“the Impact Of Student Loan Debt On Rural Vs. Urban Areas” – WATERTOWN, Mass., May 16, 2016 // – New research released today shows that student loan debt affects people’s lives in unexpected ways – and the entire economy as a result. From recent college students to Baby Boomers nearing retirement, 72 percent of people with student debt say it affects their daily lives, and 77 percent say it makes it more difficult to “live my life the way I want.” With 35 percent of job openings expected to require at least a college degree by 2020[1], this new data suggests a troubling outlook for current and future generations of workers and their employers.
, and conducted by Kelton Global, shows that while student loan debt is certainly the person’s money, there is much more than money in the tree.
“the Impact Of Student Loan Debt On Rural Vs. Urban Areas”
As a result of student loan debt, the study found, workers are passing up their dream jobs and giving up on future education:
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“Instead of opening pathways to success, in some cases, these large education funds have a transformative effect,” said Chris Duchesne, Vice President at EdAssist. “The amount of student debt that people live in is their money in dreams and ambitions, and the most powerful employers in creativity, innovation, and the next big idea.”
EdAssist’s research uncovers several ways additional student loan debt methods are improving the lives and careers of Americans across generations. Eighty-two percent of people with student loans admit that it causes problems in their lives and holds them back from achieving important life events, such as buying a car (56 percent). , housing (50 percent) or opening a credit card (41 percent). Forty-ninety-nine percent will delay engagement or marriage because of debt, and 21 percent are struggling to start a family. Eighty-eight percent of people with student loan debt say it has limited their ability to save for retirement.
“Many people see student loan debt as a millennial problem, but confusingly, it’s not,” says John Eshleman, Benefits Manager, Hermann Memorial Health System in Houston, Texas, which offers student loan repayment benefits. school to workers. “Between carrying on debt for dependents and the high need for graduate degrees in today’s workforce, people of all ages are carrying student loan debt. As an employer, we want to see our employees who is leading a happy and productive life. With the amount of debt.-retention individuals are facing today, we feel it is right from a recruiting and retention perspective to help ease this burden for our employees.”
For more information and analysis of the research findings, see the EdAssist report “Student Loan Debt: Who’s Paying the Price?”
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About EdAssist “Student Loan Debt: Who’s Paying the Price?” The survey was fielded by independent research firm Kelton Global in April 2016. Responses were generated from a survey of 1,024 Americans 18+ with student loan debt. The margin of error for the survey is plus or minus 3.1 percentage points.
, is a leading provider of tuition assistance and student loan repayment services for large employers. By aligning educational programs with talent goals, EdAssist helps drive measurable improvements to recruitment, retention, and employee engagement. The company’s unique approach to program management includes a software platform for streamlining program management, expert consultants who guide employees to the best educational and financial decisions, and discounts from more than one company. 200 accredited courses.
About Kelton Global Kelton Global is a research consultancy that turns rich insights into actionable strategic plans. Kelton integrates market research, fashion insights, branding, communications, and design to move brands confidently into the future. With offices in Los Angeles, Chicago, New York, and London, Kelton is proud to work with more than 100 of the Fortune 500 companies and thousands of other well-known brands. For more information, please visit www.keltonglobal.com.
[1] Georgetown Center on Education and the Workforce, Recovery: Job Growth and Education Demands through 2020, June 26, 2013
Pr042519 Dcwp Be Real About Student Loans Campaign
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Perhaps lower enrollment numbers, increased attendance at community or online colleges or “borrowing” from alternative sources are the answers.
Today, students have borrowed 1.23 trillion dollars in loans. Student loans are the number one debt class in the United States, surpassing all credit card debt combined as of December 30, 2015.
When we talk about what affects the housing market, we all focus on things like the regulatory environment, credit or mortgages. We use terms like “credit box,” TRID, DTI, PMI, etc. We don’t examine external pressures or forces outside of the real estate-related field – until now.
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With all the discussion on debt and, more importantly, on student loan debt, the National Association of REALTORS® decided to step outside the box and look at how student loan debt shapes housing and, perhaps, the future of our country.
NAR hired the American Student Assistance Association (ASA) to conduct a comprehensive study, resulting in the 2016 Student Loan Debt and Housing Report. The study took as many as a thousand student loan borrowers and found that the average student loan debt is approximately 25,000 dollars.
What is scary is not only the amount of debt, but also the effect it has on the household structure. 71% say student loan debt is their reason for delaying buying a home, and that delay is nearly 5 years. You can imagine,
. But, they may also face other factors including rising property taxes, home prices and low inventory that could keep them out of a home for even longer.
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Currently, we are experiencing the lowest participation rate of first time buyers. Nationally, it is at 32 percent, the lowest since 1987; considering the average is always 40 percent, that has a significant loss of transactions.
Year-to-date transactions in Chicago are about 14,000 (as of June 2016). With a loss of eight percent participation rate, that is an additional 1,120 businesses that are not putting money back into the economy. Multiply those 15, 210 transactions by 24, 000 dollars per transaction… and that’s 26, 880, 000 dollars that our local economy could definitely use.
For those who have and currently have student loan debt, they can use mortgage products as a way to reduce or eliminate their debt through a Home Equity Line of Credit (HELOC) or Cash Refinance. These options may work right now in an area where interest rates are at an all-time low, and some student loan debt rates are in the nine percent range. Of course, this is FICO score and equity-driven.
For those on the buying side, consolidate student loan debt, and work with a lender who will guide you on how to improve your credit and understand HUD rules regarding student loan debt.
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There are currently seven bills in Congress that could help not only these students, but our economy. An example in the House is H.R. 3179, “Empowering Students Through the Enhanced Financial Counseling Act,” which focuses on educating and preparing students to take on the debt before making such an obligation. And, in the Senate, S. 1948, the “Access to Financial Fair
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