Krystal Steinmetz, writing for Money Talks News had some interesting observations regarding a recent survey conducted by Citizens Bank about the effects of student loans on recent Millennial graduates. It was noted that this group is spending a whopping 18% of their salaries (when they can actually find jobs!) on their student loan payments. And although the Department of Education has determined that the average student loan debt is $29,400, the average for millennials is much higher – roughly $41,286. And most (60%) see themselves making these payments well into their 40’s!
And…here is the really disheartening part….50% of Millennial grads regret how much they borrowed for college, and a startling 33% say they would have skipped college altogether had they fully understood what it was going to cost. It simply was not worth it!
We could not agree more.