but also by students' ignorance about financial matters in a
system that makes it surprisingly easy for them to attain a loan. In
many cases, students barely understand the obligations they're assuming.
"A lot of us don't have parents who went to college or who understand
anything about this process," Aiello says. "I have a lot of friends who
just signed those loans without any idea what was going on."
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