This made it difficult to get into the property market among other things, he said.
"If they're only on a little income, I advise to not pay it back until you have to - prioritise other things. When you're short on money, student loan debt is the least of your worries."
Mr Howard said most clients had some student loan debt.
Nationwide, student loan debt grew year-on-year for the past five years to $11,688,600,000 as of June 30.
University of Auckland sociology professor Alan France said student debt was causing several knock-on financial and social effects.
"We used to talk about adulthood coming to fruition between 18 and 21 but now it's more between 25 and 35," he said.
"There's lots of long term evidence that shows you will earn more money if you go to university, than if you don't, but these days that pay off takes five to 10 years.
"Most people now go in to low-skilled, low-paid jobs which are insecure when they leave university, so they wind up fighting large student debts on low incomes from jobs which don't have a great deal of long-term future prospects."
Graduates from low socio-economic backgrounds had it particularly tough, he said.
"Parents from wealthy backgrounds are able to help kids in all sorts of ways; letting them live at home for free, helping them with a mortgage, different types of subsidised living, buying them cars and so on," he said.
"Alongside that, there's a strong social network in the middle classes of New Zealand so they'll likely know people who can get their kids internships, jobs and other opportunities.
"Kids with parents who can't support them financially come out with bigger debt, work longer hours and borrow money from other sources where they can ...
"At 30 [years old], there's still massive social inequality among people who have gone to university."
Regardless of background, buying houses and having families were increasingly difficult for young people, he said.
Professor France said debt-laden young people have been given several labels:
-The boomerang or yo-yo generation - as they leave their parents homes and then return
-Generation rent - as they will likely never buy a home
-Kippers - kids in parents' pockets eroding retirement savings, and
-Nesters - young people with no intention of leaving their parents' home.
"Buying houses is out of the question for many young people, while having children can be a risk in terms of their financial futures."
