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 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."
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