A recently conducted survey has surfaced alarming insights into the woes of student loan borrowers. According to the study, over two-thirds of these borrowers express that their education has not been worth the financial strain it imposed on their lives.
The survey, conducted by The Harris Poll on behalf of childcare and education provider Bright Horizons, also found that 80% of respondents with outstanding student loans who are currently employed view their loan as a significant burden. More than 40% revealed that the debt has adversely affected their future plans. Meanwhile, 53% admitted to shelving further educational pursuits for fear of accruing additional student loan debt.
In the second quarter of the year, the Federal Reserve Bank of New York reported that the aggregate student loan debt across federal and private borrowers stood at a staggering $1.59 trillion. This sum accounted for over 32% of all non-housing household debt.
Efforts to alleviate federal student loan borrowers from some of this financial distress through legislative measures such as student loan forgiveness and the Saving on a Valuable Education (SAVE) repayment plan have recently been shot down in court, adding to the challenges faced by this group.