‘Life is measurably better without the burden of this debt’: As Biden reviews student-debt cancellation, young people with debt delay buying a house and even having kids – By Quentin Fottrell (Marketwatch) / April 20, 2022
The Education Department announced Tuesday that it would instigate a new review of its student-debt portfolio
Young Americans are buckling under the weight of their student debt.
A large majority (74%) of Generation Z (ages 18 to 25) and 68% of millennials (ages 26 to 41) who took on student debt delayed a major financial decision because of this debt, according to a report published Wednesday by the personal-finance website Bankrate.
Those decisions include buying a home, saving for emergencies, putting money aside for retirement, paying off other debt, having kids, and buying or leasing a car.
“Savings is the biggest casualty of servicing student-loan debt, as saving for emergencies and saving for retirement top the list of financial decisions most often delayed as a result of student-loan debt,” Bankrate chief financial analyst Greg McBride said.
