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In just one sentence: What scares you most about the college admission process?
• The percentage of people worrying about student debt more than doubles (86 percent) for those with household incomes less than $25,000.
• People who have obtained college degrees are less likely to worry about repayment, likely due to earning potential.
• Although women are not any more likely to have student debt than men, they are still more concerned about paying back their debt – around 8 percent.
• African Americans (34 percent) and Hispanics (28 percent) are twice as likely to have student debt than whites (16 percent), which is not surprising since white families, on average, have six times of wealth of African American and Hispanic families.
• People with financially dependent children worry more than those without.
• Even though younger workers are more likely to have student debt than older workers, the worry of paying it back is fairly even across all age segments.
• People with graduate degrees have an increased repayment stress, likely as a result of having loans from both college and graduate school.
• People who reside in the Northeast are especially concerned about student debt, likely because states within that region have a higher average of student debt per borrower.
• People without full-time jobs are more concerned about debt, even after household income is taken into account.
• Race, ethnicity and household structure are not significantly related to the level of concern regarding debt repayment (after controlling for personal and household characteristics). It’s not all doom and gloom: those who earn degrees do reap the benefits while in the workplace. In fact, college graduates actually earn up to 84 percent more than those with a high school diploma. It’s clearly an investment that pays off. Many college graduates are able to manage debts, given their higher income earnings, thanks to that college degree.
What does this reveal about the worries students have regarding debt?