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College borrowers unhappy about debt & have lower net worth, study finds

In the category I like to call, “They needed a study for that?”, the Pew Research Center released a study in May 2014 in which it finds that households with student loan debt are worse off financially than households without student loan debt. ┬áMore specifically, the Pew Center’s key findings include:

  • The net worth of households with student loan debt is lower than those households without student loan debt;
  • Taking on student loan debt does not have an impact on income;
  • Households with student loan debt are more likely to have credit card debt and car loans;
  • In households with student loans, the percentage of income going to pay debt has increased while that same percentage has decreased for households without student loan debt; and
  • Households with student loan debt are less likely to see their education as having been paid off and they are not as happy about their financial situation.

Here is a link to the entire report in a pdf file.

 

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