College Debt Deterring Degree Seekers Posted by AVCU on 11:59 AM

Wells Fargo recently surveyed 1,414 millennials between the ages of 22 and 32. Results revealed that roughly 1/3 of them wish they had entered the workforce directly after high school rather than going to college. This is because student loans – which more than half of those surveyed used to finance college educations – have become an unbearable burden.

Student loan debt now stands at about $798 billion, officially surpassing U.S. credit card debt. According to the New York Federal Reserve delinquencies are increasing as well. Borrowers who are at least 90 days late on student loan payments went up from 8.5 percent two years ago to 11.7 percent in 2013.

The National Association of Consumer Bankruptcy Attorneys says that rising student debt can have a negative impact on the economy as well. This is because young people with high debt often delay big life events such as purchasing a car or home, or getting married and having children.

Lack of financial education plays another role in the increasing student loan debt. The Wells Fargo survey shows that 79% of the millennial generation wish they had learned more about personal finance while in high school.

Read the Wells Fargo press release on its survey here.