Does student loan debt make people less happy and healthy?
Bloomberg Businessweek - 08/07/2014
There is some evidence to suggest that student debt may take a toll on major economic decisions, such as buying a home. Young people with student debt were once more likely to have mortgage debt, because more education led to higher incomes. But that changed in 2012, when the Federal Reserve Bank of New York reported that for the first time in a decade, 30-year-olds with student debt were less likely to buy a home than their debt-free peers.
“A lot of them are just going to be in this scary place all their life, where they don’t really become part of the economic grid,” says Daniel Austin, a professor at Northeastern University School of Law, in reference to people with high debt loads. “I don’t know that we ever produced a generation like that before in this country.”