Millennials Consider Repaying Student Loans as Biggest Milestone
Many American Millennials are ready to move to another affordable city or close their Netflix accounts just to get rid of student loan debts.
According to a new SoFi survey, nearly 62 percent of millennials would consider moving to an affordable U.S. city, 50 percent would be willing to part ways with their Netflix account forever if it meant they would not have to repay their student debt.
Out of the 1,000 millennials ages 22-35 surveyed for this report, about 42 percent said that they had made the biggest mistake of overestimating the salary expectations at their first job by making them believe that they could repay their loans easily and on time.
While another 31 percent cited not understanding the specifics of the loan and the interest rates as a number one mistake.
The Millennial obsession with repaying student debt has become such extreme that 35 percent of them consider paying back student loans as the biggest milestone. For others buying a home, saving for retirement, starting a family and investment is also a milestone.
In the 2020 presidential elections, the candidate’s stand on student loan debt is an important factor that will decide the millennial voting choice.
In their election campaigns, many democratic presidential candidates including Bernie Sander, Elizabeth Warren, and Julian Castro have promised complete to partial student debt relief.
Nearly 30 percent of the respondent are planning to vote for the candidate who best plans to eliminate their student loan debt. Another 48 percent consider the student debt as one of the factors that will decide their vote.