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News Now

CU System
NBC Among Media Reporting On CUNA's Student Loan Survey
MADISON, Wis. (5/7/13)--NBC, along with several other media, have reported stories picking up information from the Credit Union National Association's first annual High School Student Borrowing Survey, released last month.

NBC covered the CUNA survey May 1, as did CNBC.com on Saturday, and Professional Services Close-up on April 29.

The CUNA survey also has been reported by other national media, including Bankrate.com and The Wall Street Journal (News Now April 17).

The survey found that nearly half of high school seniors don't know how much they will need for college costs, CUNA said. That lack of knowledge translates to a greater student-debt burden after college.

CUNA is lobbying the federal government to allow student loans of a longer duration than the current 15-year standard because most borrowers are taking out more loans for larger amounts.

A recap of the CUNA survey's key findings indicates:

  • 83% of students surveyed did not know the rates, and 77% didn't know the duration of their expected or existing college loans;
  • 74% of those aspiring to attend college said they will need a combination of federal and private loans, family money and jobs to support their tuition; and
  • 25% expect to take out two or more student loans; 13%, one loan; and 60% could not estimate how many they would need.
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