Majority of borrowers say taking on federal student loan debt is not worth it, CNBC survey finds

A new CNBC + Acorns Survey finds more than half of federal student loan borrowers now say taking on that debt was not worth it.

U.S. Economy, Virginia Foxx

1/28/2022 4:19:00 PM

Is taking on federal student loan debt worth it? 54% of borrowers say no, according to the CNBC + Acorns investinyou Student Loan Survey, done in partnership with MomentiveAI. sharon_epperson reports.

A new CNBC + Acorns Survey finds more than half of federal student loan borrowers now say taking on that debt was not worth it.

Invest In YouStudent Loan Survey, done in partnership with Momentive. (The online poll was conducted Jan. 10-13 among a national sample of 5,162 adults.)Getty ImagesYet, many millennials and Gen Xers are far more skeptical. Some 63% of respondents ages 35 to 44 said, considering their current situation, it was not worth it to take out federal student loans.

The average loan amount for federal student loan borrowers is $36,510.Kate Bernyk, 39, finished graduate school nearly 15 years ago with two communications degrees and about $100,000 in student debt."I used to be really proud that I had a master's degree, but now it feels a little bit foolish," said Bernyk, a New York-based senior communications specialist. "It feels like maybe I shouldn't have gone because it's really hard to put a price on what the advantage has been versus the disadvantage of getting into debt."

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acorns MomentiveAI sharon_epperson Schnebly_ acorns MomentiveAI sharon_epperson And if you don’t get a degree your stuck in entry level jobs for the rest of your life. It’s a lose lose situation. acorns MomentiveAI sharon_epperson 4 things needed to make life more meaningful: Have a career, have a soulmate,

acorns MomentiveAI sharon_epperson If I would have known loans were free, I would have signed up for the most expensive college, stayed in the most expensive dorms, eaten the most expensive food, charging everything including my car to the college loan. THIS IS THE PROBLEM^^ acorns MomentiveAI sharon_epperson How about a poll of people who didn’t take on student loan debt’s willingness to be forced to pay it off?

acorns MomentiveAI sharon_epperson Biden EO canceling student debt will only further spur inflation. acorns MomentiveAI sharon_epperson Did they ask Betsy? acorns MomentiveAI sharon_epperson My education was worth taking loans to pay for. But the amount of money required to get a college degree could easily be reduced and should be. Tuituon will be more reasonable when University Presidents stop spending money on things like statues of themselves.

acorns MomentiveAI sharon_epperson Look at how many bible colleges and for-profit diploma mills there are. Is is surprising that 54% of borrowers are disappointed? acorns MomentiveAI sharon_epperson mine is insane, jobs do not equal the hardwood we put in education at any age. Recognize all scholars in the industry would be better so we can pay the debt off

acorns MomentiveAI sharon_epperson In the richest country in the world we should not have student loans. To bad we decided not to keep up with President Lincoln and realize a highly educated population is a national priority. LandGrantInstitutions BTW Jefferson and many others thought the same.

Zapata Computing’s Global Survey Reveals Surprising Enterprise Plans And Expectations For Quantum ComputingSenior Analyst, AI & Quantum Computing, Paul Smith-Goodson, dives in as Zapata Computing recently commissioned a comprehensive global survey designed to determine how enterprise plans to integrate quantum computing into business. what if it works too well and quantum tools can break codes faster than we can make them? what if, then, there are no more secrets? anywhere, for anyone ...

acorns MomentiveAI sharon_epperson And the cowardly TheDemocrats and POTUS JoeBiden refuse to fix the situation. acorns MomentiveAI sharon_epperson if you wait for inflation to hit 200% it will be one bad load after the other, you have to CancelStudentDebt now ! acorns MomentiveAI sharon_epperson It has been sold as a way up but it is a choice they take. I paid for all my graduate courses with cash or credit card earring points. I did community college on loan and pell grants. I owe nothing. My choice.

acorns MomentiveAI sharon_epperson I *ONLY* vote for politicians who APPOSE ANY form of student loan forgiveness, I paid MY STUDENT debt 100%…..YOU will have too also….100%!!! acorns MomentiveAI sharon_epperson Are we really feeling sorry for individual choices made, these folks should not get this attention, its their own fault and I don’t want to hear about stupid peoples decisions

acorns MomentiveAI sharon_epperson 🙏🏼Thnx🙏🏼 acorns MomentiveAI sharon_epperson 👇🏼⚠️👇🏼 acorns MomentiveAI sharon_epperson 🙏🏼Thnx🙏🏼 acorns Wow I'm so glad I withdraw my first profit two days ago now I have another ongoing trade with Crypnicole acorns They had a choice to take the loan or find another way to finance their college education

