- Category: Widget
- Published: Wednesday, 05 August 2015 15:50
- Written by Isaac
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Student-Loan Debt Delays Millennials’
Major Life Events, Study Finds
Victory State Bank, Staten Island’s only community-based commercial bank, affirms that the adage “Knowledge is Power” still holds true, but notes there may be a temporary downside for millennials who have embraced this wisdom: The cost of acquiring knowledge, particularly at a college or university could slow down the process of achieving milestones in life.
According to a new Bankrate.com (NYSE: RATE) study, 56 percent of millennials (ages 18-29) with current or past student loans have delayed major life events because of their debt, compared with 43 percent of older adults.
Buying a home is the most common event people have delayed due to student debt, trailed closely by saving for retirement and buying a car.
More than half of student loan borrowers say they didn't receive enough information or advice about the financial risks of taking on education loans. Sixty-six percent of millennials, more than any other age group, have this complaint.
About Victory State Bank
VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.