Many people believe college is necessary to land a good-paying job. But at what price? When Consumer Reports surveyed more than 1,200 people who left college with student loan debt, 45 percent said college was not worth the cost. Consumer Reports experts say you can avoid regretting college by planning.
It's something Jessie Suren wishes she did. Suren graduated from LaSalle University in 2010, but six years later, she has a degree in criminal justice that she isn’t really using –– and she has $90,000 in student debt.
“I knew that college was expensive and, you know, I just thought everybody took out student loans and that’s just how you did it,” she said.
More than 70 percent of college graduates leave school with debt. Financial experts at Consumer Reports have a warning.
“Just don’t do it. Don’t take out a hefty loan as a student. And parents shouldn’t take out hefty loans either,” explained Donna Rosato, senior editor at Consumer Reports.
People living with student debt say it affects their every move.
SEARCH: State-by-state, school-by-school data on student debt
In the Consumer Reports nationally representative survey of student loan borrowers, 44 percent say they’ve had to cut back on daily living expenses, about one-quarter have had to delay major financial goals like buying a house and 12 percent have put off getting married.
To avoid scrambling to figure out how to pay for it all after graduation, have a plan to pay for college before you even apply.
First, do some soul-searching. Ask yourself what you want to get out of college.
“College is an expensive place to figure out what you want to do with your life," Rosato said. "The more years you spend, the more debt you may have to take on. If you’re not sure, consider options, like ‘take a gap year.’”
Next, look at the cost and think about how much financial aid you can anticipate.
“A good rule of thumb is not to borrow more than you expect to earn in the first year after you graduate,” Rosato advised.
Another way to avoid debt is to start off at a community college and transfer to a four-year institution after a year or two. But make sure the community college credits will transfer where you want to finish your degree.
Consumer Reports: 10 key questions every family should discuss
For Consumer Reports' advice on how to answer each of these questions, along with additional links to assist you and your family in planning for college, go here.
Consumer Reports: Student debt vs. mortgage debt
Consumer Reports says unlike mortgages and most consumer loans, education debt can haunt you for life. For Consumer Reports' explanation to help understand the differences between student debt and mortgage debt, go here.