Survey: 3 in 5 Borrowers Regret Taking Out Student Loans | Student Loans

Student loans can open up access and create opportunities, allowing students to pursue degrees that might otherwise be financially out of reach.

But loans can also leave many with burdensome debt that they’ll spend decades paying off.

About 42.6 million Americans have around $1.7 trillion outstanding in federal student loans, and a growing number of them are struggling to keep up with payments. Roughly 9 million borrowers are now in default on their federal student loans, and their combined $220 billion of debt accounts for more than 13% of the entire federal student loan portfolio, according to the most recent Education Department data.

Those monthly payments and stubborn balances can seep into other corners of a borrower’s life, stunting financial progress, delaying dreams and straining personal relationships to the point that many Americans wish they hadn’t taken out student loans in the first place, a U.S. News survey found.

U.S. News conducted a nationwide survey of 1,200 student loan borrowers via PureSpectrum on June 23, 2026. We explored how student loans are impacting people’s finances as well as their overall quality of life. We asked participants whether they feel the loans paid off financially and whether they’re confident they can repay them. We also asked borrowers how the federal student loan overhaul might affect their payments. Here’s what we found:

The average student loan payment is several hundred dollars, according to a U.S. News analysis, although your monthly bill depends on the amount you borrow and the repayment plan you’re on. Larger balances can often result in payments over $1,000.

That’s a significant line item in most budgets, and the majority of our survey respondents say it’s causing both anxiety and regret.

Most people surveyed report that their loans cause them at least some stress, with more than one-third (35%) saying they are very stressed about the payments and debt. Roughly 59% of respondents say they regret taking on debt to pay for college.

Anxiety was more prevalent in borrowers with higher balances. More than half of those who owe over $50,000 say they’re very stressed, while 90% of that group say they’re at least somewhat stressed by the debt.

When asked why they regret their decision to get student loans, many say their degree didn’t lead to the earnings required to pay off the loans.

“It felt like the smart choice when I didn’t have enough money at the time,” says one respondent. “But now I will be paying it off for a long time, which will hold me back in the long run.”

That sentiment could potentially rise in the coming months, as millions of borrowers are facing a restart to their payments after the SAVE income-driven repayment plan ended. Those borrowers, many of whom haven’t been required to make any payments in two years, will have to pay significantly more each month under their new repayment plan in many cases.

With mortgage rates hovering between 6% and 7% and inflation seeing its largest increase in three years, borrowers are holding off on some of life’s major milestones as they try to tackle their student loans.

More than one-third of those surveyed say their student loans have caused them to put off purchasing a home, while 19% say they’re waiting longer to have kids.

“I am on the cheapest loan payment plan, and it still consumes almost one-fourth of my salary each month,” says one respondent who has delayed both buying a home and having kids because of her student loans. “Less money to raise kids, less money for food, tighter budget overall with the rising cost of bills.”

Student loans are also preventing people from making progress toward their financial goals. Nearly half of respondents say they’re unable to pay off other debts as aggressively as they would like, while 42% say their emergency fund isn’t as robust as it should be. More than 35% have limited their retirement contributions to make room for loan payments.

For many borrowers, student debt is a burden that extends beyond their finances. More than half (57%) of those surveyed say their student loans are negatively impacting their overall quality of life.

“I can’t really enjoy myself anymore,” says one Gen Z borrower. “All I do is stress about how I’ll pay it back.”

Some borrowers say their loans are taking a toll on romantic relationships, with 15% of respondents saying their debt is limiting whom they can date and 14% reporting that they’ve postponed marriage because of it. About 8% blame the strain of student debt for a divorce or breakup.

“My last partner did not want to marry me and have my debt become his debt,” says one respondent.

To make room in the budget for loan payments, many borrowers say they’ve declined opportunities to meet up with friends or visit relatives.

“I’ve sacrificed time with loved ones and missed important moments in their lives because I couldn’t afford to be there,” says one respondent who has also delayed starting a family because of his debt.

A wave of changes is coming to the repayment plans available to student loan borrowers, and the first updates went into effect July 1. Millions of borrowers on income-driven plans will need to switch plans, and many will need to do so in the next few months.

Those who fail to choose a new plan will get transitioned to a standard repayment plan, where their monthly payments would likely skyrocket.

But more than a quarter of those surveyed (27%) say they have no idea whether they need to switch repayment plans.

Fortunately for those borrowers, their student loan servicer will reach out to them with instructions for changing plans. The bad news? Our survey finds that 38% of respondents don’t know who their servicer is, meaning some may simply ignore the correspondence they receive.

Basic knowledge surrounding the details and terms of student loans might have prevented some regretful borrowers from their current level of debt. Roughly 37% say they didn’t clearly understand what their monthly payments would be when they initially signed the loan agreement.

“I never knew how hard they would be for me to pay back,” says one respondent.