74% of Generation Z and 68% of millennials who took on student debt delayed a major financial decision because of this debt. Those decisions include buying a home, saving for emergencies, putting money aside for retirement and having kids.
A large majority of Generation Z and 68% of millennials who took on student debt delayed a major financial decision because of this debt, according to a report published Wednesday by the personal-finance website Bankrate.
But many respondents were also aware of the potential long-term benefits. Some 59% of those who graduated with student debt said their education “had a positive impact on their earning potential or job opportunities,” McBride added. This will lead to immediate cancellation of debt for approximately 40,000 borrowers under the Public Service Loan Forgiveness program, and at least three years of additional credit for more than 3.6 million borrowers seeking income-driven repayment, the department said.
Academic Ashley D. Polasek wrote: “For years, I paid a third of my income against student loans—about $50,000. With diligence and the privilege of family help, I became student-debt free this year. Life is measurably better without the burden of this debt, and everyone should feel this relief. #CancelStudentDebt“
“Millennials are the nation’s largest generation but have the lowest homeownership rate, creating pressure that trickles down into the rental market where an increasing number of families must compete for vacant apartments,” the report found. “Rents prices are up 17% since the start of the pandemic, and certain popular cities across the country have seen prices rise more than twice that fast.”
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