HOBOKEN, N.J.–With the student loan debit situation in the U.S. sometimes referred to as a crisis, a new survey shows that those carrying debt feel they are under a great pressure as a result.
There are currently 45 million student loan borrowers with a total debt of $1.45 trillion, or an average of $27,975, according to LendEDU.
In a survey of those borrowers, LendEDU said it found many “have limited knowledge and inadequate preparedness for the repayment burden that they face post-graduation. This conundrum is exacerbated by the fact that the majority of debtors surveyed, no matter how ill-prepared, report feeling daily stress and embarrassment over their loans.”
The company said Millennials’ workplace priorities are beginning to shift, with student loan refinancing employee benefits becoming heavily valued by many within this demographic.
In a poll of 1,000 college graduates between the classes of 2012 and 2017, LendEDU said it found:
- 74.3% of respondents reported daily stress related to their student loan debt
- 55.6% of respondents are self-conscious or embarrassed by their student loan debt balance
- 71.4% of respondents indicated an employee student loan benefit to be either “very important” or “somewhat important” when considering a job
- 53.1% of respondents indicated they would stay in a job they disliked due to their student loan debt obligation
- 58.4% of respondents would prefer an employee student loan benefit over additional vocational days
- Included is the respondent pool’s avg. monthly take home pay after taxes and the avg. monthly student loan payment. Other avg. payments are also included for applicable respondents (vehicle payment, rent or mortgage payment, 401(k) contribution).
“The results of this survey paint a vivid picture of how student loan debt is impacting a generation of young American employees,” LendEDU said. “A student loan employee benefit seems to be paramount, while the daily stress and embarrassment over educational debt is forcing young borrowers to prioritize a job that can pay down debt faster.”
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