Study shows student loan debt has a large number of Ohio parents putting off retirement
31% of grads don’t think they’ll ever be able to pay off student loans.
CLEVELAND, Ohio (WOIO) -In a new survey by Freedom Debt Relief student loan debt is viewed by many as a financial crisis in the U.S.
According to debt relief company, more than 44 million Americans have outstanding student loan debt totaling more than $1.6 trillion.
In July, it surveyed 1,003 college attendees or graduates who are in the process of paying off the cost of college, and 503 parent who have in someway contributed to their child’s education, or are still paying.
Those who participated said the stress of the debt is the cause of many problems ranging from sleep loss, to strained family relationships, health problems and increased depression and anxiety.
Responses from students in the survey said:
- 67% overwhelmed by their finances
- 31% do NOT think they will be able to pay off their loans
- 59% can’t save any money
For parents who responded:
- 42% can’t save for retirement and don’t take vacations
- 31% have postponed retirement date
- 33% can’t save any money
The chart below is interactive to see how each generation responded to the questions of how student loan debt has impacted their life:
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