Student Loans Survey: More Future Students Plan to Use Loans

The amount of student loan debt in the US is increasing. Currently, about 19% of student loan borrowers owe $50,000 or more. But even though higher education can lead to massive amounts of debt, people still seem to think that a college degree is necessary, and thus worth the cost. So how many people are currently dealing with student loan debt? And how could those numbers grow in the future?

student loans

Loan Borrowers

In Ask Your Target Market’s latest survey, 35% of respondents have attended some college. 31% said they have a college degree. And 8% have multiple degrees. 27% said they have not attended any college.

Of those who have attended at least some college, 14% said they used student loans to pay for all of it. 21% said they used student loans to pay for most of their college education. 18% used student loans to pay for some of their education. And 47% said they didn’t use any student loans.

Student Loans

21% of those who have used student loans to pay for at least some of their education said they feel their amount of debt is very reasonable considering the education they received. 38% said they feel their amount of student loan debt is somewhat reasonable. 18% think their student loan debt is somewhat unreasonable. And 23% feel that their student loan debt is very unreasonable considering the education they received.

While not exactly favorable, those numbers represent an improvement in borrower satisfaction. In a December 2013 survey, just 14% of respondents considered their student loan debt to be very reasonable. 33% considered it to be somewhat reasonable. 27% considered it to be somewhat unreasonable. And 26% considered it to be very unreasonable.

Future Borrowers

Looking forward, 11% of respondents said they definitely plan to attend college in the future. 21% said they will probably attend college in the future. 31% said they probably won’t. And 38% said they definitely don’t plan to attend college in the future.

22% of those who plan to attend college in the future said they definitely will need to use student loans to pay for at least some of their education. 45% said they will probably use student loans to pay for their future education. 19% said they probably will not use student loans. And 15% definitely do not plan to use student loans to pay for their education. In the December 2013 survey, 22% of future college student said they definitely plan to use student loans, and just 36% said they would probably use them.

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.

Photo Credit: Governor O’Malley Speaks at College Tuition Rally at Lawers Mall from Flickr

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 September 13 via AYTM’s online survey panel.

ABOUT THE AUTHOR: Anne Pilon
Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.