Many parents delay retirement due to college debt

One quarter of parents who borrowed from the federal government to pay for their child’s education don’t expect to retire as planned because of the debt, a survey found. In addition, 20% of parents reported they regret taking out the loans. The survey noted that student loan debt is affecting families across generations. A separate study in October 2020 found that nearly 40% of individuals involved in loan repayment are helping someone else pay off student loan debt.

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