Many young adults cite the high cost of student loans, the real risk of defaulting and ruining their consumer credit
score as reasons not to attend college or motivators to drop out. However, recent research indicates that it is usually more beneficial to take on student loan debt than to skip higher education altogether.
The Consumer Financial Protection Bureau recently corrected estimates of American student loan debt, assuring that it surpassed the $1 trillion mark in late 2011. While that number is only increasing, the Federal Reserve Bank of New York found that the average student loan balance per borrower is $23,300. The Atlantic cited figured suggesting that college graduates generally earn 80 percent more than people who do not earn a high school diploma. The source explained that the cost of supporting a youth who is not attending school and cannot find a job is often very expensive and could be remedied by making an effort to get a degree. The Bureau of Labor Statistics concurred in an infographic showing that those who pursued a bachelor's degree or higher earn, on average, over $1,000 weekly, while someone who did not complete high school usually earns less than $500.