More than two-thirds of student loan borrowers said their education hasn’t been worth the burden that their debt has had on their overall well-being, according to a recent survey.
Among those with student loan debt in the workforce, 80% said student loan debt has been a "huge burden" for them, according to the survey released this week and conducted by The Harris Poll on behalf of childcare and education provider Bright Horizons. More than two out of every five borrowers said the debt has impacted their plans for the future. And 53% said knowing they would incur additional student loan debt has prevented them from pursuing additional education.
According to the Federal Reserve Bank of New York, borrowers held more than $1.59 trillion in both federal and private student loan debt in the second quarter of the year. That's more than 32% of all household debt that isn't related to housing.
Recent attempts at relieving some of the burden federal student loan borrowers feel have been struck down in recent court cases against President Joe Biden's second attempt at student loan forgiveness and the Saving on a Valuable Education (SAVE) repayment plan.
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