WILMINGTON, Del., April 03, 2017 (GLOBE NEWSWIRE) -- April is Financial Literacy Month, and as the costs of higher education continues to rise, financial literacy is increasingly important for anyone investing in higher education. According to Navient's annual Money Under 35 survey, 6 out of 10 young adults who attended college borrowed to do so, and 1 in 3 who borrowed have paid off their loans.
"My parents did not have the means to pay for my education, so I needed to learn how to do it myself," says Ellen, a Navient customer who paid off her loan four years ahead of schedule. "A lot of things happen in your first five years out of college that you never expect (marriages, divorces, family emergencies, relocations, job changes, etc.) and they can make your loans difficult to keep up with. Some months I had to lower the amount I paid due to other financial needs, but I still always paid more than the required payment. This technique allowed me to pay my 10-year student loans in six years, to the day."
Financial literacy is critical to financial success, and studies show it can also help decrease delinquency and default. A 2015 FINRA Investor Education Foundation study found that consumers who had completed high school financial literacy courses were significantly less likely to become delinquent on their credit accounts.
"America has recently reached a milestone: a record number—one-third of the adult population in the United States—has achieved a bachelor's degree or higher," said Jack Remondi, president and CEO of Navient. "The value of a college degree continues to increase in today's economy, but as the cost has risen and as more have pursued higher education, more consumers have turned to student loans to finance their degree. At Navient, we believe everyone should be empowered with knowledge to make informed decisions about money, especially when it comes to student loans. That is why we have invested in tools and resources to help our customers and others increase their financial capability."
Navient offers several free financial literacy resources, including:
Navient (Nasdaq:NAVI) is a Fortune 500 company that provides asset management and business processing solutions to education, healthcare, and government clients at the federal, state, and local levels. The company helps its clients and millions of Americans achieve financial success through services and support. Headquartered in Wilmington, Del., Navient employs team members in western New York, northeastern Pennsylvania, Indiana, Tennessee, Texas, Virginia, and other locations. Learn more at navient.com.
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