Student loan debt can cost you more than principal and interest. It can mean postponing major milestones of adulthood.
A survey by Bankrate.com released Wednesday found that 56 percent of people age 18 to 29 have put off major life events like getting married, purchasing a car or home, or saving for retirement, because of student debt. Older people were not immune to the ills of student debt either. Forty-five percent of those 30 and older said educational loans hampered their financial life, according to the survey of 1,000 people in July.
"Student debt is a drag on the economy," said Steve Pounds, a Bankrate financial analyst. "If people aren't buying homes, aren't buying cars and aren't saving for retirement, it's going to have a detrimental effect."