Was your college degree worth all that debt? Nearly half of Americans say no

By College PlanningFOXBusiness

Reforming college admissions standards to reduce corruption

Harvard Graduate School of Education Professor Todd Rose on the college admissions scandal and mounting concerns over the rising costs of a college education.

Despite the recent college admission scandal revealing unethical behaviour by affluent parents to get their kids into a top university, nearly half of Americans admitted their college degree wasn't really worth the hefty price tag in the end.

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According to a new survey by GoBankingRates, 42 percent of Americans polled said their degree and their time at college just wasn't worth all the student debt it created.

Currently, in the U.S., more than 44 million borrowers owe $1.5 trillion in student debt according to data from the Federal Reserve. It's the second largest consumer debt item behind mortgage debt.

What's more, the average student leaves college today with more than $33,310 in loans, according to statistics complied by the U.S. Department of Education.

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However, when asked about specific regrets, a whopping 88 percent said they do not regret going to college for experience despite all the debt, but 20 percent wished they had studied harder and more than 25 percent said they would have chosen a different major if they had to do it all over again.

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Of the 500 Americans polled for the survey, males regretted college slightly more than females by 3.2 percent. And, adults ages 35 to 44, regretted the experience the most at 52.8 percent, while adults 65 and older had the lowest regrets at 15.4 percent.

In the end, just 3.2 percent of those polled said they wished they had never gone to college at all.