Financial burden: 43% of young adults in Virginia are pessimistic about college

College is a burden according to nearly half of young adults in Virginia.

A survey by CodeWizardsHQ also determined that only 1/3 of young adults think they will achieve the same levels of financial security as their parents in their lifetimes.

College students face the burden of up to $200,000 of debt for tuition, room and board for a few years of education. According the U.S. Department of Education, 9.7 percent of student loan borrowers default within three years of entering the repayment period of their loans. Critics of the college system say that defaulting on student loans can lead to bad credit reports, which then can prevent graduates from buying property and cars. President Joe Biden is among the critics and his administration recently announced a debt-forgiveness program.

“While there are arguments on both sides of the college fees debate, what is universally accepted is that students should pursue an education in a field with strong earnings potential, that aligns with their strengths, and that they would enjoy,” Jey Iyempandi, CodeWizardsHQ Founder, said in a press release.

However, advocates of a college education say that it is more important than ever. Graduates can pay $563,000 more in taxes than high school graduates who do not earn a college degree.

CodeWizardsHQ provides coding classes for children and teens, and surveyed 2,008 Americans aged 18 to 24 about whether they consider a college degree, and its related debt, as a benefit or burden. Forty-three percent of young adults in Virginia consider a college degree a financial burden, compared to 47 percent of young Americans, 49 percent of women and 45 percent of men.

In New Hampshire, 81 percent of young adults see college as a financial burden, but in Maine, 68 percent consider a college degree as a benefit.

The high levels of student loan debt encouraged 38 percent of respondents aged 18 to 24 to say that they would not be able to achieve the same levels of financial security as their parents did in their lifetimes.