Think you know how important student loans are to the Millennials you’re trying to recruit? Take this quiz.

Peanut Butter conducted a survey in September 2015 with 408 U.S.-based online respondents between the ages of 18 to 34-years-old. 

Born between 1981 and 1997, these respondents are square in the Millennial generation. Think you know how they responded?

Take this quiz and find out.


1. What percentage of Millennials make major life decisions based on the balance of their student loans?

(a) 12.4%
(b) 23.9%
(c) 34.1%
(d) 75.2%



Answer: (c) 34.1%

34.1 percent of survey takers ages 18- 34 said they make major life decisions based on the balance of their student loans. This data is a strong indication that Millennials are considering their student loan balances when making decisions such as where to work, where to live, and if/when to pursue graduate school.

The results of this survey are perhaps not surprising to some. Another, similar study run by MyBankTracker and published September 10, by Vice, found that a third of Millennials would give up an organ to pay off their student loans. I sincerely hope that’s a major life decision that no one would ever have to make.



2. Which income range do you think places the highest weight on their student loan balance when making decisions?

(a) $0 – $24,999
(b) $25,000 – $49,999
(c) $50,000 – $74,999
(d) $75,000+



Answer: (a) $0 – $24,999

Of those respondents earning $0 to $24,999 per year, 45 percent said that they make major life decisions based on the balance of their student loans.



3. Which region of the U.S. has the most Millennials who make major life decisions based on the balance of their student loans?

(a) East
(b) West
(c) North
(d) South



Answer: (b) West

The survey showed that 37 percent of respondents from the West said they make major life decisions based on their student loan balances. Interestingly, only 30 percent of people from the South felt the same way.



4. Does student loan balance have a greater impact on rural/suburban Millennials or urban Millennials?

(a) Rural/suburban
(b) Urban



Answer: (b) Urban

While only 29 percent of respondents living in rural and suburban settings said that student loan balances impact their life decisions, 39 percent of urban dwellers said they do.

Moreover, thinking about the last three questions combined (income, geography & urban/rural setting), Millennials living in the Western U.S., earning below $25k per year, in urban areas each seem to place slightly higher emphasis on their student loan balances when making major life decisions.


Companies that currently employ Millennials, and those seeking to hire Millennials in 2016, should carefully consider the implications of student loan debt on:

  • Prospective employees’ decisions to accept or decline job offers
  • Current employees’ decisions to stick around, or seek other employment



About Peanut Butter

Peanut Butter helps top employers offer a unique student loan benefit to attract and retain Millennial employees. By making modest contributions to employee student loans, companies can help employees avoid substantial amounts of principal and interest, helping them to get out of debt years sooner than they otherwise would. 

The attraction of lower student debt can increase quantity and quality of job applicants, while the result of lower student loan debt can materially change an employee’s decision to seek another job.

Learn more at, or get started today by creating your company’s student loan repayment plan.

  1.  Example