Student Debt Keeps the Young From Big Spending
Black Enterprise Magazine September/October 2018 Issue

student loanHave you delayed major life decisions and purchases because of student loan debt? Well, you’re hardly alone in that.

Hundreds of thousands of young people nearing age 30 have put off major purchasing decisions because of their debts, the New York Times reports.

A new study by the Federal Reserve Bank of New York found that 30-year-olds with student loans were less likely to have home mortgages than 30-year-olds without student loans. And the same held true for 25-year-olds and car loans.

The silver lining: (Because there has to be one!) The study found that those with student loans are better educated and can expect to earn more money over their lifetimes.

Feel better?

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Aaron Morrison

Aaron Morrison is an award-winning New York area-based multimedia journalist with a B.A. in Journalism from San Francisco State University. Aaron uses video, audio, photography, the web and social networks to tell captivating stories across all media platforms. Over the last year, Aaron has worked as a general assignment reporter for the Daily Record (Gannett) in northern New Jersey. Before that, he spent the spring of 2010 as the temporary legislative relief reporter for The Associated Press' statehouse bureau in Trenton, N.J. In his down time, Aaron enjoys the company of his friends and extended family. He is a fan of culinary arts and dreams of having a home kitchen so tricked out that Julia Child turns over in her grave.