SPRINGFIELD, Mass. (WWLP) – The Pew Research Center said the number of young adults with student debt is the highest it’s been since 1989. Western Massachusetts private school graduates say if they could, they would do it all differently.
“I have two bachelors and a masters, looking back now I would have done two years at like a stick or a HCC and from there I would have went to a state school instead of a private school,” said Anthony Kashmanian of West Springfield.
The average net worth of a young adult with student debt is around $9,000, but for peers without student loans, their net worth is eight times that. However, over time, college graduates have proven to out-earn those with less education.
One graduate told 22News while expensive loan balances are a burden, you can’t put a price on a college education. Jennifer Willett of Chicopee said, “I think now a days the middle class needs to think about how they’re going to pay for their children to get a proper education, but I still think we need to be educated adults and contribute back to society.”
In the US, student loans exceed $1 trillion. The average income for college grads is around $58,000. That’s double the income for Americans without a bachelor’s degree.