College Loan for Millenials: Is It Worth The Investment? [Video]By Julia Ramirez, UniversityHerald Reporter
The outstanding student loan debt in the U.S. is approximately $1.2 trillion as of 2016. Many are contemplating whether obtaining a college degree by applying for college loan is worth the debt one incurs.
Millennials (aged 18 to 36 years old) might be the most educated group in history. In a Forbes commentary, their sentiments involve regretting going to college. More than 33 percent of this group surmised that they should not have attended universities. More than 50 percent said that they would have headed to the profession they are now even without a degree, according to a survey.
Despite these survey results, here are some points why it is still worth to attend college despite the cost of incurring a college loan.
Jobs in the Market Require College Graduates
Many jobs in the market still require a college degree. It can be daunting to amass a large student loan and pay for it even after graduation. However, jobs with salaries averaging higher than $51,500 still do require a bachelor's degree, in a commentary from Huffington Post. Industries in education, finance, and engineering requires its workers to be graduates in specific fields of endeavor.
College-Educated Millennials Earn More
The White House reports the rise in earning gaps between college-educated millennials from those who only finished high school. A four-year college degree can profit $570,000 more earnings than a high school diploma alone.
How to Solve College Debt
Being enslaved to a student loan is not a great experience. However, there are really benefits when it comes to obtaining a college degree. A person can still obtain a degree without jeopardizing his financial future by borrowing less than then projected annual salary. Cincinnati recommends researching how much an individual can earn the first year after graduation.
It can still be concluded that a college loan is still worth the investment.