Of the Americans who have personal student loans, 74 percent are somewhat or very worried about their ability to pay their loans, according to a recent Harris Poll conduced on behalf of the American Institute of CPAs (AICPA)
The survey, conducted online in late August, polled 2,087 adults ages 18 and older. It revealed that 22 percent of Americans either have personal student loans or parent loans for their children. A total of 37 percent of respondents, ages 18 to 34, have student loans. This falls to 27 percent for respondents, ages 35 to 44, and 25 percent for those 45 to 54 years old.
“Student loans are more than a monthly payment – they’re a long-term financial commitment,” said Pamela Ladd, American Institute of CPAs Personal Financial Planning senior manager. “The fact that three-quarters of borrowers are worried about repaying their student loans underscores the urgent need for personalized financial planning. These concerns aren’t just numbers – they reflect real stress that can derail financial stability.”
The survey also found that 53 percent of those who have loans said it affects their ability to save.
A total of 70 percent of parents who have children with student loans, said they were very or somewhat worried about their children’s ability to pay.