Student debt weighing on grads deep into middle age, according to consumer savings organization
Published: Monday, May 7, 2012
Updated: Monday, May 7, 2012 18:05
The website CouponCabin.com, which helps its users find the best coupons, has recently conducted a survey on how student loan debt is affecting a wide range of U.S. adults.
The survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from April 10 to April 12 this year among 2,145 U.S. adults ages 18 and older.
A few of the takeaways include 42 percent of U.S. adults ages 35 and up who took out college loans even now have a student loan balance and 34 percent of U.S. adults ages 45 to 54 are still carrying more than $20,000 in debt.
And even in larger numbers is the saddening 49 percent of U.S. adults who went to college and wished they had studied something with more earning potential.
According to http://alleducationmatters.blogspot.com, there is over $1 trillion of student loan debts, and upcoming college graduates can begin a new chapter with a lifetime of debt.
The survey also affirms that nearly six in ten U.S. adults who took out student loans still have an outstanding balance and 21 percent of those 55 years old and up still have a student loan balance.
Young Americans are also feeling the pressure of student loan balances as they face a challenging job market and economic climate.
More than 83 percent of U.S. adults ages 18 to 34 years old who took out loans to attend college said they currently are carrying a balance, with 34 percent of those with a student loan balance reporting that their balance is more than $20,000. Sixteen percent said that their balance is more than $40,000.
The encumberance to pay back student loan debt also takes an emotional toll on those who took out loans. In fact, 70 percent of U.S. adults who took out loans to attend college are or were at least somewhat concerned about how long it would take to pay off that debt. Nearly one-quarter said they were very concerned.
A variety of worries can mark the passage into life after college. When asked what their biggest concerns are or were about post-college life, U.S. adults all voiced financial concerns.
These concerns included not being able to find a job (45 percent), not being able to afford the lifestyle I wanted (34 percent), the state of the economy (32 percent), not being able to pay my bills (30 percent), not being able to pay off my student loan debt (17 percent), not being able to pay off my credit card debt (14 percent) and having to move back in with my parents (10 percent.)
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