A new survey of over 1,600 student borrowers confirms:
– Nearly half have been repaying student loans for more than 10 years
– 22% say student loan debt has impacted their mental health
– 28% said student debt is a barrier to home ownership
JACKSON, Wyo., April 21, 2022 /PRNewswire/ — Sixty-three percent of people regret taking out a student loan, according to a new survey from To give, the patented crowdfunding trivia game that helps users eliminate debt. The survey of more than 1,600 student borrowers across the United States found that nearly half had been repaying student loans for more than 10 years and more than a quarter said they currently held more than $70,000 in student loan debt. Twenty-seven percent of respondents said the return on investment just isn’t enough to justify the debt.
“The the student debt crisis has jumped 144% in the last decadeforcing 45 million Americans to take on more than $1.5 trillion in loans,” said laurie farros, president of Giving. “While programs like PSLF certainly help, unfortunately they don’t go far enough. Through Givling, we’ve found a creative way to relieve those burdened with heavy student loan bills – not to mention years of financial stress. “
Key findings from Givling’s retrospective student debt survey include:
Regrets, they have some
Seventy-two percent of people who financed their studies with a student loan regret their decision. Twenty-four percent said they would like to choose a different career, while 18% would like to choose a community college for some or all of their education. Twenty-two percent say student loan debt affects their mental health.
Properties and parenting are put on hold
The impact of student loans extends well into adulthood, with borrowers delaying other parts of their lives due to debt. Twenty-eight percent of respondents have had to put off buying a home while 10% have delayed starting a family.
Forgiveness is an option
Asked about the Ministry of Education’s Civil Service Loan Cancellation Scheme, 46% say they are disappointed and the scheme does not go far enough, while 20% are excited that it is being applied their.
Sweet freedom is zero balance
Forty-seven percent of borrowers have been repaying their loan(s) for more than 10 years. If the loan were canceled today, 32% would buy a house, 11% would start a business or side hustle and 16% would treat themselves. Thirty-two percent think the government should make college free for everyone. And 18% said employers should step in to help their employees clear their debts.
dear young me
If they gave advice to themselves younger, 48% would advise greater financial literacy. Twenty-four percent recommend looking for financing options to pay for college, and 24% advocate learning how compound interest can put you in more debt. Twenty-eight percent would suggest a hybrid approach and attend community college before moving on to a four-year university.
According to Federal Reserve Bank of New Yorkthe total amount of outstanding student loans was $1.58 trillion in 2021, increasing by approximately $14 billion between Q2 and Q3.
Nearly a third of all U.S. students now take on debt to complete college, the average student loan debt reaching a record of $38,792 in 2020. Givling supports those who are burdened through its unique crowdfunding app which has eliminated almost $10 million in student loan debt to date. Moreover, the passionate community has become a go-to source for information, resources and support.
About Givling’s Retrospective Student Debt Survey
This survey of 1,622 student borrowers within United States was conducted online by Pollfish on behalf of Giving of March 22-28, 2022. For full survey results, please contact Givling @ [email protected]
About Giving, Inc.
Givling, a crowdfunding trivia game, has rewarded nearly $10 million to its users to reduce student loans and mortgage debt. The winners of the quiz are given money to spend as they wish. A new user can download Givling today and be the recipient of the $5,000 free prize or be a FreePlay Trivia winner in a week or less. To visit gifling.com to create your free account and play today!