The Consumer Reports National Research Center has recently released the results of a survey from March 2016, which has shed light on a connection between those who did not finish their college degree and those behind on their student loans. Perhaps not a surprise, 63 percent of defaulted student loans are from those who dropped out before graduation. The survey noted that dropouts are four times more likely to stop paying their loans than those who finished their degree. About 1,500 people participated in the survey.
The survey, conducted in partnership with the Center for Investigative Reporting, shows that almost 45 percent of those who have left college, by dropping out or graduating, and have at least one student loan, said they felt attending college was not worth the debt. Around 38 percent of those who responded this way dropped out of college.
While no one enters college planning to drop out, those who did report doing so because of many different issues:
- The cost to finish their degree was higher than they realized.
- They didn't have the academic support necessary to keep up with classes.
- They had conflicts with work or in their home life.
Most students who dropped out did so either during their first year or after completing the first year, but before starting the second.
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