Students and families are delaying:

Independence

40% of college graduates with college debt move in with a family member.

Home Ownership

71% of college graduates with college debt delay purchasing a home for an extra 5 years. Putting an average of 53.4% of their household income toward student loans impedes their ability to save a down payment and even secure financing.

Starting a family

56% of college graduates indicate they would like to pay off student loans before starting a family. The overwhelming burden of paying off an average of $37,000 over 21 years makes them hesitant to take on more responsibility and expenses.

Saving for college for their kids

Even when they do start a family, saving for the children’s college is often unrealistic. With a median household income in Ohio of $54,070, supporting a family, paying your own student loan debt, and starting a college fund for your kids doesn’t fit in the budget.

Saving for retirement

With the average student loan payment of $351 a month, 50% of college graduates delay saving for retirement. Due to the lost time for investments to grow, that delay can mean a loss of $500,000 retirement savings.