Photo Credit: Forbes Here’s an indication of how burdensome student loans have become: About one-third of millennials say they would have been better off working, instead of going to college and paying tuition.
That’s a according to a new Wells Fargo WFC +0.57% study which surveyed 1,414 millennials between the ages of 22 and 32. More than half of them financed their education through student loans, and many say the if they had $10,000 the “first thing” they’d do is pay down their student loan or credit card debt.
That’s no surprise when you consider student borrowing topped the $100 billion threshold for the first time in 2010, and total outstanding loans exceeded $1 trillion for the first time in 2011. Student loan debt now exceeds credit card debt in the U.S. which stands at about $798 billion.
Delinquencies are also on the rise. The number of borrowers who are at least 90 days late on student loan payments has jumped from 8.5% in 2011 to 11.7% today, according to a study by the New York Federal Reserve.
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