More Than 40% Of US Millennial Students State That College Wasn’t Worth It: 44% of American Millennials with student debt say that college wasn’t worth it, according to a Morning Consult survey. 21% of survey participants stated that college definitely wasn’t worth it, while a further 23% said that it probably wasn’t worth it. And the main reason why Millennial graduates are feeling this way is, unsurprisingly, due to student debt.
More Than 40% Of US Millennial Students State That College Wasn’t Worth It
America’s student debt crisis
Americans currently own an eye-watering sum of $1.5 trillion to student loan companies. And, this figure shows no sign of dwindling. The average student from class 2018 left college with $33,310 of debt, according to figures from the U.S. Department of Education. Meanwhile, there are 2.5 million Americans who currently owe more than $100,000 and a further 610,000 that are holding onto student debt of $200,000 or more.
The impact of student debt
Morning Consult’s Millennial survey revealed that Millennials were more likely to say that college had been worth it if they’d already cleared the student debt that they accumulated while there. 64% of participants who gave college the thumbs up had paid off all their debt, whereas just 48% of the people who said college had been worth it still owed some cash to their loan provider. Additionally, the majority of these Millennial graduates owed less than $10,000. Thus, indicating that the less a Millennial owes, the more positively they view college.
Changing the way Millennials view college
A similar survey to the one carried out by Morning Consult asked students whether college was worth the debt. And although 42% said that it wasn’t, 88% said that they didn’t regret their decision to further their education and bag a degree. As it seems that Millennial graduates are much more positively outspoken about their college experience when they’re on top of their debts, those with debt should be doing all they can to reduce the amount they owe. One way for a Millennial to do this is to re-evaluate their financial situation with one of the best student loan refinance companies. By doing this, they’ll be able to consolidate their student loans and benefit from paying a lower interest rate on their remaining repayments.
Millennials & student debt
Of the $1.5 trillion student debt in the country, $1 trillion of it belongs to Millennials. Research shows that this debt is causing Millennials to hold off on buying their first home, to delay marriage, and to even avoid starting a family. As the American Dream is falling further out of reach for many Millennials due to the sheer amount of student debt they hold, it’s no wonder that so many of them resent their time at college and feel that it wasn’t worth their time or money.
American Millennials are drowning in student debt and many feel they made the wrong choice by going to college. However, there are things that Millennials can do to repair any financial damage caused. Additionally, remembering why college was their path of choice is important too.