Poll: Education debt in Minnesota
An education debt crisis of epic proportions is causing stress and strain for Minnesotans who are struggling to repay their loans and putting off other bills, according to a Morning Consult survey commissioned by the Center for Responsible Lending (CRL) and Education Minnesota (EDMN).
Three-quarters of respondents report stress from their student loans, and results indicate that student loan servicers are not providing crucial information to help borrowers manage their payments.
From the survey:
The poll comes as Minnesota lawmakers consider the Student Borrower Bill of Rights which would provide oversight over student loan servicers and hold them accountable for serving borrowers fairly and responsibly. Problems with servicers include misleading information, misapplied payments, and failure to place borrowers in the income-driven repayment plans for which they are eligible, which adds to their debt load and makes covering living expenses more challenging.
More from the poll: