78% of Recent Grads: Student Loans Limit Life, Leading Some to Feel Regret

CHARLOTTE, N.C., July 23, 2019 /PRNewswire/ -- In order to see how big an impact student loan debt has, Student Loan Hero surveyed borrowers who graduated in the last five years. The survey found that nearly 8 of 10 recent college graduates report that their student loan debt has hindered their life in some significant way, leaving them stagnant.

For close to half of survey respondents, high student loan debt has led to regrets about how much they borrowed (46%) and what they studied in college (46%). More interesting, however, is that those who work in a field related to their college major were more confident about handling their monthly loan payment (55%) than those who do something else for a living (34%).

Key Findings

• Nearly 78% of recent graduates said their student loan debt limits their life. Most commonly, they reported giving up traveling (44%), saving for retirement (31%), going out with friends (30%) and investing (28%).
• Less than half (44%) were fully confident they can make their monthly student loan payment. Moreover, about 1 in 5 reported being either "not very" or "not at all" confident they could pay their next bill.
• About 55% of respondents said their starting salary for their first job after college was less than their student loan balance, and 46% still owe more still owe more money than they make at their current annual salary.
• Close to half (46%) of recent grads wish they took on less student loan debt. About a quarter of those surveyed (26%) owe more than $50,000, while 21% pay more than $300 toward their balance each month.
• Some 35% of these borrowers are not working in the field they studied. Those who aren't working in their degree field are more likely to say they wish they had majored in something else: 63% versus 39% who are working in their intended field.
• Just 22% of recent grads have refinanced their education debt. Of those that haven't, 34% said they didn't know what refinancing would mean for their loans.

To view the full report, visit https://studentloanhero.com/featured/graduates-student-loan-debt-financial-milestones-survey/

Survey Methodology

Student Loan Hero commissioned Qualtrics to perform an online survey of 533 Americans who graduated from college within the last five years and are currently making student loan payments. The survey was conducted from April 15 to May 6, 2019.

About Student Loan Hero

Student Loan Hero, a subsidiary of LendingTree, combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage and pay off their loans. The website provides information about repayment options, including refinancing, income-driven repayment, and deferment. Student Loan Hero has helped more than 250,000 borrowers manage and eliminate over $3.5 billion in student loan debt since 2012 and assists over 3.5 million people in becoming more financially healthy every year.

Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero operates on the belief that all loan help and recommendations should come with honesty and no hidden agenda.

For more information, visit https://studentloanhero.com.

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SOURCE Student Loan Hero