Many student loan borrowers want an expansion of student loan forgiveness for various public services, a recent survey by Freedom Debt Relief found.
Out of 1,506 American adults, 63 percent said they would like to see reforms in student loan debt policies, such as loan forgiveness to professions like teachers, government employees, first responders, military among others.
Between 40 to 55 percent of the respondents called for making student loans dischargeable in bankruptcy, subsidized tuition for low-income households and tax breaks for companies that offer student loan repayment programs.
Many student loan borrowers also think that their college education cost has impacted their credit score, while 43 percent believe that it has impacted their retirement age.
“As the latest round of college graduates replace their caps and gowns for a job search, they are most likely entering the workforce saddled with tens of thousands of dollars in student loan debt. And, as the cost of college has increased, so has the reliance on student loans to fund a college education,” the report reads.
Student loans have also been a source of emotional impact for many parents who borrowed student loan for their children. Nearly 37 percent feel overwhelmed about their financial situation, while another 40 percent have either lost sleep at night or have contributed to mental or emotional health issues.
Overall, 89 percent of them think that $1.6 trillion owed for student loans represents a financial crisis.
The report found that most of the parents fund their children’s college through savings plan, co-signed loan, personal loan, credit cards, 529 plan and gifted money from relatives.
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