According to a new survey from Citizens Bank, average student debt for millennials is $41,286 and 60 percent of millennials expect to be making payments on their student loans well into their 40s. Despite the burdensome loan payments, a large share of millennials are unwilling to prioritize student loan repayment over spending on luxury and quality of life items. This is what the survey revealed when asked what they’d be willing to give up in exchange for lower student loan payments:
- Less than half (45 percent) were willing to cut what they spend on eating out.
- Just 46 percent said they’d cut their entertainment and social event expenses.
- A mere 40 percent were willing to limit their housing expenses (rent or mortgage).
- Only half of millennials were willing to slash their spending on clothes, shoes and accessories.
“They are very committed to living their life the way they want to live their life, and as frustrated as they are by student loans, they are not willing to make those lifestyle trade-offs,” said Brendan Coughlin, president of consumer lending for Citizens Bank. (moneytalksnews.com)