As we round out 2023, student debt is playing a much bigger role than it did in years past in the lives nearly 50 million Americans. Today, the average borrower owes right around $30,000 toward their student loans, and this number will only continue to grow year by year with new graduates entering the job market. This debt is also serving as a blocker toward individuals advancing on their financial goals. All of which was mentioned to kick-off a recent article published by LendEDU on this topic.
The piece focused on the impact student loans can have on your life, and highlighted these factors below as negative elements:
- May rush into a job to meet repayment requirements
- Lowering your net worth
- Delay borrower’s ability to buy a home
- Delay a borrower’s ability to start a family
- May impact your marriage
- Potential for poor credit if payments missed
- May cause people to skip out on attending college
The good news is that employers can help.
Peanut Butter supports groups nationwide in offering Student Loan Assistance as a benefit through direct contributions toward student loans with Repayment and tools to help employees manage this debt with Resources. To learn more about how our programs work visit our pick-a-plan page.