STUDY: One in three young people regret attending college
One-in-three millennials say they now regret attending college, according to a new study published last week by Wells Fargo.
The survey revealed that thirty-one percent of individuals between the ages of 22 and 32 feel they would have been better off working instead of going to college and paying tuition.
The study also found that “paying off student loan debt is the top concern of millennials.”
Forty-nine percent of millennials say the “first thing” they would do with $10,000 is “pay down student loan or credit card debt,” according to the survey.
Peter Wood, the president of National Association of Scholars (NAS), told Campus Reform on Wednesday these two statistics go hand-in-hand.
“The cost of servicing the loans and paying back the principle often times does outweigh the benefits of having the degree,” he said. “That’s a hard lesson that Americans are slowly awakening to.”
Wood added that many colleges and universities don’t make “substantive contributions to the quality of their minds and their general level of skill.”
According to the Wells Fargo survey, only two out of five millennials, or forty-three percent, rated their education as a “great value” and fifty-seven percent of millennials now disagree with the notion that going to a more prestigious college outweighs going to a less expensive school.
Natalie Brown, a spokeswoman for Wells Fargo, however, told Campus Reform on Wednesday the bank still recommends students pursue college degrees.
“[W]e believe that higher education is worth the investment, and we want to help our customers make that investment responsibly,” she said in a statement sent to Campus Reform.
Brown added that a “2013 report from the Federal Reserve Bank of New York said, ‘College graduates have lower unemployment rates, fare better during recessions, and enjoy wages roughly double those of high school graduates.’”
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