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 percent saying their student load debt is their biggest financial concern and 42 percent 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.