Nearly every student who goes to college takes out a student loan to support their studies and live off without a problem, even if they get money from their parents.
The reason behind this is that the student debt covers most of the spending you make in college and makes it extremely easier to study your college without financial worries.
However, once you graduate, you need to start paying this debt that you have been using for the entirety of your college years.
That’s when the regret comes in and creates financial problems for many students because you can’t just go to a debt relief company or a debt settlement company to fix your student loan for you.
We will take a look at some of the surveys about student debt and students’ thoughts on student debt.
How Many People Have Financial Problems Because of Student Debt?
Among those who take out student loans, most of them struggle with financial problems after graduation, trying to make the necessary payments for their student loans.
More than 50% of adults are delaying big financial decisions because of their student debt and because they need to pay it off.
This statistic gets worse with the generations changing.
How Student Debt Affects Lives
Student debt brings financial responsibility from day one of starting to work right after graduation because if you study more than the average college, your debt is even higher than the average.
It depends on what you choose to study and how you choose to study, so every semester you spend on college adds up to your student debt.
These debts affect the majority of lives in a way that they need to put off many financial decisions until after they pay their student loans off.
These financial decisions could vary from buying a house to going for a vacation.
It also affects the ability to create an emergency fund with a debt hanging over your shoulders.
Are There Easier Ways to Pay it Off?
Even though there could be easier ways to pay debts like making a debt settlement or a debt relief, with student debt, this is not the case, and you need to pay it off in full without getting any extra help.
This makes paying it off harder because you still need to keep paying those debts if you somehow end up jobless.
To conclude, student debt affects millions of adults around the United States, and among those millions of adults, at least 50 to 60% of them delay making big financial decisions like getting married, buying a house, and paying off other debts because of student debts.
Many students also say that they regret taking out a student debt in the first place when they are studying, which could mean that in the future, fewer and fewer people could opt for taking out a student debt.
Overall, those who take out student debt have always a hard time paying it off, and it also affects their lives in the ways of making big decisions.
Amit Gupta is the founder Of SurveysForMoney24.com Amit has a broad experience in paid survey websites, assisting users to navigate complicated decisions. After completing his high school certification, Amit has spent half a decade learning about digital marketing. Before beginning SurveysForMoney24.com, Amit managed the google play developer account of top financial unicorns.