A recent survey finds that student debt holders spend 20% of their take-home pay on loans. (via CNBCMakeIt)
But for the millions of Americans with student debt, a significant portion of those wages go straight back into paying off loans.for the first time. This massive total is having an impact on how borrowers live their lives.
The results of the Student Debt Impact Survey highlight the ways in which student debt is holding borrowers — and the economy — back. But the survey also indicates the ways in which borrowers may be becoming more responsible. Just over 60% of respondents said they expect to repay their student loans in four or more years and 24% said they expect to repay their loans after 10 or more years. Sixty-one percent of respondents said they save 10% or less of their income each month and 20% say they are not saving anything each month.
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