Pew: Student Loans Often Means More Overall Debt
WASHINGTON (AP) — A new Pew Research Center study says young adults who took out student loans while earning their college degree are taking on significantly more overall debt than those who didn’t have to borrow for their education.
The Pew analysis looked at households headed by people under 40. It found that households with student loans tend to typically have about $137,010 in overall debt, including mortgages, car loans, and credit cards. That’s almost twice the overall debt load — $73,250 — of similar households with no student loans to pay back.
Lead author Richard Fry says young adults with student loans are behind in building their nest eggs.
About four in ten U.S. households headed by an adult under 40 currently have some student debt.