How Student Loan Debt Hobbles So Many Americans
According to Bankrate.com, mounting education debt is resigning borrowers in the Millennial generation to delay major life events, such as buying a home or car, and hold off saving money for retirement as they try to whittle down what they owe in student loans. Based on the new survey of 1,000 adults, 56 percent of Americans between the ages of 18 and 35 are holding off on big-ticket purchases because of current or past student loans, compared to 43 percent of older adults. "Student debt is often portrayed strictly as a Millennial issue, but the truth is that Americans of all ages have put their lives on hold due to student debt," says Bankrate analyst Steve Pounds. "Delaying major life milestones ... doesn't only affect the individual and his or her family, it also has ill effects on the overall economy." The study also found that Millennials were less likely to have ever had student loan debt compared to the previous generation. However, more than half of all respondents felt they were not fully educated on the financial risks of the loans they took out.
From "How Student Loan Debt Hobbles So Many Americans"
CBSNews.com (08/05/15) Kennedy, Bruce
According to Bankrate.com, mounting education debt is resigning borrowers in the Millennial generation to delay major life events, such as buying a home or car, and hold off saving money for retirement as they try to whittle down what they owe in student loans. Based on the new survey of 1,000 adults, 56 percent of Americans between the ages of 18 and 35 are holding off on big-ticket purchases because of current or past student loans, compared to 43 percent of older adults. "Student debt is often portrayed strictly as a Millennial issue, but the truth is that Americans of all ages have put their lives on hold due to student debt," says Bankrate analyst Steve Pounds. "Delaying major life milestones ... doesn't only affect the individual and his or her family, it also has ill effects on the overall economy." The study also found that Millennials were less likely to have ever had student loan debt compared to the previous generation. However, more than half of all respondents felt they were not fully educated on the financial risks of the loans they took out.
From "How Student Loan Debt Hobbles So Many Americans"
CBSNews.com (08/05/15) Kennedy, Bruce
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