Student loan debt isn't just about paying back borrowed money its shaping life decisions in surprising ways.
A new report reveals how debt affects employment, major purchases, and even family planning.
Whether you're currently managing debt or dreaming of life without it, here's what you need to know.
Verify Your Home Purchase Eligibility.
Debt and Your Career: Trapped in a Job You Hate?
Many borrowers say their loans influence their job decisions.
Debt keeps some in jobs they dislike or pushes them to take second jobs just to make ends meet.
Millennials, in particular, report staying in unfulfilling roles or choosing private sector jobs over public sector opportunities because of financial strain.
Key Insight: Student loan debt isn't just a financial burden its a barrier to career happiness and mobility.
Major Purchases: The Homeownership Dream on Hold
For those burdened by loans, buying a home often feels out of reach.
Nearly 30% of borrowers say their debt impacts decisions like purchasing a home, car, or even taking a vacation.
Among non-homeowners, over half say their loans are delaying their dream of homeownership.
Key Insight: Loans aren't just monthly payments they're delaying milestones that build financial stability.
Life Choices: Delays on Marriage, Family, and Education
About half of all borrowers say their debt has affected major life decisions.
Many delay continuing education, starting a family, or even getting married.
Younger generations feel the pressure most, with Millennials and Gen Z borrowers reporting the greatest impact on their life plans.
Key Insight: Debt reshapes priorities, delaying personal and financial growth.
Understanding Costs: Did You Know What You Were Getting Into?
Shockingly, only 23% of borrowers understood the true costs of their loans before borrowing. This lack of awareness makes managing debt more challenging and impacts borrowers long-term financial decisions.
Key Insight: Clearer guidance on education financing could prevent future financial struggles.
A Debt-Free Future: What Would You Do With Extra Cash?
Imagine life without student loans.
Many borrowers say they'd use the extra funds to save for the future, pay off other debts, or finally purchase a home or car.
Younger borrowers are especially eager to invest in homeownership once free from loans.
Key Insight: Eliminating debt could unlock opportunities to build wealth and achieve long-delayed dreams.
Conclusion
Student loan debt impacts far more than just your bank account, it shapes careers, delays milestones, and redefines financial priorities.
Understanding its effects is the first step to overcoming them. Ready to take control of your financial future?
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
