Understanding the multigenerational impact of student loan debt on family, finances and relationships

 
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Over 44 million people in the United States carry student loans for themselves or a family member with outstanding debt among borrowers estimated at nearly $1.5 trillion.1 This debt impacts families across all life stages, including a growing number of older adults.2
 
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TIAA, in partnership with the Massachusetts Institute of Technology (MIT) AgeLab, conducted a survey and focus groups of student loan borrowers of all ages to better understand the intersection of student loan debt, longevity planning and family dynamics.
 
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Advice and coaching are key to helping people navigate competing financial demands.  Individuals who engage with qualified financial professionals are generally better equipped to make decisions about paying for education for themselves or a loved one without sacrificing their future financial security.
Methodology
 
The MIT AgeLab conducted a two-part mixed-methods study between February 2018 and April 2019.  The first part consisted of small, in-person focus groups with 88 participants, in conjunction with pre-group and follow-up online questionnaires. The second part of the study involved a larger online national survey of 1,874 participants. In both parts of the study, participants ranged in age from 25-75, and were currently contributing to student loan payments for their own and/or an immediate family member’s higher education.
1 Consumer Finance Protection Bureau, 2017 (Consumer Finance Protection Bureau, 2017 https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_consumer-response-annual-report_2017.pdf
 
 
This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
 
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TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.
 
TIAA and MIT AgeLab, and any of their affiliates or subsidiaries, are not affiliated or in any way related to each other.
 
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