Millennials Delaying Milestones Due to Student Loans


56% of millennials with current or past student loans have delayed major life events because of their debt, compared with 43% of older adults, according to a new (NYSE: RATE) study. Buying a home is the most common event people have delayed due to student debt, trailed closely by saving for retirement and buying a  car.

While student loan debt has hit millennials hardest in terms of delaying major life events, the survey found that just 28% of 18-29 year-olds have ever had student loan debt, compared with 41% of 30-49  year-olds.

“Student debt is often portrayed strictly as a millennial issue, but the truth is that Americans of all ages have put their lives on hold due to student debt,” said Steve Pounds, analyst. “Delaying major life milestones such as buying a home or saving for retirement doesn’t only affect the individual and his or her family; it also has ill effects on the overall  economy.”

More than half of student loan borrowers say they didn’t receive enough information or advice about the financial risks of taking on education loans. 66% of millennials, more than any other age group, have this  complaint.

Consumers can use the free debt management calculator at to develop a payment plan. also offers several other free resources that help consumers track their credit scores and plan for future financial  goals.

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety  here:

PSRAI obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Telephone interviews were conducted by landline (500) and cell phone (500, including 313 without a landline phone) in English and Spanish by Princeton Data Source from July 9-12. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.6 percentage  points.

About Bankrate,  Inc.

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SOURCE Bankrate,  Inc.

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