Poll Finds 71% of Borrowers Delay Significant Life Events Due to Their Student Loan Debt

Many student loan borrowers are forced to wait to move on with the big things in life due to their debt. These big things include buying a home, getting married, or even getting out of their parents’ home.

According to the study, 71% of all students currently enrolled in colleges, or previously enrolled but stopped before completing it, say they’ve delayed at least one major life event… all thanks to their student loans.

This number exceeds the percentage of those whose delayed events are more practical, such as buying a home, a car, and starting their own business.

22% of borrowers surveyed delayed moving out of their childhood homes while 20% delayed starting their own businesses.

Those delaying having children made up 15% of all borrowers surveyed. With the average cost of raising two children amounting to $310,605, this delay does make sense.

Meanwhile, the highest age group most likely to delay a major life event is 26- to 35-year-olds. That’s probably because “they have entered a life stage in which these events are more relevant than for younger borrowers and because they generally have higher amounts of student loans than their older peers.”

What matters more is the size of their debt. Borrowers with higher amounts of student loan debt are more likely to say they delayed buying a house or a car, moving out of their parents home, or going through a big life event.

But even those with modest debts have also experienced delays. 63% of those who borrowed less than $10,000 in student loans also delayed a major milestone due to their debts.

But there are 7.5 million enrolled participants in the program since it was launched in August 2023. If eligible, these borrowers can have their monthly repayments reduced to $0.

And even more amazingly, the Biden administration is planning yet another cancellation plan that would eventually add up to $559 billion.

It’s all part of Biden’s attempt to fix various administrative problems that riddled the program. It wouldn’t be far-fetched to imagine that the current POTUS would one day be known as the president who erased most student loan debts.

These loans undoubtedly have a massive impact on enrolled students’ lives. Understanding them is crucial to supporting them as they attempt to reach their personal goals, including completing their education so they could have a better life.