By: Adam Shell , USA TODAY
Mom and dad brace yourselves: 26% of Millennials in college say they plan on moving back home once they earn their degree to help save to pay off student loans, according to TD Ameritrade’s Young Money Survey.
The burden of college debt continues to weigh on the finances and life choices of young people between the ages of 20 and 26, according to the new survey set for release Thursday, with 32% saying they owe anywhere from $10,000 to more than $50,000 on student loans. The average student loan balance was $10,205, but was even higher ($11,475) for those still in school.
Paying off this debt will take time, which is delaying life’s other big investments like buying a home, saving for retirement, getting married and moving out on one’s own. Millennials don’t expect to pay off their student loans until they are 35, on average, the survey found.
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