Many students who took out large amount of federal student loans did not receive the required in-person or online counseling, according to a report released this week by Young Invincibles, conducted with NERA Economic Consulting, the Huffington Post reports.
“A full 40 percent of participants with federal loans said that they did not remember receiving counseling even though the federal government requires it,” Chris Altieri wrote on the YI blog. “That means colleges aren’t doing their part to make sure students understand their loans.”
The report includes a survey of 13,000 participants deep in debt, with an average student-loan debt of $75,000. About 42 percent of survey respondents were either currently enrolled in an undergraduate program or had finished one in the past five years. The other 58 percent were pursuing or recently earned a graduate or masters degree…
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