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Study says most college grads spend 1/5 of paycheck on loans

BOSTON — Feeling like student loan payments are cramping your lifestyle? You're not alone.

A recent study from Citizen's Bank shows that not only does about 18 percent of millennials' paychecks go toward student loans, but it's caused them to significantly cut back on other purchases.

The study looked at millennial college graduates with student loans under the age of 35. The survey found that of those surveyed, there were significant cutbacks in everything from entertainment to rent payments.

  • 54 percent have limited their travel

  • 50 percent have limited their shopping for clothes, shoes and accessories

  • 46 percent have limited their spending on entertainment and social events

  • 45 percent have limited their spending on eating out

  • 40 percent have limited the amount they can spend on rent or mortgage payments

About 60 percent of those with student loans expect to be paying them off well into their 40s.

Some millennials are also expressing "buyer's remorse," with 57 percent saying they regret taking out as many loans as they did.