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Most Americans Say College Education Isn’t Worth Heavy Burden of Student Loan Debt

A student heads toward the south campus of Morgan State University in Baltimore.
A student heads toward the south campus 𝔉of Morgan State U🤪niversity in Baltimore.

Amy Davis/Baltimore Sun/Tribune News Service ඣvia Geꦕtty Images

KEY TAKEAWAYS

  • In a recent survey, most U.S. workers said student loan debt is a burden, and their education wasn't worth the financial trouble.
  • Borrowers held more than $1.59 trillion in student loan debt in the second quarter of the year.
  • Plans to relieve student loan debt burdens have been challenged in court.

More than two-thirds of student loan borrowers said their education hasn’t been worth the𝕴 burde🉐n that their debt has had on their overall well-being, according to a recent survey.

Among those with student loan debt in the workforce, 80% said student loan debt has been a "huge burden" for them, according to the survey released this week and conducted by The Harris Poll on behalf of childcare and education provider Bright Horizons. More than two out of every five borrowers said the debt has impacted their plans for the future. A🧸nd 53% said knowing they would incur add♈itional student loan debt has prevented them from pursuing additional education. 

According to the Federal Reserve Bank of New York, borrowers held more than $1.59 trillion in both federal and private student loan debt in the second quarter of the year. That's more than 32% of all household debt that isn't related to housing.

Recent attempts at relieving some of the burden federal student loan borrowers feel have been struck down in recent court cases against President Joe Biden's second attempt at student loan forgiveness and the Saving on a Valuab♉le Education (SAVE) repayment plan.

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  1. Bright Horizons. "."

  2. New York Federal Reserve Bank. "."

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