As of 2023, 44.3 million adults in the United States hold $1.7 trillion in student debt. The increased cost of an education plus the amount of debt that many individuals incur in order to receive a postsecondary degree have resulted in steady decline in the perceived value of an education, leaving many borrowers asking a distressing question: Was it worth it?
A report from WGU Labs and Savi reveals a grim reality for borrowers—regardless of whether they earn a credential. Student loans are affecting their mental health, delaying personal and financial milestones, and giving them pause in the value of higher education overall. These repercussions are especially true for African American and/or Black borrowers and Hispanic and/or Latino borrowers.
To ease the burden on borrowers, the study offers several recommendations, including additional education on loan repayment and an expansion of employer student loan benefits.