Recent numbers released by the Institute for College Access and Success suggest that the average debt rate for college students has increased by more than 10% in the last year. Student loans are already a hot topic in Washington and throughout the country. But how prevalent is the issue? And what do students think of their debt amounts?
In Ask Your Target Market’s latest survey, 36% of respondents said they’ve attended some college. 26% have completed a college degree. 6% have multiple degrees. And 32% said they’ve never attended college.
14% of those who have attended college said they used student loans to pay for all of their education expenses. 20% said they used student loans to pay for most of their education. Another 20% said they used loans for some of their education expenses. And 46% of those who have attended college said they didn’t use any student loans.
Of those who used student loans for at least part of their education costs, just 14% said they think their amount of debt is very reasonable. 33% said they think their amount of student debt is somewhat reasonable considering their educational experience. 27% think their debt is somewhat unreasonable. And 26% think their amount of student loan debt is very unreasonable.
Looking forward, just 13% of respondents said they definitely plan to attend college in the future. 20% said they will probably attend college in the future. 32% said they probably won’t attend in the future. And 36% definitely won’t attend college in the future.
Of those who plan to attend college, 22% said they will definitely use student loans to pay for at least part of their education. 36% said they will probably utilize student loans. 26% said they probably won’t use any student loans. And just 15% of future college students said they definitely won’t use any student loans to cover their costs.
You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on December 5 via AYTM’s online survey panel.