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Bankrate

February 27, 2019

by Kelly Anne Smith

 

 

The current $1.5 trillion in student loan debt is holding Americans back.

A new Bankrate survey finds that most Americans who have had student debt have delayed important financial decisions and milestones because of it — and some even regret taking out student loans in the first place.

“There’s no question about the general value of education. A college degree typically translates to greater chances of being employed,” says Mark Hamrick, senior economic analyst and Washington bureau chief at Bankrate. “Student loan debt is, in a sense, the other side of the coin which can create a tremendous burden on students and, in some cases, their families.”

 

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The current $1.5 trillion in student loan debt is holding Americans back.

A new Bankrate survey finds that most Americans who have had student debt have delayed important financial decisions and milestones because of it — and some even regret taking out student loans in the first place.

“There’s no question about the general value of education. A college degree typically translates to greater chances of being employed,” says Mark Hamrick, senior economic analyst and Washington bureau chief at Bankrate. “Student loan debt is, in a sense, the other side of the coin which can create a tremendous burden on students and, in some cases, their families.”

The study was conducted Feb. 6-11 among a total sample size of 3,885 U.S. adults.

Student loans are delaying financial security and major life milestones

In total, 31 percent of Americans say they currently have or have had student loan debt stemming from their own education. An additional 13 percent of American adults financed another family member’s school expenses through student loans.

Among respondents who have had or currently have student loan debt for their own education:

  • 34 percent of respondents say they are delaying building their emergency savings.
  • 29 percent are delaying saving for retirement.
  • 27 percent are putting off paying other forms of debt, including credit cards.

 

Read more at:

https://www.bankrate.com/loans/student-loans/student-loans-survey-february-2019/

 

 

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