‘Not a gift-giving year’: student loan debt upends US borrowers’ holiday spending

A recent survey by TICAS and Data for Progress reveals that student loan debt significantly impacts borrowers' ability to afford basic needs, especially during the holiday season. The survey found that 40% of borrowers reported that their loans negatively affected their ability to cover essential expenses like food, housing, and transportation. Many borrowers are forced to make tradeoffs between covering these basic needs and making student loan payments. One example is a 36-year-old with a six-figure salary who still struggles with $95,000 in private student loan debt, preventing him from participating in holiday gift-giving or taking vacations. The survey also showed that many borrowers are struggling to save for retirement or afford healthcare due to their student loan burden.