Student loan debt doesn’t only force a borrower to delay major life commitments but also health and dental care decisions, a new survey by Morning Consult and Insider found.
More than 2,000 Americans were surveyed for “The State of Our Money” report out of which 670 respondents were millennials ages 23 to 38. About 52 percent of borrowers reported they have avoided or delayed taking medical or dental care due to student loan debts.
The delayed medical intervention could potentially lead to various physical health complications in the long term. The borrowers are not only delaying health care but also avoiding quitting their jobs with 2 in 5 adults with student loans reporting so.
The loans are also acting as a barrier to entrepreneurship. One-third of adults with student loans reported either avoiding or delaying their plans to start new businesses.
“If you already have student debt, you’re less likely to have the ability to take out a small business loan or dip into your savings, which means you’re less likely to be innovative and act on that really great small business idea that you have,” said Mark Huelsman, associate director of policy and research at the liberal think tank Demos.
‘That means our economy becomes less dynamic, not to mention that people become less happy.”
In a recent SoFi survey, 35 percent of millennials consider paying back student loans as the biggest milestone. They are also considering 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.
Other reports have noted loans affecting many decisions of borrowers related to daily expenses like taking a vacation, going out for dinner or putting on some muscles in the gym.
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