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Each year millennials graduate from college already saddled with debt? Well, the heavier the debt, the less able this age group will be to not only make major financial investments — buying a home, or a car — but they may also be putting off important lifecycle milestones, including getting married and having kids. The results of a new survey from Bankrate give credence to this theory.
According to the survey, nearly half of all adult Americans who carried student loans ended up delaying these major purchases and life choices. The effect is most significant among student loan borrowers in the 18-29 age range, where 56% report that this debt has put them off of investing, or starting a family.
Millennial borrowers frequently report that they were not provided sufficient information about the potential downside of taking out student loans. A full two-thirds of this age group believe they were not provided enough data to make an informed decision. This number compares to that of 59% for those in the 30-49 group, and only 44% in the 50-64 bracket.