Student Loan Debt Has Ripple Effect for Borrowers Across Income Levels
According to a new report from Consumer Reports
and The Center for Investigative Reporting, 42 million consumers owe a
combined $1.3 trillion in student loan debt, and many of those consumers
say their college education wasn’t worth the expense based upon factors
such as the amount of debt, income and employment status.
Consumer Reports conducted a survey of 1,500 consumers with student loan debt. Overall, 45 percent of respondents who are no longer in college and paying student loans say it wasn’t worth it, according to a news release.
Of those respondents:
- 38 percent didn’t graduate from their college;
- 69 percent reported trouble paying their loans;
- 78 percent have income of less than $50,000 per year; and
- 43 percent didn’t have their parents’ input on financial aid decisions.
More
than half of the respondents (51 percent) said they have had a problem
making a monthly payment at least once. That group is more likely to
have higher student debt and a lower annual salary. Also, 76 percent
of consumers with debt who said they did not graduate said they had
problems keeping up with payments, according to the survey. More info here.
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