According to a recent report from Young Invincibles, nearly two in three student loan borrowers were surprised by some of the terms in their student loans, the Huffington Post reports. What's more, the Consumer Financial Protection Bureau expects numerous complaints from private student loan borrowers because of difficulties with making full repayment, confusing advertising or marketing terms as well as debt collection
and consumer credit report
problems. With student loans now exceeding 1 trillion dollars, it's no shock that some students have been unable to make full repayment. According to the Federal Reserve Bank of New York, the average person with student loan debt owes $12,800 - a manageable number for some. However, 1 percent of the population owes more than $150,000, meaning they would need to earn at least six figures to pay off the debt in a reasonable timeframe. Unfortunately for that 1 percent, figures from the National Association of Colleges and Employers put the average starting salary for college graduates at just $41,701 per year, the news source notes in a separate article.