U.S. student loan debt reached $1.747 trillion and the average federal student loan balance was $37,113 as of April 10, according to the Education Data Initiative. Yet only 48% of the students surveyed by Real Estate Witch said the debt they took on was worth it, and 40% said they regretted even attending college. “One of the most common regrets students have is accumulating too much student debt, especially for a degree that doesn’t translate into a well-paying job,” the report said. President Joe Biden signaled this week that he was considering forgiving some student loan debt, following several pandemic-inspired freezes on student loan repayment obligations and his campaign promise to forgive up to $10,000 in student debt. College students haven’t always had such optimistic expectations about their first paycheck. Just three years ago, students said they anticipated a $57,964 starting salary, about 23% more than the actual $47,000 median starting salary in 2019. “The strength of the economy has likely inspired unrealistic salary expectations that will leave students disappointed,” the report said. Have a question, comment, or story to share? You can reach Terry at tlane@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning!
