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

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 + AcornsYet, 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.

"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."— 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.

Kate Bernyk, 39, finished graduate school with two communications degrees and about $100,000 in student debt.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 and pay other debts , 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 , investing money , saving for retirement or buying a home .Source: CNBC + Acorns Invest In You Student Loan Survey, conducted by MomentiveThe 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."

sharon_epperson Getting a degree in art appreciation NO. Everyone knows it yet they still do it and whine about debt.

sharon_epperson They should lower tuition to match the value of the degree in the marketplace.

sharon_epperson Only take out loans if you are smart enough to get a STEM/Business/Law Degree otherwise it won’t be worth it

sharon_epperson It doesn't make any sense to take lot of debt for undergraduate or graduate degree. If you are not able to score scholarship or put in your own spare money to get the degree. It's better to go to affordable school. Bootstrap your own venture rather paying $100k+ degree.

sharon_epperson And yet it continues. Is experience the only teacher to be believed?

sharon_epperson Reimburse ALL that responsibly paid off their student loans with HUGE SACRIFICES!

sharon_epperson Unmistakenly 'no' - and if I could go back, I'd pick up a trade. Plumbing seems like a nice enough profession that wouldn't kill me. And those nice, juicy nightly/weekend rates? Yummy. Yeah, plumbing would be for me.

sharon_epperson

acorns MomentiveAI sharon_epperson Absolutely not. Do not take our loans to go to college. 🤦🏽‍♂️

acorns MomentiveAI sharon_epperson No

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.

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

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

acorns MomentiveAI sharon_epperson

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