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acorns I feel so excited about making money from home and not depending on my salary, i invested $2,000 and earn $10,500 cash in few days!!. it is more than my normal monthly follow Crypnicole acorns thats me- 4 degrees, 2 in nursing still cant get job in a pandemic- nursing shortage is a lie Lie LIE, education is overpriced $$$$ hospital floor staff say oh we're so short it's unsafe care but HR says we only got 1 job, requiring blah blah sorry

acorns No kidding acorns My spoiled rotten kids never thanked me once for putting them through college, cost free to them. glescord and her brother, I want my $ back…lol acorns TomBrady nfl SuperBowlLVI NewEnglandPatriots Tampabay Bucs acorns What happens if you don't pay? acorns 🤬🤬🤬🤬 acorns MomentiveAI sharon_epperson Perhaps they should have gone to trade school.

acorns MomentiveAI sharon_epperson I bet 97% of them want the gov't to pay it off though acorns MomentiveAI sharon_epperson No its not worth it. Its madness and needs to be curtailed or eliminated. No way to compete with china when they flood their nation with educated students and we flood ours with debt

Survey finds small business owners saying they’re on the brink, need more federal aid, PPP loans and supply-chain helpWhether it be surging cases, rising costs, lack of help or changing trends in the economy, businesses feel that they are in dire need. Who would’ve thought closing small businesses during the Initial covid lockdowns while allowing large corporations to remain open would have a lasting negative impact.. What's the matter? The PeeDee finally realizing that huge Corporations that were exempted from the most severe lockdown restrictions don't want to advertise in their shit rag? That entire their business model relies on people they loathe. NOPE we cant afford to give them money. Just like they told us when we were on unemployment.

acorns MomentiveAI sharon_epperson

Federal student loan forgiveness program fulfills an elusive promise: To erase debtsAs of last week, more than 70,000 borrowers have qualified for debt forgiveness since the Biden administration began relaxing stringent rules around Public Service Loan Forgiveness last fall. POTUS No military budget increase for Ukraine until $ is spent on taxpayers 1st. Govt owns 92% of Student loans, making interest off of taxpayers! Discounting corporate tax 14% in corporate welfare. Making war profiteers rich. DoSomethingforTaxpayers Cancel92%StudentDebt The Dems are spending the next President into financial ruin. How about substitute teachers? We go in when teachers call out because of the pandemic. The caste system ignores our contributions!

Democratic Lawmakers Urge Biden To Cancel $50,000 In Student DebtElizabeth Warren, Chuck Schumer and Ayanna Pressley led over 80 lawmakers in calling for the president to eliminate student loan debt for millions of Americans. I’m sure the healthcare workers of America would appreciate this more than pizza. Thank you for being so generous, thoughtful and so true. With $1000 startup I made $14,600 thank you for keeping your words and being the real you Cryptobrenda8 sandozmc Please do

Executives Say They’re Worried About Keeping Talent. Less Than A Third Say They’re Committed To Keeping Increased Pay.A new survey by accounting and consulting giant PwC finds that 77% of C-suite executives say retaining talent is important for growth, but 31% say they plan to revisit compensation increases.

A new survey found that 54% of federal student loan borrowers said taking on that debt was not worth it. Overall, however, 44% said taking on that debt was worth it, according to the CNBC + Acorns Invest In You Student Loan Survey, done in partnership with Momentive. (The online poll was conducted Jan. 10-13 among a national sample of 5,162 adults.) Getty Images Yet, many millennials and Gen Xers are far more skeptical. Some 63% of respondents ages 35 to 44 said, considering their current situation, it was not worth it to take out federal student loans. The average loan amount for federal student loan borrowers is $36,510. Kate Bernyk, 39, finished graduate school nearly 15 years ago with two communications degrees and about $100,000 in student debt. "I used to be really proud that I had a master's degree, but now it feels a little bit foolish," said Bernyk, a New York-based senior communications specialist. "It feels like maybe I shouldn't have gone because it's really hard to put a price on what the advantage has been versus the disadvantage of getting into debt." She still owes more than $30,000 in student loans. A bachelor's degree holder earns — 75% more than if they had only a high school diploma — although when broken down by gender, women with a BA have median lifetime earnings of $2.4 million, compared to $3.3 million for men. Kate Bernyk, 39, finished graduate school with two communications degrees and about $100,000 in student debt. CNBC | Andy Tenke Loan repayment pause ending Borrowers got a reprieve from federal loan payments when the Covid-19 pandemic hit in March 2020. That relief has since been extended five times and is now set to end in May. The payment pause has given many borrowers more money to use for everyday expenses (48%) and pay other debts (35%), the survey found. Yet, when federal loan repayments resume, one-third or more of the borrowers surveyed said they'll have to delay other financial goals, such as paying off other debts (42%), investing money (40%), saving for retirement (38%) or buying a home (33%). Zoom In Icon Arrows pointing outwards Source: CNBC + Acorns Invest In You Student Loan Survey, conducted by Momentive "It's like a mortgage without the house at the end of it," Bernyk said. The potential drag on the economy is one reason supporters of student loan forgiveness, like economist Kristen Broady, are pushing for more. "If people don't have to pay back that money," said Broady, a fellow at the Brookings Institution, "that's more money that they can spend on durable and non-durable goods or services. That money goes directly into the economy." More from