The student debt problem on its own is a huge problem that affects millions of graduates and continues to grow exponentially every year. Behind the student loan epidemic is the behavioral effect on young adults as a result of their significant debt position. “Forty percent [of borrowers] said [student] debt is forcing them to delay saving for retirement. Forty-two percent said it is making them delay a home purchase, and 55% said it is preventing them from saving for emergencies. Furthermore, 25% are putting off having a child, and 20% are delaying getting married.” 1 It’s time to take control of your student loan debt before it controls you.
It is clear that student loans are making a profound effect on the decision making of young adults, which thereby has a lasting and large effect on the economy as a whole. Delaying retirement savings, purchasing a home, or having a family are extremely important life decisions that millennials and other young adults are putting off. Not only does it adversely affect their future, it also is a negative for the US economy, as the more people who have savings to spend, the more our economy grows. And for those that think they can simply kick the can down the road on student loan debt, think again. Not only will student debt delay major life events, but it could lead to a lifetime of debt as shown by the recent statistics showing an eightfold increase in student loans among Baby Boomers.2
By using BYE Student Loan Debt’s interactive book and website calculator tools, former students can proactively address their student loans to prevent student debt from controlling their life!
Learn More About How to Get Rid of Your Student Loans Here
- [https://www.fastcompany.com/40421239/more-baby-boomers-are-drowning-in-student-loan-debt-and-no-one-knows-how-bad-it-will-get ]