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High Student Loan Debt Forces Borrowers to Delay Major Life Events, Study Finds

A recent Gallup and Lumina Foundation survey reveals that a significant majority of student loan borrowers have postponed key life milestones due to financial burdens.

A US flag flies above a building as students earning degrees at Pasadena City College participate in the graduation ceremony, June 14, 2019, in Pasadena, California. - With 45 million borrowers owing $1.5 trillion, the student debt crisis in the United States has exploded in recent years and has become a key electoral issue in the run-up to the 2020 presidential elections. "Somebody who graduates from a public university this year is expected to have over $35,000 in student loan debt on average," said Cody Hounanian, program director of Student Debt Crisis, a California NGO that assists students and is fighting for reforms.
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Overview

  • 71% of student loan borrowers reported delaying major life events such as buying a home, starting a business, or getting married due to their debt.
  • Both high and low debt levels impact life decisions, with 98% of those owing over $60,000 and 63% with less than $10,000 in debt reporting delays.
  • Men are more likely than women to report delays due to student loans, with 76% of men affected compared to 64% of women.
  • The Biden administration has forgiven $153 billion in student loan debt, aiming to alleviate the financial strain on borrowers.
  • Student loan debt continues to affect Americans' financial stability and life choices, from graduation to potential retirement.