The U.S. currently has a student debt load of $1.4 trillion, which accounts for 10% of all outstanding debt and 35% of non-housing debt…Student loan debt caused:

  • 22% to delay moving out of a family member’s home after college by at least two years
  • among non-homeowners, 83% to delay buying a home. This is most frequently the case due to the fact that the borrowers cannot save for a down payment because of their student debt
  • among homeowners, it is impacting the ability of 28% of graduates to sell their existing home and move to a different home. The delay in buying a home among non-homeowners is 7 years and 3 years for homeowners.

Awareness of Tuition Costs

  • Before attending college, 28% of borrowers knew generally the school “might be expensive” or “might be cheap”, but had no further information.
  • More than 25% of borrowers had an understanding of tuition, but had little understanding of other costs such as fees and housing expenses.
  • 20% of borrowers understood all the costs including tuition, fees, and housing.


  • 32% of student loan borrowers surveyed had defaulted or forbore on their student loan debt.
  • 40% of borrowers who had personal incomes of less than $25,000 in 2016 had defaulted or forbore on their student loan debt in the past.

Life Choices

  • Among life choices, more than 50% of respondents believe they are delayed in continuing their education or starting a family due to student loan debt.
  • 41% would like to get married, but are delayed from marriage due to their student loan debt.
  • Only 13% of respondents did not have a life event delayed due to debt.
  • 28% of respondents rent with roommates.
  • 15% live with friends or family and pay rent, and
  • 15% live with friends and family and do not pay rent.
  • 20% own their own home and
  • 16% rent solo.
  • 35% of younger millennials live with family (both paying and not paying rent) compared to just 24% of older millennials.

Student Debt Impacts

Mish Notes

  1. Younger millennials are those born 1990 to 1998. Older millennials are those born 1980 to 1989.
  2. The study did not ask how many regretted going to college.
  3. The study did not ask how many regretted paying what they did pay for college.

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