As students from coast to coast prepare for the fall semester, Varo Money, Inc., the all-mobile banking startup that aims to helps its customers get ahead financially, has released the results of its “State of the Uni” Survey.
The survey of more than 1,000 college-educated U.S. adults age 18+, conducted by Propeller Insights on behalf of Varo Money in August of 2018, compared the outlook of American college graduates with those still pursuing degrees. The survey determined that those still in college are more optimistic about the value of their degree than those who have already graduated, that the appeal of the Ivy Leagues has more to do with prestige than quality of education, and that millennials are more money-minded than past generations.
The majority of college-educated millennials are pursuing their passion, but still worry about their financial future:
- The majority (62%) prioritize doing something they love over making good money
- But 86% of those currently enrolled say it does matter that their degree lead to a good job
- Just 14% are willing to be “starving artists” for more than five years
- A full three-quarters say they will give up on their passion and “get a real job” by age 40 if things don’t pan out
Two-thirds (66%) of college-educated Americans took out some form of student loans — college graduates these days end up with an average of more than $37,000 in student loan debt — and the vast majority (85%) will be paying them off without help from their parents.
More than two-thirds (70%) of Gen Xers (35-54 years old) are still paying off their student loans. Of these, 34% will be paying them off for another 5-10 years; 21% will be paying them off for another 10-20 years; and 16% will be paying them off for 20+ years.
Is the degree worth the debt? Close to 40% of college graduates say “no.”
Meanwhile, 80% of students currently in college feel that their degree will be worth the debt.