NEW YORK—A new report reveals to what degree student debt can cripple families for years.
A recent study by Barnes & Noble College Insights on behalf of College Ave Student Loans found 44% of the families paying for their child's college tuition were also still paying off their own student loans.
Nearly one in three (32%) parents say they use a credit card more often because of their college-related payments, stated LowCards.com in its analysis.
Seventy-four percent of the respondents say they have put off a major purchase, such as a car or vacation, to pay for education.
Almost half of the parents surveyed (47%) said that college expenses will cause them retire later than expected. The average length of extended work was three to seven years, LowCards.com noted.