Student Loan Debt Forcing College Graduates to Move Back Home

Remarkable results of a survey conducted by American Consumer Credit Counseling find 7 in 10 young people aged 18 to 24 have moved back home during periods following their graduation as a result of student loan debt.  The results were published on the heels of widely growing sentiment that high levels of student debt are hampering the ability of college graduates to achieve financial freedom and live independently.

The numbers were even higher for slightly older respondents, as 53% of those aged 25 to 34 reported that overwhelming student loan payments sparked their decision to move back home after graduation.  The data underscores that student debt not only hampers college aged individuals immediately following their undergraduate years, but also has longer term implications that impacts individuals, families, and the larger national economy.  Specifically, the survey results shed light on the fact that a growing number of young people in the U.S. are delaying some significant life milestones as a result of student debt.

The student loan debt survey is just the latest in a series of polls conducted in recent months by a broad range of organizations putting the implications of financial illiteracy in the spotlight. As this type of data becomes more readily available, it should continue to fuel greater awareness of the importance of financial education not only in the U.S., but also throughout the world.