Table1 reports the regression model, pooled and by country.8. Which Resource Would Not Have Reliable Information about Student Loans? Who owes the most in student loans: New data from the Fed Student loans last reviewed: NOV 17, 2022 What is Public Service Loan Forgiveness? On the other hand, several factors appear to significantly decrease susceptibility to COVID-19 misinformation. Evaluating the fake news problem at the scale of the information ecosystem, Less than you think: prevalence and predictors of fake news dissemination on Facebook, The online competition between pro- and anti-vaccination views. 2020. Scholars increasingly recognize that in order to contain the spread of the virus, insights from the social and behavioural sciences play an important role, especially when it comes to the spread of misinformation about the virus [2]. official website and that any information you provide is encrypted A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. Risk perceptions of COVID-19 around the world, BBC News. ; J.R. and S.v.d.L. 13It is worth noting that self-identified minorities in our sample did not have a lower level of education than non-minorities. Swami V, Voracek M, Stieger S, Tran US, Furnham A. = 1050 and n political gain and social consensus). So, the older the loan, the less likely it is to have a balance exceeding the borrowed amount. The Biden administration announced Friday that 804,000 borrowers will have their student debt wiped away, totaling $39 billion worth of debt, in the coming weeks due to fixes that more accurately . To measure participants' belief in misinformation about COVID-19, we presented them with nine statements about the virus, six of which represent common examples of health-related and political misinformation (e.g. Private Student Loans Did you hear the SCOTUS decision on student loan debt relief? So did The relationship between conspiracy beliefs and compliance with public health guidance with regard to COVID-19 In addition, a small group of participants find common factual information about the virus highly unreliable. 36% of loans opened in 2009 had already accrued interest. Marshall Steinbaum is a senior research fellow at the institute and an assistant economics professor at the University of Utah. After a borrower defaults, the servicer transfers the loan to the Department of Education, which generally reassigns it to a private agency to collect the debt. = 3.90; see electronic supplementary material, table S4). Study with Quizlet and memorize flashcards containing terms like Which of the following statements about federal student loans is TRUE? credit score Mid-600's Fixed APR 4.50-15.49% Variable APR 6.12-16.45% View details Key facts Best for part-time students and. For these questions, we thus only present results for Mexico, Spain, the USA and the UK surveys that were conducted in May 2020. Federal Student Loans The definitive source for information on your federal student loans is the U.S. Department of Education's Federal Student Aid website. 2020. Fake news on Twitter during the 2016 U.S. presidential election, Social media and fake news in the 2016 election. Across all countries surveyed, we find that higher trust in scientists and having higher numeracy skills were associated with lower susceptibility to coronavirus-related misinformation. That's roughly one . Finally, the most consistent predictor of decreased susceptibility to misinformation about COVID-19 is performance on the numeracy tasks. The pandemic repayment pause changed the game, causing balances that had been increasing over the prior decade to start to fall. No mysteries. The IDR plan seeks to cut monthly payments on federal student loans down based on an individual's income and family size. HHS Vulnerability Disclosure, Help Credible | Find the Best Loans | Easily Compare & Save Additionally, you can speak with the U.S. Department of Education's Federal Student Aid Information Center at 1-800-4FED-AID (1-800-433-3243) for information on student loans. (Shutterstock) In 1862, President Abraham Lincoln signed the Land Grant College Act into law, laying the groundwork for the largest system of publicly funded universities in the world. From the group of 2009-era debtors we've been following, we . The study was approved by the Psychology Research Ethics Committee at the Department of Psychology at the University of Cambridge. Meanwhile, more than 15 million adults aged 65+ are classed as economically insecure, with incomes below 200% of the federal poverty level. These findings are promising for potential interventions and suggest that developing critical thinking skillssuch as learning how to identify fake newsmay be an effective strategy to combat misinformation about COVID-19 [39,7072]. They also highlight the critical importance of limiting the spread of misinformation about the virus. This is especially important considering that most research on misinformation has been confined to the USA, which limits the generalizability of prior findings [26]. This is especially important in light of the finding that higher trust in scientists is also associated with a higher willingness to get vaccinated against COVID-19 or to recommend vaccination to vulnerable friends and family, as well as compliance with health guidance measures. 2020. However, the projected growth in anti-vaccination views is expected to dominate online discourse within a decade without intervention [11]. Note: results are mean-centred and scaled by 1 s.d. The surveys in the UK, the USA, Mexico and Spain were funded by the Winton Centre for Risk & Evidence Communication, which is supported by a donation from the David & Claudia Harding Foundation. 