A new study by Wells Fargo found that one in three Millennials regret attending college and would have instead preferred to work instead of rack up debt they will be paying off for decades to come.
The study also found that nearly half of the 1,414 respondents took out loans to pay for their education, which was likely a key factor in their decision to regret going to school. In 2012, student borrowing topped $100 billion for the first time, while overall outstanding student loans topped $1 trillion in 2011. The situation has gotten so bad that Americans today owe more in student loan debt than they do in credit card debt.
American schools are already feeling some of the effects of students forgoing the books in favor of the paycheck. College enrollment is down 2.3 percent this spring compared to 2012, according to a new National Student Clearinghouse study, as greater numbers of teens opt for the workforce instead of school.
Another contributing factor could be that college students aren’t often employed in their chosen field of study post-graduation anymore. A report from the Federal Reserve of New York found that only 27 percent of college grads have jobs closely related to their majors, while a recent study of law school graduates found that more than half of them weren’t working in a law-related career – a big letdown after you’ve spent nearly $100,000 on top of what you paid for your bachelor’s degree to become the world’s next big-shot attorney.
Employers aren’t necessarily viewing a college diploma as good preparation for the workforce anymore, either. A new poll by Rasmussen Reports found that 48 percent of Americans don’t think college graduates have the requisite skills to get a job.
It seems that Millennials are starting to doubt the necessity of higher education, and who could blame them with today’s college tuition fees and lack of available jobs post-graduation.