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Census data reveals burden of student loans on younger adults
August 19, 2021
Although the data doesn't provide any surprising insights, it does provide some interesting information about those who have student loan debt and the economic impact of that debt during the pandemic.
In an August 18 article published by the U.S. Census Bureau, the authors said those people with student loans, primarily younger adults, saw an increase in financial stress, in part due to unemployment caused by the pandemic.
Although a moratorium was placed on student loan payments and the interest set to zero, the data revealed that people with student loan debt also have other debt, such a credit card, vehicle, or medical debt. The authors of the article point out that "student loans are among the largest contributors to household debt."