Almost half of student loan debtors want more help to ease ‘national crisis’

Even among those without outstanding education borrowing, a sizable share say it's a crisis.

The cost of higher education is too high and many Americans want more to be done to ease ongoing debt.

Almost half of respondents to a YouGov survey for Bankrate.com called the situation a national crisis — including 27% who have never had student loans debt — and 48% said that the government has not done enough to help those struggling with the borrowing that got them through college.

Additionally, 56% of poll participants say that higher education costs have gotten out of hand, with older generations more likely to say this than younger ones, perhaps as they compare the costs to their children and grandchildren to their own experience.

More than 4 in 10 across all age groups believe that there should be better information provided about the true cost of student loans and only 30% think that borrowers should have to pay back their student loan in full.

DOUBLE-EDGED SWORD

Despite higher education qualifications often providing a gateway to better paid jobs, student loans come with opportunity costs that can lead to long-term barriers to achieving financial and life goals.

“It means the price of taking out a loan for college can be even greater than the original, principal amount,” said Bankrate analyst Sarah Foster. “Frequently finding it harder to save for emergencies, retirement and home-buying, Americans may feel like their student loan debt is keeping them from getting their life started.”