A recent survey by SoFi found that student loan debt has a significant impact on the lives of American borrowers. The survey, which included 1,000 U.S. adults with federal and/or private student loans, revealed that more than two-thirds of borrowers (69.8%) say student loan debt has held them back in life.

Impact on Life Decisions

The survey found that student loan debt affects not only financial decisions but also life choices, such as career decisions, where to live, and whether to have children. Almost two-thirds of student loan borrowers (62.8%) consider their debt a significant or overwhelming financial burden.

More than 2 out of 5 debt holders (43.3%) report that their debt causes them regular stress or anxiety. The survey also found that student loan debt is like an invisible hand directing where people work and live, with 60.3% of borrowers saying that debt has influenced their career or job choices.

Delaying Life Milestones

The survey also found that many student loan borrowers are delaying major life milestones, such as buying a home, getting married, or having children, due to their debt. For example, 39.2% of respondents indicated they have delayed traveling due to their debt, while 35.9% have delayed saving for retirement.

These findings highlight the significant impact that student loan debt has on the lives of American borrowers and the need for practical guidelines for future borrowers and current debt holders.

Original reporting: El Paso News (HLL/CB) — read the source article.