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Sat May 31, 2014
Poll: Student loans were a good investment....but....
Thousands of new Michigan college graduates entered the workforce in the past month.
Many can relate to the findings of a new poll on student loans.
A new poll by a credit counseling group shows people with student loans believe by a two to one margin that borrowing money to pay for college was a good investment. But most people in that same poll would not recommend taking out a student loan now.
Older people were more pessimistic than younger college grads.
David Flores is with GreenPath Debt Solutions, a credit counseling service. He’s also paying off a quarter million dollars in student loan debt. Flores believes his student loan debt is worth it, given some of his payment options.
“I’m seeing that light at the end of the tunnel where maybe the older individuals who have already paid off their student loans didn’t have those opportunities,” says Flores.
The Federal Reserve estimates the total student loan debt at just over a trillion dollars, with the average student borrowing about 30 thousand dollars.