According to a new report from the Boston-based nonprofit American Student Assistance, a quarter of college students said their student loans made it difficult to buy daily necessities, and nearly two-thirds said their debt prevented them from making large purchases, like buying a car.
In addition to this drag on lifestyle and consumer spending, student debt also played a significant role in larger financial and personal commitments. Three-fourths of respondents said they put off saving for retirement or buying a home because of their debt. Almost one-third delayed marriage and 43 percent waited to start a family.
These choices all have a ripple effect on the greater economy, as the Consumer Financial Protection Bureau has warned and as the ASA report concluded....
"If student loan borrowers continue to sit on the sidelines and delay financial commitments, the U.S. economy will plod cautiously along -- rather than thrive with the help and economic investment of a new generation of well-educated consumers, eager to participate in driving the economy but hampered by their college debt," the report says. "It is in everyone's best interest to address this problem and make a concerted effort to lessen the burden that student loans are having on generations of American consumers."The Huffington Post
Student Debt Is Making All Your Life Choices Worse
Tyler Kinkade
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