Most Millennials With Student Loan Debt Have Regrets

Nearly everyone has made a choice that seemed right in the moment but soon became a decision to regret after the fact. Some mistakes are minor -- a drink too many that leads to a rough morning or a second slice of cheesecake that makes it tough to button your pants.

Some choices though, have longer-ranging consequences that we grow to regret in hindsight. That's certainly the case with student loan debt, as 77% of millennials who borrowed money to pay for college wish they had approached this decision differently, according to a Bankrate survey. This sobering number should lead anyone considering taking out loans to pay for college to stop and consider alternatives.

A graduation cap is being used to collect money. Image source: Getty Images
A graduation cap is being used to collect money. Image source: Getty Images

Most millennials who take on student loan debt regret it. Image source: Getty Images.

What problems do student loan debt cause?

Borrowing money to pay for higher education can impact the rest of your life.

Nearly three-quarters of millennials with student loan debt (73%) said they delayed a major life milestone because of their student loan debt. About a third have put off buying a home, 25% delayed saving for retirement, and 19% pushed back having children because of their student debt burden.

In theory, student loans allow people to pay for college and they are able to pay them back after graduating with a degree that increases their earning power. In many cases, however, that debt leads to a degree only marginally more valuable than one earned at a cheaper school or in a more lucrative major at the same school.

While it's tempting to borrow money to attend the best possible college, doing so is not a fiscally prudent choice for many. Sure, a lawyer, doctor, or engineer might snag a higher-paying first job by attending a top-tier university but, in many cases, the investment does not pay off quite so directly.

"For prospective students and their families, many of who will help them to pay for their secondary education, we'd urge them to investigate all possible options for financial aid including scholarships to limit their borrowing, " said Bankrate Senior Adviser Mark Hamrick in a press release. "Their options also include attending a lower-cost school such as those in-state as well as more economical trade schools and community colleges."

Don't look back in anger

If you already have student loan debt, there's nothing to do aside from paying it off in a timely fashion. But for those who have yet to take on student loans, and for the parents of prospective college students, considering the overwhelming student loan regrets among millennials can help you plan better and avoid such mistakes.