One-third of Millennials regret going to college

One-third of Millennials regret going to college

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One-third of Millennials regret going to college

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by FRANK MUNGEAM, KGW.com staff

kgw.com

Posted on May 23, 2013 at 10:34 AM

Updated Thursday, May 23 at 11:34 AM

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

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