Student loan debt in the United States is at about $1.7 trillion. Of course, student loan debt is not uniquely American – many other countries, such as the United Kingdom, Canada, and Australia, are also seeing significant increases in student debt. To better understand the situation, many universities, government agencies, lenders, and others are conducting student debt surveys. In this blog, we’ll look at who’s using these surveys and why, as well as how to create a student debt survey and the types of questions to consider asking.
Student debt in the United States is now the second highest consumer debt category, behind only mortgage debt. In fact, more money is owed in student loans than to credit cards and auto loans! — second only to mortgage debt and higher than debt for both credit cards and auto loans. While President Joe Biden recently tried to initiate a student loan forgiveness program, which would have canceled up to $20,000 in student debt for tens of millions of Americans, the conservative Supreme Court struck down the motion, saying that the president didn’t have the authority to instruct his Education secretary to cancel such a large amount of consumer debt without authorization from Congress.
Students and graduates in other countries are also struggling with student loan debt. Student loan debt has reached more than $250 billion in the UK, $100 billion in Australia, and $22 billion in Canada. While debt may not be as high in some other countries, many grads still struggle with finances.
The student loan debt situation can have a far reaching impact on the borrower and their family. Here are three key challenges facing those who take out student loans.
To better understand the student debt crisis, surveys are often conducted. A student debt or student loan survey is a type of research study designed to collect data and gather insights about the experiences, opinions, and challenges related to student loans. Some common objectives of student debt surveys include:
The survey data collected can help policymakers, educators, and organizations better understand the challenges faced by borrowers and inform the development of potential solutions and policies related to student loans. Additionally, survey results can also be used to raise awareness about the issue and advocate for changes in the higher education financing system.
Student debt or student loan surveys are used by a number of different people and organizations. Here are eight entities that use student debt and loan surveys most often.
Government agencies responsible for higher education, finance, and economic affairs often conduct student loan surveys to understand the scope of the student debt problem and assess the effectiveness of existing policies. Using this data, they can then determine potential changes or improvements to loan programs.
Colleges, universities, trade schools, and other educational institutions may conduct student loan surveys to better understand the financial well-being of their graduates and the loan repayment experiences of their alumni. This information can help them improve financial aid programs and inform incoming students about what they can expect when taking out student loans.
Nonprofits that focus on education, student advocacy, or financial literacy often use student loan surveys to advance their mission. They use the data to gain support for their advocacy efforts and to develop educational resources that can assist borrowers.
Banks, credit unions, and other financial lenders may conduct student loan surveys to better understand the borrowing habits of their customers and assess loan repayment trends. They can then tailor or adjust their financial products to better meet borrowers’ needs. They may also use surveys to determine whether applicants are viable candidates for student loans.
Some employers may offer student loan repayment plans (SLRPs). This benefit allows employers to make monthly contributions directly to an employee’s student loan servicer while employees continue to make regular payments. The monthly contribution can shave several years off each loan. Employers like the program as it differentiates them from their competitors as an employer of choice, and helps with recruitment and retention.
Independent research organizations often conduct student loan surveys as part of broader research studies on student debt, higher education financing, and its societal implications. This helps them realize the scope of the student debt situation and provides valuable data to policymakers. These institutes may also conduct student loan surveys on behalf of clients, such as government agencies, financial institutions, or educational organizations, to gather data and insights for specific purposes.
Student organizations and unions represent the interest of their members. So, they may sometimes conduct student loan surveys to advocate for them. The results can be used to help raise awareness about student loan debt issues and initiate policy change at the government level
Student loan debt places a heavy financial strain on many borrowers. According to VeryWell , the strain of debt and its financial implications can cause poor mental health in some individuals. The organization says that “Student debt can take a serious toll on your mental health . Studies have linked student debt to lower levels of psychological well-being, regardless of income.”
Overall, student loan surveys play an important role in informing policymakers, educators, lenders, the public, and many others about the challenges and experiences faced by borrowers, shaping the discussion around student loan policies and helping identify potential solutions to alleviate the burden of student loan debt.
Student debt surveys typically include a variety of questions designed to gather information about borrowers’ experiences, attitudes, and challenges related to student loans. The questions often vary based upon who, from our list of eight entities in the previous section, is conducting the survey. However, here are some common types of questions that may appear on student loan surveys following demographic questions (age, gender, ethnicity, education level, household income, and so on).
Student Loan Details:
Loan Repayment Experiences:
Financial Impact:
Career Choices:
Loan Understanding:
Emotional and Mental Health:
Borrowing Habits and Financial Literacy:
Satisfaction with Loan Programs and Services:
These types of student debt questions can easily be integrated into a SurveyLegend online survey. In the example below, we use a relevant survey image and a variety of questions (multiple choice, ratings, scales) to ask survey questions to improve engagement and response rates.
The student debt crisis in many countries is holding graduates back in terms of their ability to get ahead in the world. Burdened with debt, many borrows feel stuck – unable to move away from their parents, make major life purchases, or even pursue a career they’re passionate about. By conducting student debt surveys and student loan surveys, researchers can better understand the state of student debt and make changes to improve loan repayment options, mental health outcomes, and post-graduate life in general.
Ready to create your student debt survey? Start today with SurveyLegend. It’s easy to get started, and our surveys offer variety when it comes to questions types, design, and more. They’re also highly secure, so you can be sure respondents’ data remains safe and secure.
Have you conducted a student debt survey before? Which type of survey user from our examples are you? Let us know in the comments.
Current debt statistics reveal that US student loans are at $1.7 trillion spread across approximately 45 million borrowers, making it the second most expensive type of consumer debt – greater than even credit card debt and auto loan debt.
What are student debt surveys used for?These surveys are designed to capture a comprehensive view of borrowers’ experiences with student loans and the challenges they face during the borrowing and repayment process. The data collected from these surveys helps inform policymakers, educators, and other stakeholders about the impact of student loan debt and guides efforts to improve student loan programs and support systems.
Who uses student debt surveys?Many people may use a student debt survey, including government agencies, educational, financial and research institutions, non-profit organizations and student associations, employers, and mental health experts.
About the AuthorA born entrepreneur, passionate leader, motivator, great love for UI & UX design, and strong believer in "less is more”. A big advocate of bootstrapping. BS in Logistics Service Management. I don't create company environments, I create family and team environments.
“I work all night, I work all day, to pay the bills I have to pay. Ain’t it sad? And still there never seems to be a single penny.
