What to do when you're on the hook for student loan debt

Student Loan Debt Is Killing Our Careers

Earlier this month, I wrote an article about how student loans are preventing millennials from achieving the American dream. Yet another new study shows I’m right — but that ‘s not just recent graduates being crippled by the weight of their student debt.

This research commissioned by EdAssist, a company that provides student loan repayment software, found…

  • 49 percent have said they’d rather receive assistance with school debt than budgeting
  • 73 percent of those with student loans in Gen X say debt impacts their daily lives
  • 78 percent of Baby Boomers with loans say it’s negatively impacted saving for retirement

But it doesn’t end there. Thirty-seven percent have said they were made to give up their dream careers completely due to loans. If not for debt…

  • 18 percent would want to be social workers
  • 19 percent would want to be doctors
  • 22 percent want to be entrepreneurs
  •  23 percent would want to be teachers

Student loans are effectively keeping people from making the world a better place.

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When asked about the topic, EdAssist Vice President Chris Duchesne said, “Rather than opening up pathways to success, in some cases, these big education bills are having the reverse effect. The amount of student debt people are carrying is costing them in dreams and ambition, and potentially costing employers in creativity, innovation, and the next big idea.”

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