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The cost of college has not only saddled Americans with debt that has forced delays in traditional household milestones like marriage and children, but it has also kept many from maximizing their retirement savings.

More than 44 million people in the U.S. carry student loans for themselves or a family member, according to federal data, with outstanding debt estimated at nearly $1.6 trillion. This burden, and the broader impact on society, has become an increasingly hot topic in the run-up to the 2020 presidential elections, with some candidates proposing debt-elimination or -forgiveness programs.

But for now—among the nearly 2,000 respondents to a survey sponsored by financial-services firm TIAA and conducted by the Massachusetts Institute of Technology’s AgeLab—student debt is having a negative impact on cross-generational retirement savings. Among survey respondents, 84% indicated that the need to pay off student loans is limiting the amount they’re saving for retirement and 73% indicated that they expect to begin or increase their retirement savings only after their loans are paid.

And among those who are not currently saving for retirement, 26% said it’s because of their student-loan debt, according to the survey.

“This touches just about every aspect you can touch in an individual’s life—not just the individual, but the family,” says Dan Keady, a certified financial planner at TIAA. This delay in retirement saving “is very detrimental” because starting early is crucial for one’s financial security later in life, he says.

The researchers found that student debt is hindering retirement savings across generations, with caregivers among the hardest hit. Among parents and grandparents taking out loans for children and grandchildren, 67% say they regularly save for retirement, compared with 87% of individual borrowers and 83% of those who borrowed for a spouse, according to the research.

The smallest but fastest-growing group of borrowers are those 65 years of age and older, says Dr. Julie Miller, a research scientist at the MIT AgeLab, which was created to understand the behavior of those 50 years of age and older and improve their quality of life.

This debt burden can lead to difficult financial decisions and strain families, Mr. Keady adds. “Who’s responsible for what? Often people haven’t worked out the numbers,” he says. “Investing in education is important, but doing it prudently is important, too.”

Among those surveyed, 23% reported that student loans have led to conflict within their families. For example, 21% of student-loan borrowers with children report that the loans are having or have had a negative effect on their ability to provide or pay for child care, according to the research. And 28% of borrowers report that loans have had a negative impact on the amount they were or are able to contribute to college costs for other family members, while 16% say the debt has affected their ability to act as a caregiver for aging and/or disabled family members.

The outstanding loans have also forced some borrowers to delay traditional milestones, such as marriage, children or home purchases. Those with higher initial loan amounts were more likely to have delayed such milestones, according to the research.

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Just 13% of those who borrowed $24,999 or less reported that the loans affected the timing of their marriage, for example, compared with 37% of those who took out $150,000 or more. While 19% of borrowers with an initial loan amount of $24,999 or less said that it affected when they had children, 51% of those who borrowed $150,000 or more said it affected their decision.

And student loans have forced many borrowers to delay home purchases, researchers found. Thirty-six percent of those with an initial loan of $24,999 or less and 74% of those with a loan of $150,000 or more said the loans affected when they planned to buy or bought a home.

The research reinforces the need for more education around student loans and finances generally, says Keady. Many student-loan borrowers and their families indicated they were not very knowledgeable about the student-loan process. Families need to discuss the loans and their impact before taking them out, and it may help them to work with a financial professional, he says.

Many borrowers, for example, aren’t aware of services to help them repay their loans in a more efficient way or or the potential to have loans forgiven, says Dr. Miller. Educators and financial advisers can help borrowers seek out information on the best way to repay loans, she says.

The two-part study, conducted between February 2018 and April 2019, consisted of in-person focus groups with 88 participants in conjunction with pre-group and follow-up online questionnaires, and a larger online national survey of 1,874 participants. Participants ranged in age from 25 to 75, and were making student-loan payments of their own and/or contributing to an immediate family member’s higher education at the time of the study.