Nearly half of student loan borrowers aren’t prepared for payments

Source: Maurie Backman - Motley Fool

Plenty of people take out student loans in order to afford college. And the good news in this regard is that 75% of borrowers describe the student loan approval process as either "very easy" or "easy," according to a survey released earlier this year by LendKey Technologies.

The problem? A frightening 49% didn't know what their monthly loan payments would look like after taking on that debt. In fact, only 10% of the 18-to-34-year-olds surveyed were able to nail down their precise repayment amount.

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