About one-third of Millennials regret their decision to go to college, saying they would have been better off working, according to a new Wells Fargo survey.
The survey was conducted among Millennials aged 22 to 32. More than half financed their education through student loans, with 54% saying their student load debt is their biggest financial concern and 42% calling the debt “overwhelming.”
A report on the study by Forbes magazine notes “The problem sometimes is that not all college educations are worth their cost, since they can’t guarantee a high-paying job to help pay off that student debt.”
Federal student loan rates are being debated in Congress right now, as they are set to double on July 1 from 3.4 to 6.8 percent. A measure being introduced this week would allow rates to rise to a maximum of 8.5 percent based on a variable formula.
Oregon Congresswoman Suzanne Bonamici, who announced her opposition to H.R. 1911 Thursday, cited a study by the nonpartisan Congressional Research Service which found that students who borrow the maximum amount of subsidized Stafford loans over five years would pay $10,109 in interest payments under H.R. 1911, $4,174 if rates were kept at 3.4 percent, or $8,808 if rates are allowed to double to 6.8 percent in July.
Student borrowing surpassed $100 billion in 2010, and student loan debt now exceeds credit card debt in the United States.
Forbes: Student Loan Problems