Student loan debt is a massive problem for most of the Western world. In the United States, student loan debt has surpassed the $1 trillion mark, and it’s proving to ruin the lives of both millennials and seniors today.
Ostensibly, the only way to tackle immense student loans is to make sacrifices. However, a new survey has determined that the only thing millennials seem to be willing to do is limit their online food delivery in return for cutting back on their student loans.
According to Citizens Bank (via Reuters), a majority of millennials shunned the idea of giving up lattes, Internet, sporting events, concerts, vacations and other traveling endeavors in exchange for reducing their student loans.
More than half (57 percent) of millennial survey respondents said they do have regrets about taking as many student loans as they did during their college career. Also, another one-third conceded that they would have refused to go to post-secondary school if they understood the real cost.
Despite how overwhelming student debt can be, Brendan Coughlin, president of consumer lending at Citizens Bank, noted that millennials “are very committed to living their life the way they want to live their life,” and they are not open to the concept of sacrifices and tradeoffs.
How come? The survey discovered that close to half (45 percent) of students with student loans did not know how much student loans take away from their annual salary. For those who want to know, it’s roughly 18 percent.
Leave a Comment