STUDENT LOAN DEBT IN 2019 reached the highest level ever. According to Forbes, more than 44 million borrowers collectively owe more than $1.5 trillion in student loan debt in the United States alone. Student loan debt now represents the highest consumer debt category, behind only mortgage debt, and is higher than both credit cards and auto loans. Borrowers in the class of 2017, on average, owe $28,650 according to the Institute for College Access and Success.

Even more distressing, more than 2.5 million borrowers have student loan debt greater than $100,000, with 610,000 of that total holding student loan debt greater than $200,000. Interestingly, the highest increase in student loan debt is among 30- to 39-year-olds, which translates to these individuals going to school if they haven’t previously or going back to school to perhaps change occupations or earn an advanced degree.

As workers hold more debt and feel the crunch, could it be a reason younger individuals don’t stay in jobs as long as some of their predecessors? They continue to jump ship for higher offers because their student loan debt is strangling them. It is not uncommon for young employees to use 15 percent or more of their take-home pay toward student loan obligations.

According to a University of Michigan survey, younger adults (those under age 35) reduced their spending compared with previous generations. This could be due to weakened job prospects, delayed marriage and educational debt. Lower consumer spending limits economic growth; this massive debt impacts not only the borrowers but also the future of our economy.

There is talk of assisting those in need and forgiving some or all student loan debt. Certain jobs and certain fields also offer debt forgiveness. Doing some research may lead to valuable insight and assist those in need.

If you carry student loan debt, one would hope those funds allowed you to get into the career you wanted. Usually the return on the investment is worth it, even if it feels as though you are not making progress on a monthly basis. Remember, paying these debts on time is important so you don’t negatively impact your credit score. Don’t panic if you have trouble making payments because of unemployment, health problems or other unexpected financial challenges. Contact your lender immediately; you have options for managing your federal student loans such as through deferments and forbearance.

The content of this article is for informational purposes only. It is not intended to be a substitute for professional financial advice. Always seek the expertise of a certified financial advisor or other qualified provider with any questions you may have regarding personal finance, investment and money-related issues.