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Wednesday, May 30, 2018

Debt Situation More Complex Than Money

Some 39% of college students who have taken out loans to finance their education don’t want to assume any more debt and would think about dropping out first, according to a new survey by MagnifyMoney.

More than half of the students answering the survey owed at least $20,000. But when questioned more closely why they see leaving school as an option, it turns out the size of the loan debt isn’t the only—or even most critical—factor.

Of the student respondents with loans, 51% admitted to having a difficult time juggling their studies with a job and 20% were grappling to accommodate family-related responsibilities. More than a quarter were pondering whether to drop out after realizing their intended field paid relatively low and 10% didn’t even expect to work in the major they were studying.

Dissatisfaction with the college or university they were attending also played a role in considering whether to continue or drop out.

Not all of the respondents with student loans, though, were having trouble. More than a third viewed their loans as a worthwhile investment and estimated they’d earn at least $30,000 more annually once they attain their degree.

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