Report: Do college loans affect homeownership, marriage and having kids?
April 11 2016 - 12:17PM
Today, Navient released additional insights from its report on the
financial health of young Americans, Money Under 35. The special
report takes a deeper look at whether student debt is related to
delays in buying a home, getting married, and having children. The
special report shows the mortgage, marriage, and child rates for
two groups of millennials—25-30 years old and 31-35 year olds—by
educational attainment and for student loan borrowers and
non-borrowers.
Navient's Money Under 35 study, conducted in coordination with
global research company Ipsos, is based on a survey of more than
3,000 adults aged 22 to 35.
“The survey results show that young college graduates, including
those who are still paying off student loans, are more likely to
buy a home than their same-age peers who did not pursue higher
education,” said Jack Remondi, president and CEO, Navient. “At the
same time, the findings confirm that young people who borrow to
attempt college but do not complete a degree are more likely to
struggle financially. This is why we advocate for programs that
help students and families make more informed decisions about how
to pay for college—not just the first semester or year but the full
cost of the degree.”
Key findings from Navient's Money Under 35 Special Report
include:
- The probability of obtaining a mortgage, getting
married, and having children each increases with age and
educational attainment.
- Young adults who borrowed to achieve a bachelor's
degree or higher are more likely to have a mortgage than
degree-holding peers who did not borrow. Thirty-eight
percent of 25-30 year olds and 50 percent of 31-35 year olds who
borrowed to earn a bachelor's degree or higher hold a mortgage,
compared with 22 percent of 25-30 year olds and 39 percent of 31-35
year olds who have a mortgage but did not borrow to earn their
degree.
- Borrowing for college and not completing a degree is
related to delays in holding a mortgage. Both age groups
who borrowed to attempt college but did not complete were less
likely to have a mortgage than peers with less or more
education.
Navient's special report and complete Money Under 35 report can
be found at Navient.com/MoneyUnder35.
Connect with @Navient on Facebook, Twitter and LinkedIn.
About NavientAs the nation's leading loan
management, servicing and asset recovery company, Navient
(Nasdaq:NAVI) helps customers navigate the path to financial
success. Servicing more than $300 billion in student loans, the
company supports the educational and economic achievements of more
than 12 million Americans. A growing number of public and private
sector clients rely on Navient for proven solutions to meet their
financial goals. Learn more at navient.com.
Contact:
Media: Patricia Nash Christel, 302-283-4076, patricia.christel@navient.com
Investors: Joe Fisher, 302-283-4075, joe.fisher@navient.com
Customers: 888-272-5543
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