57% of Millenials regret their college student loans and 50% have no plan for paying back the seemingly overwhelming amount of debt. What are we doing wrong and what can we do differently? I have some ideas like deemphasizing the four year liberal arts degree (which many get done in five to seven years) and focus on well paying blue collar jobs with a two year degree or less.
From Citizens Financial Group’s survey on student loan debt:
In light of this, some Millennials now express buyer’s remorse regarding their college investment, with 57 percent saying they regret taking out as many student loans as they did. More than one-third (36%) of Millennial graduates with student loans said they would not have gone to college if they had known how much it was going to cost them. “Unfortunately, the long-term cost of college is leading some graduates to question the value of their investment – in many cases, before they have fully explored their opportunities to significantly reduce their payments,” Coughlin said. “Similar to our approach to working with student borrowers and their families at the front end of the college journey, we are committed to helping graduates understand their options and manage their debt in a way that complements their broader financial goals.”
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