According to a new analysis by ACT’s Center for Equity in Learning the number of high school students in America that are unfamiliar with how financial aid works is “alarmingly high.”
More than 67 percent of students were unaware that there are programs that allow them to pay off their debt slower, according to data based on more than 1,200 students who were registered to take the ACT.
A low percentage of students were aware that the government can subsidize qualifying loans for students in college.
“The findings highlight an urgent need for more financial literacy–specific interventions, especially in light of the economic stakes at hand,” said Jim Larimore, chief officer at the ACT’s Center for Equity in Learning, as reported by Bloomberg.
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