(The Center Square) – A majority of American voters agree that student loan debt is too risky, with many graduates struggling to find good-paying jobs, according to a new poll.
The Center Square Voters’ Voice Poll found that 50% say taking on student loan debt for a college degree is too risky because of the challenge of finding jobs to justify the cost. Meanwhile, 35% say a college degree is still worth taking on student loan debt because it can improve long-term career and income opportunities.
The poll was conducted by Noble Predictive Insights from Aug. 12-16, surveying 2,533 registered U.S. voters. The sample was comprised of 930 Republicans, 930 Democrats and 673 independents. Among independent voters, 330 respondents were classified as "true independents" or individuals who do not lean toward either major party when given the choice.
Views varied depending on respondents’ level of education.
Among those with a bachelor’s degree, 43% said taking on student loan debt is still worth it, while 46% said taking out loans is too risky.
Among respondents with postgraduate degrees, the balance flipped. Forty-seven percent said student loans are worth taking on, compared with 40% who said the debt is too risky.
According to education data, outstanding federal student loan debt stands at roughly $1.8 trillion, with nearly 47 million borrowers carrying an average balance of about $40,000.
Mike Noble, founder and CEO of Noble Predictive Insights, told The Center Square that the value of a college degree can depend heavily on a student’s chosen major.
He noted that the growing number of highly specialized majors can leave graduates with relatively few job opportunities or low-paying positions, particularly in some nonprofit fields.
Noble also said some graduates are entering the workforce with significant student debt and multiple degrees but little practical experience.
“You're seeing these kids with a lot of loan debt, or they're getting just degrees on top of degrees before ever stepping into the workforce,” Noble told The Center Square. “And then they step in like, 'But I have all this education,' and the employer's like, 'Well, you have zero experience.' And they're like, 'Yeah, but I have these degrees,' and they're [the employers] like, 'I don't care. What have you done?'"
Noble said the student debt situation is partly the result of a generational push toward higher education.
“You had all these groups where they didn't go. It's like 'No, you got to go to college' because they wanted what they didn't have for their kids. So they all did it, and so you had this huge influx,” Noble said. “Now there are so many options … Anyone can start college today and sign off for those loans … But is that person serious? Are they going to go through the program?"
While only about 38% of Americans have graduated with a college degree or higher, 25% to 28% of jobs require a degree. Those facing the greatest student loan repayment challenges tend to fall into two groups: students who leave college without completing a degree and graduate students who accumulate substantial debt.
The poll’s margin of error is +/- 2%.
