About one in four millennials think their student debt will ultimately be forgiven, according to a report called Millennials & College Planning
, released Wednesday by Junior Achievement and PwC US.
"It's a scary statistic," said Jack Kosakowski, president of Junior Achievement, according to CNBC
Average student debt accumulation for 2012 graduates was $26,885, CNBC said. Many public sector employees are eligible for student loan repayment benefits, according to the Consumer Financial Protection Bureau.
The study, which was conducted by New York-based research firm YPulse, also found that:
• 21 percent of millennials believe that student loans are still a good investment.
• 60 percent of millennials said financial aid is a deciding factor in their school choice.
• 21 percent of millennials say college tuition and loans is their family's main financial problem.
“Financial commitments can be made in a vacuum, but ultimately play themselves out in life-altering ways," Shannon Schuyler, PwC's Corporate Responsibility Leader, said in a statement. "Financial aid, school loans, and borrowing from family are all viable and responsible actions, but if the details are not thoroughly understood, then the step to advanced education can be economically detrimental.”
Twitter users expressed mixed reactions.
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