I don’t personally know anyone that delayed any of these things specifically because of their student loans, but student loans were usually one of the many financial reasons why they’ve delayed certain milestones. Living on Long Island, the cost of living was personally a larger factor than student loans.
I especially liked this point: “Millennial borrowers are more likely to say they were not provided sufficient information about the potential risks of taking out student loans.”
On top of that, when I was looking at colleges, schools actively touted how successful their graduates were. After four years of this, you have the impression that you’ll get a pretty good return on your investment. Then you graduate in the middle of a recession where no one can find a job, let alone one that pays enough to cover your bills.
But, to be fair, I was warned on the first day of my Public Relations class that if I wanted to make money, I’d stay away from journalism and go into PR. My bad.
We’ve written before about the idea of a “debt backpack,” this notion that young adults are graduating from college already burdened by debt. The more burdensome that backpack, the less able and likely they may be to not only make major financial investments — like a home, or a new car — but also might be putting off important personal milestones, including marriage and kids. The results of a new survey back up this theory and show the delaying effect that student loan debt has on Millennials.
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