Tell us: Have student loan repayments impacted your holiday spending?
We want to know how you're managing your money this holiday season.
Student loan debt has become an unfortunate gift that keeps on giving for many borrowers.
Loan payments resumed in October just ahead of the holiday season and we want to know: Has your holiday spending budget been impacted?
An overwhelming majority of federal student loan borrowers (76%) said the resumption of loan payments will dip into their holiday spending budget, according to a U.S. News & World Report survey of former college students.
More than half (54%) said they are likely to spend less on gifts for loved ones this season, and a third (33%) said they won’t be able to travel to see friends or family for the holidays. Another 41% said they will spend less on holiday meals such as Christmas dinner.
Today, more than half of students leave school with debt, Forbes reported. About 92% of all student debt is federal student loans, with each borrower owing $28,950 on average. In Massachusetts, the average amount owed per borrower is above the national average, coming in at a whopping $33,710.38.
In June, we asked Boston.com readers about how the end of the three-year, pandemic-era loan payment freeze would impact them and many said student loan repayments would be “devastating” for them.
“I’ll have less money to spend on goods and services. I will probably have to get food stamps again,” reader Chelsea P. from Waltham said.
We want to hear about how you are navigating this holiday season with loan repayments in full swing.
Have you adjusted your holiday budget to accommodate your loans? Are you setting a spending limit on gifts this year? Are you opting out of gift-giving or traveling altogether? Share your experience with us.
Tell us by filling out the form or e-mailing us at [email protected], and your response may appear in a future Boston.com article.
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