Exploring The Link Between Student Loan Debt And Delayed Family Planning

Exploring The Link Between Student Loan Debt And Delayed Family Planning – Written by Raija Haughn Written by Raija HaughnArrow Right Writer, Student Loans Raija Haughn is a staff writer specializing in student loans. She is passionate about helping people make financial decisions that will benefit them in the long term. Get in touch with Raija Haughn via Email Email Raija Haughn

Edited by Rhys Subitch Edited by Rhys SubitchArrow Right Editor, Personal Loans, Auto Loans, and Debt Rhys Subitch is an editor who leads an editorial team dedicated to developing educational content about loan products for every part of life. Connect with Rhys Subitch on LinkedIn Linkedin Contact Rhys Subitch by Email Email Rhys Subitch

Exploring The Link Between Student Loan Debt And Delayed Family Planning

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Student Debt: Are You Comfortable With The Consequences?

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What Should I Do About My Student Loan Debt?

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There is currently more than $1.77 trillion in outstanding student loan debt in the United States, with more than 43 million Americans currently holding federal student loans.

Student loans have gotten a bad rap over the years — and rightfully so. Nearly 60 percent of U.S. adults with student loans have put off important financial decisions, such as buying a home or saving money for retirement, because of their debt. But with the cost of college rising every year, many Americans need to fill the financial gap when other types of aid fail.

Although federal student loan payments have been on hold for more than three years, they will soon resume. If you anticipate that you will have trouble repaying your loans, there are some options that can ease the burden of student debt.

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Student loan debt is the second largest form of consumer loan debt in the United States. Currently 43.6 million borrowers in the United States have student loan debt, with total federal loan debt reaching $1.77 trillion – an increase of 1.57 percent by 2022.

However, as college costs continue to rise, so does the general concern about college affordability and the need for loans to fill the gaps. More than half of US adults think the cost of higher education has gotten out of hand, with 44 percent saying students aren’t aware of the negative consequences that borrowing can have before take a loan.

Data from the Federal Reserve show that total student loan debt has increased by about 55 percent since 2013.

The largest form of consumer debt in the United States is mortgage debt at $12.04 trillion in the first quarter of 2023. Student debt is the second largest form of debt consumption, followed by auto debt.

Student Loan Debt: Is It Really Worth It?

On June 30, 2023, the Supreme Court blocked the Biden administration’s student loan forgiveness plan, which would have canceled up to $20,000 in federal student loans to borrowers who meet the specified criteria. The Supreme Court’s decision also means federal student loan payments will resume this October.

Although this is not good news for student loans, especially those in trouble, there is still hope. “While the majority of the Supreme Court shamefully ignored the clear letter of the law by striking down student debt relief, President Biden is not backing down,” said Ella Azoulay, research and policy analyst at the Defense Center. of Student Borrowers (SBPC).

The CARES Act was implemented as a way to ease the financial strain of the pandemic. One of the provisions was a pause on federal student loan payments and collection activities, which is currently in place.

“Before the pandemic, tens of millions of borrowers and their families were crushed by excessive and unmanageable student loan balances,” says Azoulay.

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“While the student debt crisis is known to be a barrier that prevents borrowers from achieving financial stability and other milestones, such as home ownership, the payment break has helped borrowers improve their credit and to get out of default,” he adds.

Student loan debt can have a significant impact on the borrower’s mental health. Feelings of anxiety and stress can coincide with long-term debt, especially if the debt prevents the ability to meet important financial milestones, such as saving for a house or buying a car.

According to a survey by ELVTR, 54 percent of respondents reported mental health issues related to student debt. The survey also found:

Federal student loans are offered by the US Department of Education rather than private loans. They are a good first choice for any student considering student loans, and they make up more than 90 percent of the US student debt portfolio.

Millennial Student Debt Archives

All new loans originated by the federal government are part of the Direct Loan program: Subsidized Direct Loans, Unsubsidized Direct Loans, grad PLUS loans, PLUS parent loans and Direct Consolidation Loans. Therefore, Direct Loans make up the largest portion of the federal student loan portfolio. However, there are still loans that pay off Perkins program loans or Federal Family Education Loans (FFEL).

The three states with the lowest student debt per borrower are North Dakota, Iowa and South Dakota; in each of these states, the average student loan debt comes in at less than $32,000.

The three states with the highest student loan debt are Maryland, Georgia and Virginia, where the average debt per student is close to or above $42,000. Washington, DC, has the highest average debt per student overall to $54,863.

The chart summarizes each state’s total federal student loan balance, the number of loans and the average federal student debt per borrower as of March 31, 2023.

The Relationship Between Student Debt And Earnings

Private student loans are offered by online lenders, banks and credit unions. While private student loans ​​should only be retired once the potential for federal aid has been exhausted, they still account for nearly one-tenth of student loan debt in America.

Here’s how private student loans contribute to overall levels of student debt in the United States, according to data from the Education Data Initiative.

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Raija Haughn is a staff writer specializing in student loans. She is passionate about helping people make financial decisions that will benefit them in the long run.

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