A new survey out by Summer and Student Debt Crisis gathered responses from student loan debtors and found what boots on the ground already know, student loans are killing the future of millions of people.
Here are the sobering and depressing results.
65% of student loan borrowers reported having less than $1,000 in their bank account.
30% reported having a student loan bill higher than their rent or mortgage bill.
20% reported being unable to make their next loan payment.
44% reported that making their next payment would be a struggle.
80% says their student loans prevent them from saving for retirement.
56% say it prevents them from buying a home.
86% said student debt is a major source of stress, and of these respondents, one in three said it’s their biggest source of stress.
19% delayed getting married.
26% delayed having kids.
50% could not donate to charity.
35% of borrowers reported having difficulty accessing information about their loans and repayment status.
31% of respondents described their loan company’s customer service as “very unhelpful” or “unhelpful.”
27% described the information they receive from their student loan company as “very untrustworthy” or “untrustworthy.”
59% experienced unclear guidance about their repayment situation and options from their loan servicer.
19% experienced their student loan company billing them the wrong amount.
23% experienced receiving wrong information about their loans.
42% had trouble negotiating a different repayment plan or payment amount when they had unexpected financial hardships. – Source