Have to laugh at the people on this thread who say "ignorance IS an excuse" http://forum.mrmoneymustache.com/antimustachian-wall-of-shame-and-comedy/hard-to-feel-sorry-for-these-people/
Definition of ignorance: lack of knowledge or information
In the absence of education (knowledge or information) on the specifics of:
1. How student loans work (interest rates, terms, % that goes to interest vs. principal, how pre-payment works)
2. Total cost to obtain a degree at various universities (room and board, fees, books, lab fees)
3. Typical starting salary for a particular degree AND placement percentages (often inflated by the universities. This information is available. You have to know where to look for it. You have to KNOW, oh there it is, that pesky KNOWLEDGE word again).
then yes, being "ignorant" is certainly explainable.
We are talking about teenagers.
Teenagers who, almost certainly, never took a personal finance class.
I'm also fairly certain that most high schools don't cover "college loans" and how they work.
How many 18 year olds know what they want to do?
How many teenagers have parents who did not attend college?
You see, parents who attended college, well - they have an in. Especially if they borrowed money - they know how it works.
If you happen to be the first generation to attend college - where do you get this information, or knowledge? Oh, there it is, that pesky word again.
We tell teenagers to study hard, get good grades, go to college, and it will be "all right".
Go ahead and laugh, but it's not funny.