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“student Loan Debt And Its Effect On Mental Health Services” – WATERTOWN, Mass., May 16, 2016 // –A new survey released today shows that student loan debt is affecting people’s lives and, as a result, the entire economy, in unexpected ways. From newly minted grads to baby boomers nearing retirement, 72 percent of those with student debt say it affects their lives every day, with 77 percent saying it’s more difficult to “live my life the way I want to.” With 35 percent of job openings requiring at least a bachelor’s degree by 2020[1], this new data suggests a troubling outlook for current and future generations of borrowers and their employers.
, and by Kelton Global, shows that while student loan debt certainly costs people financially, there is more to it than money.
“student Loan Debt And Its Effect On Mental Health Services”
The survey found that as a result of student loan debt, employees are giving up their dream jobs and future education:
Average Student Loan Debt In America: Facts & Figures
“Instead of opening pathways to success, in some cases, these big education bills are counterproductive,” says Chris Duchene, EdAssist’s vice president. “The amount of student debt people carry costs them dreams and ambitions, and costs employers creativity, innovation and the next big idea.”
The EdAssist survey found several additional ways that student loan debt is upending the lives and careers of Americans across all generations. 82 percent of people with student loans agree that it has caused hardship in their lives, holding them back from achieving important life milestones such as a car (56 percent), home (50 percent) or opening a credit card (41 percent). . 49 percent delay engagement or marriage because of debt, and 21 percent struggle to start a family. Seventy-eight percent of people with student loan debt say it has limited their ability to save for retirement.
“Many people see student loan debt as a millennial problem, but disturbingly, it’s not,” said John Eshleman, benefits manager at Memorial Hermann Health System in Houston, Texas, which offers student loan repayment benefits to students. “Between taking on debt for dependents and the high demand for graduate degrees in today’s workforce, people of all ages are carrying student loan debt. As an employer, we want to see our employees lead happy and productive lives. With the amount of debt degree-holding individuals face today, we want to help ease this burden for our employees. We feel this is true from a recruitment and retention perspective.
For more details and analysis of the survey findings, see the EdAssist report “Student Loan Debt: Who Pays the Price?”
The Pause Has Meant Everything:’ What Happens To Borrowers — And The Economy — If Biden Lets Student Loan Payments Resume In September
About EdAssist “Student Loan Debt: Who Pays the Price?” The study was conducted in April 2016 by Kelton Global, an independent research company. The responses came from a survey of 1,024 Americans over the age of 18 with student loan debt. The survey’s margin of error is plus or minus 3.1 percentage points.
, is a leading provider of tuition assistance and student loan repayment services to large employers. By aligning educational programs with talent goals, EdAssist helps drive measurable improvements to recruitment, retention, and employee engagement. The company’s unique approach to program management includes a software platform to streamline program administration, expert advisors to guide employees to better educational and financial decisions, and discounts from more than 200 accredited educational institutions.
About Kelton Global Kelton Global is a research consultancy that transforms rich insights into actionable strategic plans. Kelton combines market research, cultural insights, branding, communications and design to confidently move brands into the future. With offices in Los Angeles, Chicago, New York and London, Kelton is proud to work with more than 100 Fortune 500 companies and thousands of other well-known brands. For more information, please visit www.keltonglobal.com.
[1] Georgetown Center on Education and the Workforce, Recovery: Job Growth and Education Needs to 2020, June 26, 2013
Student Loan Debt Elimination
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Recent developments in politics have focused on the student debt crisis. Elizabeth Warren introduced a bill called the “Student Loan Debt Relief Act of 2019.” With student loan debt.
The statistics on these can be a bit abstract, so here are some data visualizations and infographics of America’s student debt crisis to get a good idea of what this means.
This data chart from Haumach shows the U.S. debt burden by state. Darker shaded states indicate higher debt. The numbers are calculated by the total outstanding student debt of registered citizens in each state, then divided by the total number of registered citizens in the state. The visualization puts into perspective how much debt there is across the country, clearly highlighting that the District of Columbia’s student debt capital is higher than any other state, more than double the national average. Instead, Wyoming, Hawaii and West Virginia record the lowest student loan debt per capita.
Is Taking On More Student Debt Bad For Students?
This infographic shows the staggering amount of student debt in the country. The total number is $1,011,654,459,649. 37 million Americans have some form of student debt, and 27% of them are behind on their payments. This infographic shows the dilemma many people face when they can’t pay off their student loans after graduation.
To put the numbers in perspective, this visual compares student debt and tuition costs to the things you can buy with that amount. Including perspectives such as down payments on a house, a new car or starting your own business can show how rising debt affects citizens by preventing them from making financial purchases for their future due to student loan payments.
This graph from Vox shows the annual cost of college from 1970 to 2010. As shown in the chart, the cost of college in 1970 started at less than $10,000. The chart shows the increase through 2010 above $20,000. Today’s annual cost of college in 2019 is $34,740. This tuition cost does not include housing, books, transportation, and many other necessities that go hand in hand with going to college.
For a better understanding of previous data visualization of rising costs of tuition, here is an infographic showing a comparison of wages and tuition costs. As shown in the infographic, in 1971 the average percentage of tuition for men was 20.4% of median income and for women 58.6%. In 2016, the average college cost was 51.8% for men and 80.9% for women. As tuition increases, it also shows the percentage of our income that is taken out of our income each year for an educational expense.
What The End Of Biden’s Student Debt Relief Plan Means For The Wider Economy
These images show just how high student debt is rising
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