Young Americans are putting off their most important life decisions — sadly, even marriage — under the pressure of student loan debt. The graduates of 2015 are the most indebted students in U.S. history, each owing, on average, $35,051, according to Market Watch.
Such high levels of debt are forcing recent graduates to put their futures on hold. According to a new study by Student Loan Hero, one in seven Americans with student debt have postponed marriages. Careers have been also been delayed, so that one in five have been unable to start their own business, and the same number have been unable to work in their field of study. Perhaps it’s no surprise that one in four have not yet moved out of their parents’ home.
Student debt levels have risen steadily over decades, and the trend is unlikely to be reversed. While tuition costs are remaining steady, federal, and especially state funding for schools continues to decline as it has for the past 25 years. Meaning, the high cost of higher education is gradually being placed on students. The graduates of 2015 are the most indebted students in U.S. history like each class before them. They owe an average of just $2,000 more than those who graduated the year before. But the average debt per graduating class has steadily increased every year since the early ’90s. Total federal and private student loan debt will total nearly $68 billion this year, a more than 10-fold increase since 1994, according to the Wall Street Journal.
President Obama recently renewed his promise for 2 years of free community college, and the First Lady continues to encourage higher education to low-income students through her “Better Make Room,” and “Reach Higher” initiatives. But those with college aspirations should expect to make some serious sacrifices to resolve their debt.
“Americans are fed up with their student debt, as evidenced by their delayed life plans and the lengths they would go to in order to get rid of it, if they could,” said Andrew Josuweit, CEO and president of Student Loan Hero.
The study found that not only have Americans put their futures on hold, many would take drastic measures to pay back their loans more quickly. 31 percent would eat only ramen noodles for weeks. One in four would go sleepless for two days. 32 percent would limit themselves to one haircut per year. Perhaps most impressive — one in nine would eat a tarantula. The report did not specify how the tarantula was prepared.
On one hand, these numbers demonstrate the extent to which Americans are limited by the ball and chain of student debt. On the other hand, a certain percentage of the population has not made paying back their debt a top priority. Understandably, over half of graduates surveyed said paying their rent is more important. But then again, 25 percent of respondents choose to put money towards their Netflix accounts over paying off their student loans.
