(And it’s only become worse. Ed.)
May 2013 Web Survey of 61,762 individuals, collected via email lists from a
network of not-for-profit organizations.
- Survey respondents reported an average length of repayment period of 21.1
years, but was typically longer for those with advanced degrees - 20-year repayment limit forgiveness programs appear more likely to benefit borrowers with
Graduate Degrees than individuals with other levels of educational attainment - Strong correlation between Student Loan debt and renting, rather than having
a mortgage or owning a house outright (barrier to broadly accepted policy
goal of encouraging home ownership: “American Dream”) - Home ownership was 36.1 percentage points higher among survey respondents who have
already paid off their student loans across all income categories. - Survey respondents with student loan debt were significantly more likely to
purchase a used vehicle, rather than a new vehicle, when compared to those
without student Loan debt - May reduce new vehicle spending by as much as an estimated $6.4 billion annually in the US.