NJ CPAs Say Student Loan Debt is a Financial Crisis

The NJ Society of Certified Public Accountants (NJCPA) Monday released the results of its June member survey which found that more than 80 percent of 623 certified public accountants surveyed said they either “strongly agreed” or “somewhat agreed” that student loan debt at $1.6 trillion in the United States is a financial crisis. More than 75 percent of respondents considered student loan debt in New Jersey to be a “major problem.”

Survey respondents said their clients have put off major life decisions and purchases due to their high student loan debt. Of the nearly 270 respondents who said they knew someone who delayed this kind of decision or purchase, 80 percent said they put off buying a home and an almost equal number said they chose not to save for retirement. More than 65 percent put off saving for emergencies, while 42 percent put off getting married and 39 percent delayed having children.