Majority of higher education students have federal student loans, credit card debt,
private student loans, and/or car loans
SEATTLE – Intelligent.com, a trusted resource for online degree rankings and higher education
planning, has published a recent survey report that investigates the financial health of
Generation Z higher education students. The report also shares insight into how students
typically spend their money. Intelligent.com researchers gathered and analyzed responses from
400 current, full-time students enrolled in higher education in the United States.
According to survey results, 71 percent of higher education students have debt. Among this
group, 49 percent have federal student loans, 32 percent have credit card debt, 24 percent have
private student loans, and 23 percent have car loans. Of students surveyed who have debt, 75
percent are worried about paying it off.
Data shows that 53 percent of students with federal student loans say repaying the debt in full is
‘somewhat’ or ‘very unfair.’ Of this group, 18 percent say they spend more than $500 per month
on non-essential items, and 56 percent say they could easily save more money each month.
Overall, of all respondents surveyed, 1 in 6 students say they spend more than $500/mo on
things they don’t need, and 63 percent say they could easily save more money each month.
Survey data also highlights that 81 percent of students say they spend more than $100/mo on
non-essentials, 43% spend more than $250/mo, and one in six say they spend more than
$500/mo. Sixty-five percent of these students say they spend more than $100 every month
‘dining out,’ 58 percent say ‘clothing/accessories,’ and 47 percent say ‘entertainment.’
This survey was commissioned by Intelligent.com and conducted online by the survey platform
Pollfish on August 16, 2023. Overall, 400 current full-time students enrolled in higher education
in the United States completed the survey. To qualify for the survey, all participants had to be
aged 18 to 26 and hold at least a high school degree.
To view the complete report, please visit:
ABOUT INTELLIGENT.COM
Intelligent.com provides unbiased research to help students make informed decisions about
higher education programs. The website offers curated guides that include the best degree
programs as well as information about financial aid, internships, and even study strategies. With
comprehensive, user-friendly guides and hundreds of program rankings, Intelligent.com is a
trusted source among students and prospective students. To learn more, please visit
https://www.intelligent.com/
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