Student Debt Is Preventing Graduates From Leaving Home
A recent survey revealed that four out of ten student loan recipients are unable to move out of their family homes after graduating college. Survey respondents who graduated six to 10 years ago had the longest delay, with 33% saying it took more than two years to move out of a family home.
The survey was conducted by The National Association of REALTORS®.
(NAR) and SALT, a consumer literacy program provided by the nonprofit American Student Assistance. The survey findings show that higher education debt is preventing many Americans from moving towards the next step in their lives. With many graduates unable to rent or purchase a home due to burdensome education debt.
The survey also revealed that 71% of non-homeowners believe that their student loan debt is hindering their ability to purchase a home. And slightly more than half of all borrowers say that they expect this delay to continue for another five or more years. Lawrence Yun, NAR chief economist shares that, “Nearly three-quarters of older millennials, many of whom graduated at the peak or immediately after the downturn, said their ability to purchase a home is affected by student debt.”
“It is imperative to the nation’s economy that we find immediate and practical solutions to financially empower the 43 million Americans with student debt,” said SALT® President John Zurick. “SALT® is committed to demystifying the college financing process by giving consumers information, instruction and individualized advice. No one should fail to realize the full potential of their formal education simply because of finances. We invite the higher education community, the U.S. government, the private sector and others to join with us in this movement.”
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