Is your student debt holding you back? You're not alone, according to recent results from the Gallup-Purdue Index.
On Tuesday, Gallup released its second annual report, based on surveys of more than 30,000 college graduates nationwide, in partnership with Purdue University and the Lumina Foundation. The results highlighted the economic impact of the rising student debt load and how it has suspended many graduates' plans for the future.
The survey found 43 percent of recent graduates with more than $25,000 of debt have delayed buying a home, 40 percent have delayed buying a car and 25 percent have delayed starting a business. More than quarter of graduates have put off having children and have struggled to move from their parents' home. More than half have postponed post-secondary education.
"The GPI continues to highlight deficiencies on which we in higher education should be focused," Purdue President Mitch Daniels said in a news release. "This year’s results serve as another reminder that student loan debt can be a significant obstacle to a student’s future success — and, in some cases, a long-term handicap."
Debt also can impact how students view their college experience. About two-thirds of graduates said they took out loans, with the median reported amount at $30,000. Of those graduates, one in three "strongly agree" their education was worth the cost. Overall, half of all respondents said they "strongly agree" their degree was worth the cost.