Millennials, Gen Z are putting off major financial decisions because of student loans, study finds

Student loan debt has forced many younger Americans to hold off on other major financial decisions, a new study finds. But despite the challenges, the vast majority said the debt would not have stopped them from pursuing higher education in hindsight. 

Millions of Americans are burdened with student loans. It has ballooned in the past two decades with Americans holding more than $1.7 trillion in student loan debt, including more than 43 million Americans with $1.6 trillion in federal student loans. It's the second largest form of debt in the United States behind home mortgages.

According to a report released Wednesday by Bankrate.com, 74% of Gen Z borrowers and 68% of millennials who took on student loan debt for their higher education delayed a major financial decision as a result of their debt. That's higher than it has been for older generations: About 54% of Gen X and 42% of baby boomer borrowers said they have delayed a major financial decision due to their student loan debt.