23 Sep TIAA-MIT AgeLab Study Finds Student Loan Debt Affects Family Relationships, Longevity Planning and Retirement Savings

New research sponsored by the Teachers Insurance Annuity Association (TIAA) and conducted by the Massachusetts Institute of Technology (MIT) AgeLab showed that student loans impact many aspects of borrowers’ lives. TIAA reports: “The yearlong study, which explores the intersection of student loan debt, longevity planning and family dynamics, shows that life stage — and who the loans are being taken out for — plays a key role in the balancing act of paying off student debt and saving for retirement.” The research found dealing with student loans can be very stressful, particularly as balances increase. “And it’s not just students who are carrying those balances, as parents and grandparents are helping to shoulder the load. Not surprisingly, 84 percent of borrowers say that student loans take a toll on their ability to save for retirement, and 73 percent of borrowers stay they’re stalling on increasing or maximizing retirement savings till their loans are paid off. And 26 percent aren’t saving for retirement at all, pointing to student loans as the culprit.”