For many borrowers, their monthly student loan payment is higher than their mortgage or rent.
That’s the finding of a new survey by Summer and Student Debt Crisis.
According to the survey of more than 7,000 adults in all 50 states, 90-percent of borrowers are “struggling financially.”
Nearly 30-percent of borrowers said their student loan payment is more than what they pay for mortgage or rent.
The average borrower owes about $90,000 but makes just $60,000.
Overall, 44 million Americans owe $1.5 trillion in student loan debt, according to Federal Reserve statistics.
Almost two-thirds (65-percent) of adults with student loan debt said they have less than $1,000 in the bank. Almost that many (62-percent) said they don’t have family members who can afford to help them.
Student Debt Crisis is a non-profit organization dedicated to reforming student debt and higher education loan policies.
The organization says adults who struggle with student loan debt are less likely to save for retirement, buy a house or car, start a business, and more likely to delay marriage or having children.