It can delay major life milestones such as buying a home, getting married, starting a family, or pursuing higher education. Impact on Borrowers: The burden of student loan debt can have long-lasting effects on borrowers’ lives.Here are three key challenges facing those who take out student loans. The student loan debt situation can have a far reaching impact on the borrower and their family. While debt may not be as high in some other countries, many grads still struggle with finances. Student loan debt has reached more than $250 billion in the UK, $100 billion in Australia, and $22 billion in Canada. Students and graduates in other countries are also struggling with student loan debt. While President Joe Biden recently tried to initiate a student loan forgiveness program, which would have canceled up to $20,000 in student debt for tens of millions of Americans, the conservative Supreme Court struck down the motion, saying that the president didn’t have the authority to instruct his Education secretary to cancel such a large amount of consumer debt without authorization from Congress. In fact, more money is owed in student loans than to credit cards and auto loans! - second only to mortgage debt and higher than debt for both credit cards and auto loans. Student debt in the United States is now the second highest consumer debt category, behind only mortgage debt. In this blog, we’ll look at who’s using these surveys and why, as well as how to create a student debt survey and the types of questions to consider asking.Ĭreate your free student debt survey, form, or poll now! Student Debt Numbers To better understand the situation, many universities, government agencies, lenders, and others are conducting student debt surveys. Of course, student loan debt is not uniquely American – many other countries, such as the United Kingdom, Canada, and Australia, are also seeing significant increases in student debt.
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