Half of Americans say student loans aren’t worth it

Less than half of U.S. adults believe college is worth taking on student loans for, according to research by Pew.

Forty-seven percent of respondents said attending college was worth it but only without taking on loans. Just 22 percent said it was worth it, even with loans, and 29 percent said attending college was not worth it at all.

Read more: Student Loan Forgiveness Updates and FAQs

The research comes as Americans without a degree are seeing their economic outlook improve. Young (18-34) workers in the U.S. have enjoyed an increase in wealth and earnings, and fewer live in poverty than a decade ago.

However, the gap in earnings between those with a college degree and those without has not narrowed.

The research also showed that just a quarter of American adults felt it was extremely or very important to have a four-year college degree to get a well-paying job in today’s economy. 40 percent said it was not important at all.

The value of a college degree also varied by political affiliation. Republican-leaning Americans mostly felt a degree was less important now than it was 20 years ago (57 percent). Half of respondents who identified as Republican supporters said a college education was not hugely important for securing a well-paying job.

Read more: When Is the FAFSA Deadline

Over the last 70 years graduates have found themselves increasingly burdened with student debt.

According to the National Center for Education Statistics (NCES), the average cost of tuition has more than tripled in the last 58 years. Accounting for inflation, average prices rose from $4,648 in 1963 to $14,307 by 2021.

From 2000-2021, yearly fees spiked by 65 percent, from $8,661 to $14,307.

Further research from Best Colleges found that fees increased most at public institutions, rising by 70 percent between 2000 and 2021.

On top of tuition fees tripling between 1963 and 2021, room and board cost nearly doubled, jumping 86 percent from $6,764 to $12,595.

Private institutions’ attendance fees rose 187 percent and public institutions 139 percent.

The CARES Act, signed by President Donald Trump in March 2020, placed federal student loans on administrative forbearance, temporarily halting payments and interest accrual.

Additionally, the Biden administration has made a concerted effort to tackle the growing challenges faced by many Americans over the amount of debt they have accrued.

The White House announced on Wednesday it would write off nearly $7.7 billion in student loans for $160,000 borrowers.

According to the Department of Education, $167 billion in student debt has been forgiven for 4.75 million graduates.

The Biden administration is aiming to forgive debt for 30 million students by winter this year.

Republican lawmakers have criticized Biden’s plan however, arguing the initiative would be too costly for the American taxpayer.

Do you have a story we should be covering? Do you have a question about student debt? Contact LiveNews@newsweek.com