A new report by the organizations Summer and Student Debt Crisis called “Buried in Debt” investigated the impact of student debt on the daily lives of 7,095 student loan borrowers across the country.
The 7,095 students who responded said they have an average of $87,500 in student loans to repay and earn an average annual income of $60,000.
Additionally, almost nine out of ten, or 88 percent of student respondents using student loans are struggling to make their loan payments and one in three pay more for student loans than rent or mortgage.
“These survey results reveal that student loan borrowers are on thin ice and many are falling through without a lifeline,” said Will Sealy, the founder and CEO of Summer, a start-up company dedicated to assisting student loan borrowers repay their loans. “That means that millions of Americans face financial calamity, with all the limitations and stress that comes with it.”
The report highlights what student loan borrowers today are experiencing in regards to high monthly payments and stress levels in addition to low personal bank balances and little support from loan companies.
To look at the full report, please click here.