A recent survey by the Consumer Financial Protection Bureau (CFPB) reveals the stark realities many federal student loan borrowers are facing. Between October 2023 and January 2024, 30% of borrowers reported going without essentials like food or medicine due to the financial strain of their monthly loan payments. This study surveyed over 3,000 borrowers, shedding light on the far-reaching effects of education debt on basic needs and life choices.
The impact goes beyond skipping essentials. About 38% of borrowers have taken on credit card debt they would not have otherwise incurred, underscoring the cycle of debt caused by education loans. Additionally, the survey found that 44% of borrowers had to delay buying a home, and 26% postponed starting a family, illustrating how student debt burdens influence major life decisions.
Source:
www.cnbc.com/2024/11/13/3-more-us-states-passed-paid-sick-leave-lawswhere-workers-are-covered.html
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