The lasting impact of crippling student debt

Regardless of whether or not they have debt, 57 percent of Millennials under 30 believe that student debt is a major problem for young people in the United States — and another 22 percent believe its a minor problem. Overall, 79 percent say its a problem, four percent say it is not a problem.

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The crippling burden of student loans is having noticeable drag on the economy.. Student loan debt, more than any other kind, contributes to people having less favorable views on their own.

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The Cost of Debt Of this $1.2 trillion in student debt, about $1 trillion is in federal student loans. This figure does not tell the full story, however, as the $1.2 trillion does not include funds students must divert away from retirement savings, parent borrowing, or credit card debt. President Obama is expected to sign the

The amount of student loan debt has skyrocketed in recent years to a total of $867 billion last year – or more than the $704 billion in outstanding U.S. credit card debt, according to the Federal Reserve Bank of New York.

Long-term impacts of student debt. Graduates push back the next steps of their lives because of their debt. On top of this, studies are showing that debt no longer is for people in their 20s. Just two decades ago, only 4 percent of people aged 55 to 64 still had student loan debt, but that number is rapidly growing.

We’re Being Punished by Crippling student debt. ana Lucia Urizar is a third year law student at Syracuse University College of Law. Updated August 17, 2015, 3:30 AM.

For too many, student loan debt is a crippling burden that impacts their involvement in our economy and achieving personal goals like owning a home, starting a family and supporting their community.

During a meeting with reporters Thursday, Secretary of Education John King said he was proud of the administration’s record on increasing access to college and minimizing the impact of student debt.

America’s student loan problem just surpassed a depressing milestone. Outstanding student debt reached .521 trillion in the first quarter of 2018, according to the Federal Reserve, hitting $1.

 · In effect it would create an economic boom and like with most it would last about 8-13 years before leveling off. Essentially, bankers shouldn’t be opposed, the cash machine that is student debt interest would be paid and those same people would be taking out mortgages, business loans and carrying more credit card debt.