17 Best Private Student Loans - NerdWallet This situation is the fruit of a tacit agreement among state legislatures, college administrators and the federal government dating back to the 1970s: defund public colleges and universities and shift them to a tuition-based revenue model, with the federal government backstopping the system with student debt so that more students can continue to obtain more expensive education. A.L.J.F., S.v.d.L., J.R., S.D., C.R.S., G.R., J.K. and A.M.v.d.B. By applying through the U.S. Department of Education's Federal Student Aid. 12To check for potential multi-collinearity issues between minority status and other variables in the main analyses (i.e. Basol M, Roozenbeek J, van der Linden S. But increasing the educational credentials required for any given job or salary doesnt magically make pay go up. Here is a picture of Americas student debt over time, focusing on loans with balances higher than the original borrowed amount due to accumulating interest. drafted the manuscript with input and revisions from C.R.S., A.L.J.F., S.D., G.R., J.K. and A.M.v.d.B. Prior research on the spread of misinformation in general has mostly been confined to the context of the 2016 US presidential election, finding that exposure to fake news was fairly limited in the population [710]. The polarizing impact of science literacy and numeracy on perceived climate change risks. Everfi Financial LIteracy- Module 5 - Higher Education - Quizlet The Argument for Tuition-Free College Student Loan Default Has Serious Financial Consequences originally borrowed. This result follows a similar pattern as participants' performance on the numeracy task across these five countries, which may explain the variation (see electronic supplementary material, table S5). April 17, 2023April 17, 2023 Comments 0 Comments As US student loan debt rises, students need dependable loan information. We added these questions to the USA, Spanish, Mexican and second UK survey (conducted in May); see electronic supplementary material, table S2. In 2022, 54% of loans opened in 2019 owed more than We therefore caution the reader when interpreting differences between countries reported in this study. Failure to repay student loans can have serious financial consequences for borrowers, including collection fees; wage garnishment; money being withheld from income tax refunds, Social . The measures used in this study are based on previous research about common predictors of belief in conspiracy theories and misinformation in general [10,16,17,25,36,39,48], as well as specifically about COVID-19 [23,27,39,40,43], as reviewed in the Introduction section. 2020. The structure of federal student loans should reflect societys long-term needs, not just those of employers and universities preying on the generosity of the student loan program and of students desperate for jobs in an economy that feels ever more winner-take-all. Our student debt research uses credit reports, both from an annual, representative cross-section of student borrowers and from a single group of borrowers weve been following since 2009. = 2.67, s.d. The impact of numeracy on reactions to different graphic risk presentation formats: an experimental analogue study. In terms of variables specific to the COVID-19 crisis, we include the following variables: COVID-19 risk perception, trust in politicians' and the WHO's approach to tackling the pandemic, and getting information about COVID-19 from social media and the WHO. originally borrowed. Covid conspiracies: misleading evidence can be more damaging than no evidence at all. But student loan repayment had been dwindling for at least a decade before the pause. Discover Student Loans covers up to 100% of your student's school-certified college costs, including tuition, housing, books, and more. 4The two questions about vaccination intentions were not asked in the Irish and first UK survey as these were conducted first. Self-identifying as a member of a minority group is also significantly associated with higher susceptibility to misinformation about the virus in all countries except the UK. 2019. People with diabetes are at higher risk of complications from coronavirus) and one of which was not false but ambiguous (Taking ibuprofen when you are infected could make your symptoms worse).6 The false claims were based on the World Health Organization's Mythbusters page [55]. Using a one-way ANOVA with Tukey's HSD pairwise comparison, we find significant differences between several countries in the perceived reliability of misinformation (F4,3842 = 18.87, p < 0.001, 2 = 0.019); see also electronic supplementary material, table S7. 5 Best Private Student Loans of July 2023 This gives approximately the same results, with little variation. Learn why unverified or unknown websites and blogs may not be a trustworthy resource for accurate information on student loans. The role of numeracy in understanding the benefit of screening mammography. The role of cognitive ability on the impact of false information on social impressions, Lazy, not biased: susceptibility to partisan fake news is better explained by lack of reasoning than by motivated reasoning. At any rate, we caution against oversimplifying these findings, especially as we were unable to control for several other potentially important factors such as income or religiosity [34]. Substantial segments rated this item above the midpoint of the scale (57), indicating that they find this conspiracy reliable, from about 2223% in the UK and the USA, to 26% in Ireland, to about 33% and 37% in Mexico and Spain, respectively (see electronic supplementary material, table S8). A bioweapon or a hoax? Line charts showing how student loans with balances exceeding the original borrowing amount due to interest have increased over time, until the pandemic repayment pause in 2020 stagnated loans. Belief in fake news is associated with delusionality, dogmatism, religious fundamentalism, and reduced analytic thinking, Fake news: incorrect, but hard to correct. Lutzke L, Drummond C, Slovic P, rvai J. Social media has changed the way we interact with each other. In this study, we investigate susceptibility to coronavirus-related misinformation and its influence on key health-related behaviours in large national surveys in Ireland (n = 700), the USA (n = 700), Spain (n This study was approved by the Psychology Research Ethics Committee at the Department of Psychology at the University of Cambridge. [52])5 and whether they have come across information about COVID-19 from the WHO and social media (both yes/no). FACT SHEET: President Biden Announces New Actions to Provide Debt