Title: The Accidental Consequences of Student Debt
Abstract: Student loan debt is crushing dreams of financial freedom. It is a $1.6 billion albatross that is increasing by $100 million annually and is delaying life events, such as accumulating net wealth and home ownership, for many individuals by 8 or more years. Although this tends to be viewed as a millennial problem, it actually extends across multiple generations, and the largest amount of student debt is held by 30- to 39-year-olds. For two-thirds of those with student debt, paying off that debt is a higher priority than contributing to retirement, leading to a 40% nationwide rate of 401(k) opt-out. A majority of student loan debt is held by women and people of color, hampering efforts at improving diversity in a number of fields. College tuition has soared 1,375% since 1978, more than 4 times the rate of inflation overall [ 1 Mitchell J. The long road to the student debt crisis. The Wall Street Journal. https://www.wsj.com/articles/the-long-road-to-the-student-debt-crisis-11559923730Date accessed: December 14, 2019 Google Scholar ].
Publication Year: 2019
Publication Date: 2019-12-31
Language: en
Type: article
Indexed In: ['crossref']
Access and Citation
Cited By Count: 1
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