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Financial Literacy: An Epic Fail in America
- Released on Mar 26, 2019
For as long as he can remember, Zachary Beneda dreamed of joining the Air Force.
But the 23-year-old senior at Texas A&M University, who will be headed to Japan after graduation for his first active-duty assignment as an Air Force support officer, got a rude awakening when he realized he'll also have to begin paying back $90,000 in college loans.
Mr. Beneda will be required to pay $1,000 a month — about half his monthly salary as a second lieutenant.
“I was floored,” he said. “I thought the military was going to take care of me and the burden wouldn't be as bad. I wasn't worrying about the loans as much as I should have.”
Mr. Beneda is hardly the first to underestimate the weight of college loans, and he won't be the last.
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