A study has found that almost 75% of the parents polled delayed their own financial milestones to repay student loans they took out to send their kids to college|COD Newsroom|CC BY 2.0
Your parents sacrificed their future so you could go to college and secure your future. Most of you know this already. Well, a new survey has just confirmed it.
An extensive study by the US News & World Report has found that almost 75% of the parents polled delayed their own financial milestones to repay student loans they took out to send their kids to college—31% delayed their retirement plans, 30% did not buy a home they always wanted to, and 22% didn’t switch jobs.
What’s more, 43% of parents polled regret taking out student loans on behalf of their kids because they continue to repay the debt, often long after their children have graduated.
Additional debt
And due to the forever surging price tag of university education, more than 40% of the respondents had to borrow additional money to pay for their children’s college tuition. Of those who borrowed additional funding, 59% chose personal loans, and about a third—34%— took on high-interest credit card debt.
It’s not surprising that a vast majority, 79%, of these parent borrowers plan to use student loan forgiveness programs that President Joe Biden’s administration announced recently.
Biden announced last week that his government was forgiving up to $20,000 student loan debt for millions of borrowers who make less than $125,000 a year.